Posted by Mary on February 04, 2005 at 12:18:32:
Thanks
Help Financing Nashville Property - Posted by Mary
Posted by Mary on February 03, 2005 at 10:47:53:
Property based in Nashville Lender says that the trouble is right now there are no comparable sales of triplexes in Nashville. There are so few of them that any sales are really old and the lenders do not want to accept duplexes as comps and adjust accordingly? My old appraisal from 2 years ago was for $90.000. The seller is asking 120,000 with 10% down. Buyer only has 5%.No one is selling triplexes right now which is a problem. I have a company who will do the appraisal but they also said that comps of triplexes are virtually impossible. I can e. mail the old appraisal if it would help but if you have a lender that can do this and quick it would be great. The best loan for it is an interest only loan say fixed for a 5 year term, I can always carry 5 % if I have too, she would like to come in with 5% if possible but I told she may have to come in with 10% or we can do it where I credit 5% of the price to closing costs.
Re: Help Financing Nashville Property - Posted by Allan Beraquit
Posted by Allan Beraquit on February 05, 2005 at 22:31:22:
That sounds like a problem. Your only hope is for a triplex (Or a few of them) sells in the very near future; or
#1 Underwriter can (At least mine do) make adjustments based available comps and would than scale down value to determine an adjusted loan amount.
You would than hold a 2nd deed of trust for the difference between the original target loan amount and the new loan amount. Your borrower would still make the normal 5% down payment.
It make not be what you want to hear, but it may be your only option.
Let me know if we can help
Allan Beraquit
allan@flmortgagebanker.com
Re: Help Financing Nashville Property - Posted by John (OR)
Posted by John (OR) on February 04, 2005 at 07:36:33:
Mary,
Consider offering seller financing so that the lender will play ball (keeping the LTV of the first low) or just seller finance the full deal. If you need to exit then expect you can sell the note after closing but will have to structure it correctly to max the value you receive.
Ask questions if you need more info.
John