client has a residential building with 1st mortgage on it, needs 2nd position of 600K with 36 month term, stated income, 50% LTV.
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client has a residential building with 1st mortgage on it, needs 2nd position of 600K with 36 month term, stated income, 50% LTV.
Residential Building? do you mean multi family?. he would most likely need to speak with his bank about a 2nd and depending on the mortgage some will not accept subordinate debt. if It is truly a multi family with tenants, and depending on location and condition, i could take out the first position and provide the cash-out if the value is there.
What is the value?
City and state?
i personally met Jerry Starr and will tell you hes the real deal !
Hey,
I'm interested in taking a look, I can do 600k, however I would need much more details to put together an offer. Email the particulars and I will work it out. bgibbs@fastadvancefunding.com
Without understanding any of the nuances of the deal, you feel 'I can do' 600K???!
Is this a Real Estate play or a business funding play? Without knowing proposed use of funds, you feel you can do a subordinating position for 600K? How much is the first mortgage? You sure you want to buy that out in the event of a default so you can foreclose?