Results 1 to 6 of 6
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06-29-2017, 06:07 PM #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.
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06-29-2017, 06:18 PM #2
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
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).
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06-30-2017, 09:12 AM #3
- Join Date
- Feb 2017
- Location
- Fort Washington, PA
- Posts
- 37
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
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06-30-2017, 09:31 AM #4
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07-21-2017, 02:25 PM #5
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07-21-2017, 03:35 PM #6
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,
JosephLast edited by Joseph Esparza; 07-21-2017 at 04:18 PM.
Joe EsparzaFUNDKITE"FinTech High-Risk Funding Table"joseph.e@fundkite.com | 929.999.2700x1008
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