Louisiana - Stated - 35%-40% LTV - Apt Building
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  1. #1
    Senior Member Reputation points: 1232
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    Louisiana - Stated - 35%-40% LTV - Apt Building

    LOAN TYPE: Refi-CashOut
    PROPERTY TYPE: Apt Building, 60 units (90% Occupancy)
    STATE: LOUISIANA
    APPRAISAL VALUE: $1,600,000.00
    LOAN AMOUNT: $640,000.00
    MORTGAGE BALANCE: $450,000 (Balloons this year)
    LTV: 40%
    CREDIT: 568 MID SCORE
    INCOME: Stated (hasn't filed 2016 or 17 yet)

    Looking to get this guy out of a balloon and some cash out. He doesn't have a 600 score yet -- but trying to get him into a fixed, can be 7-8 year fixed, 25 or 30 year preferably. But being below 600 I know it's going to be a bit of a challenge to get him a fixed. Already tried Apex, Silverhill, Velocity. Any recommendations?

  2. #2
    Senior Member Reputation points: 4567 NickHubbard's Avatar
    Join Date
    Jun 2015
    Location
    Saint Louis, Mo
    Posts
    333

    He's not gonna get anything stated with that credit score. Its will have to be hard money!
    Nick Hubbard
    Senior Loan Advisor
    314-252-0299 - Office
    314-885-2262 - Direct
    nick@elitefactoring.com
    www.elitefactoring.com

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