Mixed use - 708 FICO, 80% LTV, full doc, OCC

Author

Previous Topic | Next Topic

Mfish

133 Posts

Posted - 08/28/2008 : 11:29:28 AM

Borrower has a proeprty all on the same deed. On that property there is the home that he lives in and the auto body shop that he owns and also a small mobile home so its definatley mixed use. He's looking to consolidate his debts which saves him approx $1500 / month so it is cash out. Property is in a suburban neighborhood. He needs 80% LTV. Using strictly tax returns DTI is 55%. He does however collect an additional $650 / month from the mobile home tennants which brings DTI down to about 50%.

Anyone out there that can touch a deal like this?

jillstatz

657 Posts

Posted - 08/28/2008 : 12:44:01 PM

US Bank

Scott Appleg8

57 Posts

Posted - 08/28/2008 : 12:48:52 PM

What is the debt that he is refinancing? Is it personal or business?

Mfish

133 Posts

Posted - 08/28/2008 : 12:53:54 PM

It is personal debt - private 1st mortgage from his parents, a 2nd from a bank and almost 145K in credit cards (most of these where used to purchase equipment for the business)

Mfish

133 Posts

Posted - 08/29/2008 : 07:11:52 AM

LTV can be reduced to 60% if necessary to make the deal work as good poriton of the cash out is straight cash to borrower so I can lower that and still payoff all the debts to make the DTI work.

Any takers?

Matt W.

1927 Posts

Posted - 08/29/2008 : 08:18:38 AM

I'd like to see the pictures of the property. Also need square footage of the home and the shop. Will not give any value to the mobile home even if the appraiser does so but the income will count for the DTI.
Probably not going any higher than 70% ltv since it's cash out.
Email or call for a current matrix and submission forms.
Thanks,

Mfish

133 Posts

Posted - 08/29/2008 : 10:57:20 AM

FYI - US Bank will not do this property type

Previous Topic | Next Topic