[Fundyman]

I have a potential borrower who is due $80K on a note attached to a property that is going into foreclosure due to IRS non-payment & other issues.

This potential borrower would like to finance the purchase of that same property, this carrying the mortgage on it in 1st position, but use his $80K note in lieu of a down payment.

Is there a real estate lender that will allow such creative lending? If so, let me know who, or PM me.

Thanks

[Olderguy]

I think you mean a new purchase money first position and use the $80,000 note as a carry back second lien?

It would be a LTV, CLTV program.

I need more specifics to structure it if you can get me more information.

I may be able to do it.

I need a schedule of real estate, value of the property, amount of the first lien, purchase price, Fico score.

It has to be investment property.

And is it SFR, land, commercial or what?

I do have a program that's 100% CLTV but it's expensive.

(CLTV - combined loan to value)

You are going to need money for payment reserves and closing costs:


HARD MONEY - BRIDGE FINANCING – 500 CREDIT SCORES

Simple Financing Solutions for Investors

· Investment Purchase & Refinance AS IS ONLY – NO REHAB

· DOWN TO 500 CREDIT SCORE PERMITTED

· Interest Rates Starting at 12.99%*

· SFR / 2-4F / Condo / Multi Fam / Mixed Use / Office / Industrial / Warehouse / All Properties Considered**

· $100,000 - $2,000,000

· Straight Bridge - Up to 65 LTV* - Up to 100% CLTV – AS IS ONLY

· 12 – 36 Months – Interest Only*

· 6 Months Guaranteed Interest

· Payment Reserves Required

· No Income Documentation Required

· Foreclosures and Bankruptcy OK

· MAI Appraisal Required

· Brokers Protected

· STREAMLINED UNDERWRITING – QUICK CLOSE

· NATIONWIDE

[Olderguy]

You are looking at a loan to value of around 60% for the first lien, the remaining 40% can be the note plus cash.

[Fundyman]

I think you mean a new purchase money first position and use the $80,000 note as a carry back second lien?

It would be a LTV, CLTV program.

I need more specifics to structure it if you can get me more information.

I may be able to do it.

I need a schedule of real estate, value of the property, amount of the first lien, purchase price, Fico score.

It has to be investment property.

And is it SFR, land, commercial or what?

I do have a program that's 100% CLTV but it's expensive.

(CLTV - combined loan to value)

You are going to need money for payment reserves and closing costs:


HARD MONEY - BRIDGE FINANCING – 500 CREDIT SCORES

Simple Financing Solutions for Investors

· Investment Purchase & Refinance AS IS ONLY – NO REHAB

· DOWN TO 500 CREDIT SCORE PERMITTED

· Interest Rates Starting at 12.99%*

· SFR / 2-4F / Condo / Multi Fam / Mixed Use / Office / Industrial / Warehouse / All Properties Considered**

· $100,000 - $2,000,000

· Straight Bridge - Up to 65 LTV* - Up to 100% CLTV – AS IS ONLY

· 12 – 36 Months – Interest Only*

· 6 Months Guaranteed Interest

· Payment Reserves Required

· No Income Documentation Required

· Foreclosures and Bankruptcy OK

· MAI Appraisal Required

· Brokers Protected

· STREAMLINED UNDERWRITING – QUICK CLOSE

· NATIONWIDE

Steve, let me rephrase & see if I say it correctly:

The seller is in trouble.
The prospective buyer is the same one who's owe $80K on a note. Instead of having to bring cash to the table, he wants to apply/assign his note payable to whichever lender in lieu of a down payment.
If there be more money that has to be put down, that's fine, as long as the $80K down gets applied to the down payment.
Is that a feasible deal?

[Fundyman]

You are looking at a loan to value of around 60% for the first lien, the remaining 40% can be the note plus cash.

Actually, YES. That's exactly what I'm talking about. If that's an option, let me know so I don't have to waste time looking for the lender. We'll just split the points, as long as you're okay I'm also on the HUD.

[Olderguy]

Reach out if you need help with this...