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mishell818
37 Posts |
 Posted - 08/07/2008 : 6:02:33 PM
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| Are there any wholesale lenders in California still doing stand alone 2nd? |
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PBFinancial
430 Posts |
Posted - 08/08/2008 : 12:22:52 PM
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If the LTV is low enough then I would consider it.
Pouyan Broukhim
PB Financial Group Corp
310-289-0900 x 102 Office
310-990-6890 Cell Phone
866-318-4471 Direct Fax
PBRoukhim@pbfinancialgrp.com |
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cornflkchk
121 Posts |
Posted - 08/08/2008 : 1:22:27 PM
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Hello we do 2nds on a 7 year interest only with no prepayament penalty up to 63% CLTV. We will even go behind current lates on first.
Call me if interested! Talk to you soon!
Shannon Richards
Sr. Account Executive
Unifund Financial Group
949-244-1205
shannon@unifundloan.com |
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peter
4617 Posts |
Posted - 08/08/2008 : 2:59:02 PM
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I have a borrower with 661 FICO, self employed biz owner,
no mortgage lates, wanting a heloc 2nd with no prepay for
$100,000 or only 45% CLTV. However, she is bidding me
10% I/O with no prepay, with total closing costs including
all points and fees not to exceed $6,000.
Can any lender take this bid? I will go back and get
the heloc 2nd from this borrower.
Thank you.
Peter |
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aaron1976
631 Posts |
Posted - 08/08/2008 : 8:05:16 PM
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| She is blowing smoke. There is going to be a 680 minimum Fico on any standalone second. You could refinance the whole thing if you could get the Fico to 680 w/ Flagstar to 80% CLTV and keep the rate on the first and second pretty decent. You will be in the mid 6s on a 30 yr fixed on the first and high 7s to mid 8s on a Heloc second. Don't know what she owes on the first, but that is a viable option assuming you could increase the FICO. |
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peter
4617 Posts |
Posted - 08/08/2008 : 9:42:34 PM
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I am trying to convince her to take a hard money heloc 2nd
to pay off all her c/cards (about 40K) and leave some cash
in her savings account. The Heloc 2nd I am being quoted has
no prepay and can be paid off in just two months. By the
time the credit cards have been paid off -- and I have asked
her to close unused c/card accounts numbering about 10 of them,
her FICO should improve from 661 to 680 and she will have had
2-months of seasoned PITI reserve. Then, as Aaron has suggested,
I can go to Flagstar or even Citi and refi her into the high 6's.
The hard money heloc 2nd with no prepay is an interim
solution like putting on a bandaid till the little wound heals,
and I can go on refinancing her with a decent rate.
Thanks, Aaron, for your good suggestion.
Peter
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