nickwest
66 Posts |
 Posted - 08/08/2008 : 10:43:53 AM
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ok second try,
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ok i am working with a loan officer on this scenario, we have a customer who owns 21 residential properties free and clear, the realistic current market value is 1.3 million on them, the customer is a real estate investor and has over 100 homes, he has a strong backround good income and good credit.
the loan amount requested is 300-500k , so this should easily meet LTV requirements, there are no 1st mortgages, everything is owned. i have a complete executive summary, exit strategy, and customer biography.
he wants a 2 year term, interest only not higher than 15% preferably around 12% , if the interest is lower than perhaps we can go higher on points, we want 3 points and we want the lender to charge 4-5 points, if you charge alot of points i fear the customer will not take the deal so i have to be up front on that, so 7-8 points total including the broker points would be ideal, if you charge more than that , then it is up to the customer whether he turns it down or not.
another quirk to this deal is the customer does not want to pay up front fee's , no due dilligence and the loan officer tells me he does not want to pay for appraisals on 21 homes. However keep in mind this is a very low LTV% deal, under 50% , so the value is there obviously
ideally i want a lender that is in michigan and knows the market, and can do their own on site inspection and not charge up front fee's to do the loan. I know this is not reasonable for everyone but it is the customers wishes. We want to close it in a months time.
i need a lender on this not a broker, this was referred by another broker
please contact me at
nwestlending@gmail.com
my name is Nick West |
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