Posted by GMann on January 19, 2003 at 24:51:49:
Finance America is a division of Lehman Brothers. They do have a 90% NOO with a 100% CLTV but at some stiff rates at the lower (down to 590) scores.
Those guys are the only one that offers 100% CLTV with a 90% first for a NOO. If they aren’t doing the loan then they are the end investor for another wholesaler.
Get ready for a beating if the appraisal or property isn’t strong.
Investment Property Financing Wanted - Posted by CColeman
Posted by CColeman on January 17, 2003 at 11:50:35:
This is a message for mortgage professionals.
I have several investers that I broker 95% and 100% CLTV for non-owner occupied properties. The 1st mortgages have a maximum LTV of 80%. 6 months reserves are required for all loans.
I am looking for new sources of funding. (1) Do you know of a source for 90% LTV with 10% downpayments for investment properties? Also are you aware of any 80/20 for 100% LTV with less than the 6 months reserve requirements. Thanks for any information you have.
Re: Investment Property Financing Wanted - Posted by James Strange
Posted by James Strange on January 18, 2003 at 06:26:37:
What is your average deal size and where are you located?
Depending upon deal size and location 90% LTV is not a proplem.
80/20 without reserves are hard to fund.
Re: Investment Property Financing Wanted - Posted by ccoleman
Posted by ccoleman on January 18, 2003 at 08:00:08:
Have been funding on 2-4 unit properties in two categories: Minneapolis properties are $260,000. Elsewhere in Twin Cities suburbs the 2-4 units are $350,000.
I’m trying to tie up a few deals sitting because borrowers do not have 6 months reserves. Looking for investor that would require only 2 months. I know it’s available because a deal came my way last week. The seller says he had moved 5 units. Then the last two deals fell through. Same investor who previously funded in complex didn’t want to do anymore. Borrowers were doing 90% with 10% seller carrybacks, 2 months reserves. Seller said that lender (more likely a broker) was American Financial. I haven’t figured out yet which American Financial and who their wholesaler is.