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Mady1999
6 Posts |
 Posted - 10/15/2008 : 1:30:25 PM
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Looking for either a non conforming lender, or potentially a hard money lender.
Loan amount of 1,900,000 and value is 3,300,000. Need stated, but have well over seven figures in the bank. This is a construction loan currently. FICO 720+. Located in KS. Any ideas?
Thanks in advance. |
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dkendall1979
10147 Posts |
Posted - 10/15/2008 : 1:31:46 PM
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| Start calling some banks local to the property and find out if they'll let you put 1pt on the HUD at closing. |
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jscorbett
3648 Posts |
Posted - 10/15/2008 : 1:34:03 PM
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| Dave, are you doing any Foreign Nationals? |
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dkendall1979
10147 Posts |
Posted - 10/15/2008 : 1:37:15 PM
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Only the creme of the crop. $1M minimum loan amount - 55% max LTV
quote:
Originally posted by jscorbett
Dave, are you doing any Foreign Nationals?
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jscorbett
3648 Posts |
Posted - 10/15/2008 : 1:43:05 PM
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| very cream of the crop , but looking for higher LTV... I know its alot to ask for. |
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Mady1999
6 Posts |
Posted - 10/15/2008 : 2:24:33 PM
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I heard HSBC would still do this SIVA, but that is one of the few investors we aren't signed up with. Can anyone confirm this?
Thanks in advance, and thanks for the input so far. |
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dkendall1979
10147 Posts |
Posted - 10/15/2008 : 2:30:35 PM
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I don't think theyre doing wholesale anymore, no? GMAC/HSBC the same thing?
Anyway, the rates start in the 8% range with a cost on the program. We've got it, but it's pointless to try for since the borrower will just go to a local bank and get a 7% 30yr fixed rate.
quote:
Originally posted by Mady1999
I heard HSBC would still do this SIVA, but that is one of the few investors we aren't signed up with. Can anyone confirm this?
Thanks in advance, and thanks for the input so far.
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Mady1999
6 Posts |
Posted - 10/15/2008 : 2:43:34 PM
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The website for them is still active, but I understand what you are saying.
Our local bank contacts, including the bank that has the construction part, won't touch it. Just seems to be a little too much for us midwest folks. We have many referral partners from each bank around the city, but none of them are interested in something that big no matter how low the risk.
Again it does look like HSBC might still be active, but of course I can't access guides. 8% is better than the alternative for these people right now as bad as that sounds. |
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ooslimm
929 Posts |
Posted - 10/15/2008 : 10:03:02 PM
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HSBC is still around, they are the only lender I use for my SIVA SE clients, however the pricing as of today on a 5/1 at 70% ltv would be 3.25 cost at 8.25% for your scenario.
TH
quote:
Originally posted by Mady1999
The website for them is still active, but I understand what you are saying.
Our local bank contacts, including the bank that has the construction part, won't touch it. Just seems to be a little too much for us midwest folks. We have many referral partners from each bank around the city, but none of them are interested in something that big no matter how low the risk.
Again it does look like HSBC might still be active, but of course I can't access guides. 8% is better than the alternative for these people right now as bad as that sounds.
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kevinloans
469 Posts |
Posted - 10/15/2008 : 10:15:48 PM
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| they do conforming stated off of LP based on doc waiver, but most likely you're not going to get it. Also they have a jumbo stated program but its rate/term purchase only and limited to a few states. |
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jorgstyle
6 Posts |
Posted - 10/15/2008 : 10:29:30 PM
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| I need a similar scenario in California |
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Mady1999
6 Posts |
Posted - 10/16/2008 : 06:33:14 AM
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| As always thank you for the help. Any other ideas are greatly appreciated. |
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jengel
295 Posts |
Posted - 10/16/2008 : 08:28:44 AM
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| Post this under Lender Reviews, maybe a commercial lender would take a crack at this, and have a little more success finding stated based on the assets and equity. Good Luck, let us know what you find... |
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leonpinsky
13 Posts |
Posted - 10/16/2008 : 4:44:26 PM
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| US Bank used to do Freddie Mac SIVA & SISA about 2 months ago. HSBC does SIVA all day long 75LTV purchase or Rate/Term with 700 FICO and only 0.50 point adjustment to yield on 30yr fixed rate. Also, try Eastern Savings Bank, they do those all day long with hard pre-pays and high rates. |
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bmoran
1162 Posts |
Posted - 10/16/2008 : 5:09:40 PM
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I think our wholesale division can do that non -conforming, not hard money.
Not sure if we lend in KS though, we can do CA and several other states.
Call Ed 818 591 2580 ext 31 or 805 558 3318 |
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ooslimm
929 Posts |
Posted - 10/16/2008 : 5:13:42 PM
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ESB has limited there loans to $1M max for the interim. Pricing is going to be pretty bad anywhere you take it. Have you looked at Harbour equity?
TH |
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