Posted by Lance on November 21, 2000 at 23:27:52:
dont you think what State you are in might be of some importance
Anyone Know Good Source for ‘Equity-Based’ Loan? - Posted by John
Posted by John on November 21, 2000 at 19:07:09:
I recently purchased a property from a homeowner who was in foreclosure. I took title subject to his 1st mortgage which was being foreclosed, and a 2nd mortgage, which I have since paid off. I have until January 2nd to pay off the 1st mortgage of $140K, or I will lose my interest in the property. The home just appraised last week for $210,000.00 and there is no other debt on the property. I’m looking for a short-term, equity-based loan of approx. $145,000, to be secured by a new 1st mortgage on the property. Since this would only be about a 70% LTV ratio, I’m hoping it won’t be too hard to fund.
Let me know if you think you may have a source. Thanks in advance…
John
Re: Anyone Know Good Source fo - Posted by dewCO
Posted by dewCO on November 21, 2000 at 23:35:14:
You can check with Ed Garcia–he just posted a few posts down from you. You don’t say whether you need a hard money loan or if you can qualify. If you need hard money, they usually go 60-65% of value, check your phone book for small lenders, or try hardmoneynetweork.com
Or find a partner.