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ghayden
2 Posts |
 Posted - 07/28/2008 : 2:20:35 PM
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Florida deal!!! I have a guy who owns 4 properties. He bought this property 6 months ago in cash for 90K but says it will appraise for 160K. Its a duplex and in good condition. Wants to take cah out!! Told him 65-70% would be max but didnt know who would give me cash out less then a year based on appraised value??Stated income verified assets. 700+ score. Do you know any one??
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adcapCB
79 Posts |
Posted - 07/28/2008 : 2:34:30 PM
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we could go up to 55% ltv, problem will be that if he bought it for $90k that recently, probably other properties close by still selling for the same values, and not actually worth $160k. This would have to be a hard money deal, all hard money lenders work off BPO value, which will consider distressed sales.
That said, the GOOD NEWS is, even if its valued at $100k on BPO, can still get something out of it |
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shaynes
46 Posts |
Posted - 07/28/2008 : 3:37:33 PM
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Just off the top of my head, I know that as of 4 months ago Vertice did NOT have a seasoning requirement for cashout investors. I just don't know about the stated part. Hope this helps!
Stacy M. Haynes
Licensed Mortgage Broker
Abaca Mortgage, Inc.
www.abacamortgage.com
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