Second Mortgage Line of Credit or Mortgage
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  1. #1

    Second Mortgage Line of Credit or Mortgage

    Need a lender that can fund second position on residential and commercial properties. Please email support@cfobydesign.com Miguel.

  2. #2
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    Miguel,

    There are Lenders/Funders that will take a second position on residential/commercial real estate as increased collateral relating to business credit facilities, however I'm not aware of anyone that would do it straight against the real estate alone (in second position).

  3. #3
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    Most mortgage lenders will not do this, you may want to look into a HELOC or an equity loan.
    Scott Buchholz
    Account Executive
    Velocity Mortgage Capital
    215.619.2543 Direct
    sbuchholz@velocitymortgage.com

  4. #4
    Senior Member Reputation points: 983 Joseph Esparza's Avatar
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    Quote Originally Posted by CFObyDesign View Post
    Need a lender that can fund second position on residential and commercial properties. Please email support@cfobydesign.com Miguel.
    Try Benjamin Youshei, worked along side him 15yrs, he's a mtg. pro. 516.330.1000, he's on LinkedIn.
    Joe Esparza
    FUNDKITE
    "FinTech High-Risk Funding Table"
    joseph.e@fundkite.com | 929.999.2700x1008

  5. #5
    Senior Member Reputation points: 52185 ADiamond's Avatar
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    Quote Originally Posted by CFObyDesign View Post
    Need a lender that can fund second position on residential and commercial properties. Please email support@cfobydesign.com Miguel.
    Did you find anyone?

    I am looking for a 3rd position on residential property with $1MM in equity?
    Anthony Diamond
    Underwriter

  6. #6
    Senior Member Reputation points: 983 Joseph Esparza's Avatar
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    Quote Originally Posted by ADiamond View Post
    Did you find anyone?

    I am looking for a 3rd position on residential property with $1MM in equity?
    With that level of equity, and depending on the amount you're seeking as a Third (to which can't exceed the banks CLTV threshold - or you will fall short,) the Subject Property is better suited for a Cashout Refi, leaving one position at a cheaper rate than the blended one you're pursuing. If you can accomplish that, then the subject has 1 Lien, and is wide open for a 2nd position - when the time comes for you to make some more coin on the deal [again].
    Give Ben Youshei a call: 516.330.1000
    Good luck,
    Joseph
    Last edited by Joseph Esparza; 07-21-2017 at 04:18 PM.
    Joe Esparza
    FUNDKITE
    "FinTech High-Risk Funding Table"
    joseph.e@fundkite.com | 929.999.2700x1008

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