TOBTEK is online now
Join Date: Jan 2008
Posts: 1,211
Images: 107
Any Investors. in the House? 400K private Mortgage needed.
Have a client buying a 1.2 Million dollar home. Putting $800,000.00 cash down. Wants a 3 year OR shorter loan for the 400K balance.
This home being purchase will appraise for over 1.3M. Comps are 1.385M and 1.525M Model Matches, (and not as nice)
Think I can add extra security by using buyers other home as collateral as well for the 400k. Its a 1M home and very small Mtg on it.
NO Brianer risk wise....... Buyer has 700++ Fico's.
The catch is he has a Shortsale just over a year ago. Fannie/freddy guidelines require 3 years on the SS.
Buyer may wish to sell other home, and pay off this loan early????
CALL ME IF YOU ARE INTERESTED. 760-638-3810
__________________
Join Date: Jan 2008
Posts: 1,211
Images: 107
Any Investors. in the House? 400K private Mortgage needed.
Have a client buying a 1.2 Million dollar home. Putting $800,000.00 cash down. Wants a 3 year OR shorter loan for the 400K balance.
This home being purchase will appraise for over 1.3M. Comps are 1.385M and 1.525M Model Matches, (and not as nice)
Think I can add extra security by using buyers other home as collateral as well for the 400k. Its a 1M home and very small Mtg on it.
NO Brianer risk wise....... Buyer has 700++ Fico's.
The catch is he has a Shortsale just over a year ago. Fannie/freddy guidelines require 3 years on the SS.
Buyer may wish to sell other home, and pay off this loan early????
CALL ME IF YOU ARE INTERESTED. 760-638-3810
__________________