Need Help with Reserve Account to Close - Posted by Cheryl

import · February 22, 2003, 10:46am

Posted by Cheryl on February 22, 2003 at 18:31:54:

I was not posting on purpose. I missed and clicked the button more than once.

import · February 22, 2003, 10:46am

Posted by Cheryl on February 22, 2003 at 11:46:21:

Any suggestions OR assistance would be greatly appreciated:

We have a deal for 355k that is currently in contract and past due on closing date. We submitted it through private lenders that are willing to finance 100% of the purchase price. HOWEVER, they want a reserve account of 60k. They refuse to fund the deal without the 60k reserves. Seller willing to carry back 10%, but not enough to establish a reserve account. We have upfront money on the line. Please advise as to how to fund the reserve account. Any advice on this would be appreciated. Unfortunately, we don’t have 60k and we went under the promises that this could be done. This is a 10 unit fully occupied complex in Illinois. Please post or email with any suggestions or advice on this.

import · February 23, 2003, 5:13am

Re: Need Help with Reserve Account to Close - Posted by James Strange

Posted by James Strange on February 23, 2003 at 06:13:33:

Large reserve funds are why I don’t try to do 100% LTV loans.

import · February 22, 2003, 2:28pm

Re: Need Help with Reserve Account to Close - Posted by DanNY

Posted by DanNY on February 22, 2003 at 15:28:36:

Stop posting the same thing over and over, you’ll only annoy people.