Results 1 to 6 of 6
  1. #1

    Who could do a 2nd RE position stated income

    client has a residential building with 1st mortgage on it, needs 2nd position of 600K with 36 month term, stated income, 50% LTV.

  2. #2
    Senior Member Reputation points: 33657 Jstarr's Avatar
    Join Date
    Nov 2014
    Location
    South Florida
    Posts
    807

    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.
    Jerry Starr
    Insource Funding
    433 Plaza Real, Ste 275
    Boca Raton, Fl 33432
    P: 800-805-3391
    Jerry@insourcefunding.net| insourcefunding.net

    WHAT WOULD YOU DO " IF " YOU HAD THE CAPITAL

  3. #3
    Senior Member Reputation points: 4984 DiamondBL's Avatar
    Join Date
    Oct 2015
    Location
    Beverly Hills, CA
    Posts
    190

    What is the value?
    City and state?
    Jonathan Kohanoff
    B.R.E. #01962090

    Diamond Business Loans
    Beverly Hills, CA 90211
    jon@diamondbl.com
    www.DiamondBL.com

  4. #4
    Sponsor Reputation points: 54501
    Join Date
    Dec 2013
    Posts
    4,728

    i personally met Jerry Starr and will tell you hes the real deal !
    Marcus Clapman | Business Development | Cresthill Capital
    (High Commissions Payout Group)
    覧覧覧覧覧覧覧覧覧覧覧覧覧
    Tel: 917-521-6528 | Fax: 212.671.1473
    Email: bizdev@cresthillcapital.com
    http://www.cresthillcapital.com

  5. #5
    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

  6. #6
    Senior Member Reputation points: 53888
    Join Date
    Dec 2014
    Location
    Quogue, NY
    Posts
    1,075

    Quote Originally Posted by bgibbsfastadvance View Post
    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?

Similar Threads

  1. Stated Income Necessary for 40% LTV
    By CFObyDesign in forum All Other Lending
    Replies: 3
    Last Post: 12-12-2017, 05:14 PM
  2. Stated Income Residential Cash Out 33% LTV
    By CFObyDesign in forum All Other Lending
    Replies: 0
    Last Post: 09-05-2017, 10:25 AM
  3. Replies: 3
    Last Post: 08-23-2017, 12:57 PM
  4. Looking Commercial Stated Income Loans or Bridge Loans...SEE BELOW
    By Creative Lender in forum All Other Lending
    Replies: 0
    Last Post: 06-29-2017, 01:05 PM
  5. Replies: 2
    Last Post: 01-29-2016, 11:16 AM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •