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gschmidt
22 Posts |
 Posted - 07/16/2008 : 05:39:37 AM
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I am looking for lenders that will accept the following scenario:
Fully documented loan.
Credit scores over 700.
Purchasing an investment property, 2 family.
Want to close in the name of an LLC
Property located in NYS
Borrowers out of state.
The value of the property is $650,000. However it is a family member who is selling the home and they are not interested in any gift of equity.
Thus the purcahse price will be $250,000. They can put down 25%.
What lender will accept this loan scenario. I am thinking only a lender that does commercial loans. I have a local lender that will do it. I wanted to see what other lenders will accept this type of scenario.
Thanks |
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mcmoney
300 Posts |
Posted - 07/16/2008 : 06:04:11 AM
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| I'd check the mortgage history, if any, on this puppy prior to proceeding. |
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nowbroker
1359 Posts |
Posted - 07/16/2008 : 07:11:31 AM
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| Wachovia |
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