Posted by JohnBoy on July 29, 2001 at 16:12:44:
I wasn’t asking how because I don’t know of any possible way for him to to do it. I was asking how HE was PLANNING on doing it.
As to your statement. I don’t think getting refinanced at 80% LTV “despite” bad credit is going happen. 65% LTV using a hard money lender might fly, but getting a loan through a bank at 80% LTV despite his bad credit will be very unlikely!
That wouldn’t be enough for me take the risk with someone.
I want that person I’d be financing to tell me how HE intends to cash me out in 3 years. I want to know where HIS thinking is in this and how he plans on accomplishing this.
Telling me I could get refinanced for 80% LTV in 3 years despite his bad credit isn’t going to cut it.
I want to know what he plans on doing about getting his bad credit CLEANED UP within 3 years so he COULD get refinanced. That would be just for starters!