Results 1 to 8 of 8
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06-28-2023, 08:51 PM #1
- Join Date
- Dec 2021
- Posts
- 14
2nd TD - SFR $300-500K Bozeman, MT
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.
MarceloLast edited by Shokunin_America; 06-29-2023 at 02:19 PM.
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06-28-2023, 11:11 PM #2
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.Last edited by Olderguy; 06-29-2023 at 08:11 AM.
Steve Benjamin
Professional Business Loans
522 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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06-29-2023, 02:21 PM #3
- Join Date
- Dec 2021
- Posts
- 14
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).
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06-29-2023, 02:30 PM #4
- Join Date
- Jun 2023
- Location
- Miami/Queens
- Posts
- 25
I can ake a look, send it over to nick@pinnacleadvances.com
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06-29-2023, 06:19 PM #5
Last edited by Olderguy; 06-29-2023 at 07:28 PM.
Steve Benjamin
Professional Business Loans
522 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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06-30-2023, 12:08 PM #6
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%
--------------------------------------------------------------
You may need a NMLS --- ??? Good luck --Owner off is fine and NON ownerWarmest Regards
Richard Scholtz
www.imsfund.com Richard@imsfund.com
206-800-7171 Office
206-238-4864 - Fax
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06-30-2023, 01:08 PM #7
That looks like a good source even needing bank statements and not SISA or NoDoc. The nmls seems to be covered in several states.
Steve Benjamin
Professional Business Loans
522 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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07-06-2023, 02:34 PM #8
No response from two phone calls and one email...not reputable.
Steve Benjamin
Professional Business Loans
522 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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