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03-29-2018, 12:18 AM #1
Reputation points: 1232
- Join Date
- Jan 2017
- Posts
- 116
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?
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04-08-2018, 10:16 AM #2
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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