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10-16-2021, 09:24 AM #1Senior Member
Reputation points: 117
- Join Date
- Apr 2017
- Posts
- 127
Second Position Mortgage on Investment Property
Need a direct lender that can provide a 2nd position line of credit on investment income generating properties with existing 1st position mortgage. Rates must be under 10% Well qualified borrowers
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10-16-2021, 10:00 AM #2Senior Member
Reputation points: 68259
- Join Date
- Sep 2021
- Location
- Irvine, CA
- Posts
- 2,133
What state is the property located (please not state of confusion)...LTV, CLTV, loan amount and use of funds...
In CA can 2d lien loan for 8.99% 5 year I/O on NOO up to 60% LTV, higher than that LTV the rate goes up to 9.9% to 10.55. File has to be attractive to investor. Minimum loan amount $200,000. (that would a cardboard box in Ca though). BPO may work for LTV 60% or less. Higher would need an appraisal.Last edited by Olderguy; 10-16-2021 at 02:39 PM.
Steve Benjamin
Professional Business Loans
1012 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-18-2021, 12:39 PM #3Senior Member
Reputation points: 68259
- Join Date
- Sep 2021
- Location
- Irvine, CA
- Posts
- 2,133
I'm sorry your fingers were disabled in the accident...
Steve Benjamin
Professional Business Loans
1012 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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