Posted by fritz on September 10, 2005 at 07:31:56:
Question: Does the $600k needed for rehab also includes paying off the first lien of $300k
Here you have an appriased value of $1,000,000. Paying off the 1st of $300k, plus $600K in rehab amount to $900K.
With a B- score (600), plus it is a tier tow or three, it is very unlikely, even if this was a multi-unit. W’re talking about 90%+ LTV
If on the other hand, the $600k includes paying off the first line. then I can find you a lender. No points will be a very tough sell. But, I am sure we can find an alternative
i am a mtg broker in new york. i have a client that needs to refi thier motel.they need about $300,000 to pay off the pvt mtg currently on the property. they would like to borrower about $600,000 to rehab the bed/breakfast that is also on the same deed/property. value is about $1,000,000.their credit is 600. owners occupy property.client does not want hard money but is willing to pay 12% for two years without points.