JCMillerMortgage
17 Posts |
 Posted - 07/22/2008 : 4:23:34 PM
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Hey Hard Money Guys,
Here is a brief run-down of a loan scenario I have for a residential home in Florida. Let me know if any of you may be able to fund this...
- Stated-income, cash-out refi on residential in Naples, FL
- Self-employed Borrower
- High 400's credit
- Approx. $840k loan amount
- Seeking 2-year loan term
- Home was purchased for $1.4M in early 2008
- $425k existing 1st PLUS IRS TAX LIENS
- "The IRS has agreed to subordinate all liens provided Borrower sends at least $180,000 from the proceeds of the refinance transaction to the IRS."
- EXIT - Borrower plans to continue to improve credit and refi into a conventional mortgage loan at the end of loan term
- Broker (who brought this deal to me) is seeking 1-3 points YSP in the deal. Logically, if this is a do-able deal, I think 2-4 points between the both of us would be agreeable.
- I am preferably looking for a direct hard money lender so this doesn't turn into a massive broker chain.
THANKS!
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