[Shokunin_America]

My client completed construction on an SFR worth $2.8-3.0MM. Has a $1.4MM first. Would like to keep it because the rate is sub-4.00% and doesn’t expire for another few years.

Looking for a 2nd of $300-500K on the SFR so he can fund an RV park project he is completing (The RV park is not offered as additional collateral).

Personal net worth is $4.2MM. High FICO. Although this is a primary residence, he can move it into an LLC.

I have a couple of lenders, but they're not going above 55% CLTV which isn't enough room to make this work for him. Need to be around 65% CLTV.

Thanks.

Marcelo

[Olderguy]

A 2nd with no collateral? How can you have a CLTV but no collateral? Doesnt make sense.
Are you sure you understand what a trust deed is? Maybe I am not understanding your post.

I can get him money in a week using pretty much a variety of assets. Get me a PFS. If his net worth is $4.2M we can find someting to get him money on....look outside the box away from the project.

[Shokunin_America]

Hi Steve - I've rewritten the post so it's more clear. The collateral is the SFR and where I wish to get the 2nd TD.

Looking for a 2nd of $300-500K on the SFR so he can fund an RV park project he is completing (The RV park is not offered as additional collateral).

[Nicholas]

I can ake a look, send it over to nick@pinnacleadvances.com

[Olderguy]

Hi Steve - I've rewritten the post so it's more clear. The collateral is the SFR and where I wish to get the 2nd TD.

Looking for a 2nd of $300-500K on the SFR so he can fund an RV park project he is completing (The RV park is not offered as additional collateral).

Is the SFR a primary residence? If so you need them to go to a local credit union and get a HELOC. Home Equity Line of Credit. If California I can go up to 65% CLTV on primary

[RichardScholtz]

Here is a lender for you -- got more like that but not feeling like calling all of them - most cap 2nd at at 300K
Alt DOC -- like bank statements and FULL DOC -FULL DOC (1yr or 2yr)
FundLoans offers the industry's only bank statement 2nd up to $1MM. This is a home equity loan, not a HELOC. All funds are distributed at one time. These cash-out, debt consolidation, or piggy-back purchase junior lien programs are for primary residences, second homes, or 1‐4 unit investment properties.

https://www.fundloans.com/standalone-2nd

1-year bank statements or 1-year full doc

Up to 75% CLTV
Minimum credit score: 680 FICO
Max combined loan amount: $5MM
Fixed terms: 10/15/20/30
Interest-only available on 30 year term
Max 2nd 1 mill
Min 2ooK
CLTV to 75%

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You may need a NMLS --- ??? Good luck --Owner off is fine and NON owner

[Olderguy]

That looks like a good source even needing bank statements and not SISA or NoDoc. The nmls seems to be covered in several states.

[Olderguy]

No response from two phone calls and one email...not reputable.