Posted by Darrell on July 12, 2005 at 16:11:43:
He wasn’t so much turned down as much as strung along by his bank until they told him they didn’t do bridge loans. Now he’s in a crunch…
Thanks for the replies, I have a lender now…
Need money fast in Florida - Posted by Darrell
Posted by Darrell on July 12, 2005 at 12:37:20:
I am a mortgage broker and I have a client with a time crunch issue.
Details:
Current home is on the market, has $178,00 in equity. Has a closing for August 1, has $220,000 to put down on a $275,000 sale price. Wants a $80k first position loan on the new purchase (a condo in Vero Beach), he had his bank back out at the last minute, is in a time crunch. The loan will be paid off in 3-4 months after his house sells. We’d use conventional channels, but none of my lenders can guarantee a 14 day closing, thus the search for private money.
Details:
LTV: 29%
Sale price: $275,000
Down payment: $220,000
Loan amount: $80,000
Term: 90-120 days
We need funding in 2 weeks.
Re: Need money fast in Florida - Posted by Devon Daughety
Posted by Devon Daughety on July 12, 2005 at 20:19:48:
Has appraisal and title already been done???
Re: Need money fast in Florida - Posted by Zach
Posted by Zach on July 12, 2005 at 15:16:28:
What’s the issue why did he get turned down, you could try Scott Bush 877-362-6733x9120 at Encore funding. pretty close to hard money and can get it closed fast. have to just buy it down so there’s no prepay.