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11-07-2023, 03:57 PM #1Member
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CA Primary Residence 6 MM - Looking for 1MM
My client is looking to borrow on his Primary residence in CA
Last appraisal is from 2022 for 6 MM - he is currently doing renovations which should appraise even higher.
Mortgage is for 3.9MM in 2022
Client also took 500k mortgage for construction in 11/2022 but already paid down 300k (Balance is only 200k)
Looking for 500k- 1MM
Annual Household Income - 3MM
Credit high 600-low 700s
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11-07-2023, 04:05 PM #2Senior Member
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No way you're getting a 3rd. Go for unsecured personal loans.
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11-07-2023, 04:26 PM #3Member
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We can help, Lee@stallingcapitalpartners.com
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11-07-2023, 04:55 PM #4Member
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Is there an option to buyout the second position (200k) possibly netting him 300-600k?
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11-07-2023, 05:07 PM #5Senior Member
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I can do a second position on a primary mortgage in California up to 65% Combined Loan to Value. SISA - stated income stated assets. Need a 650 Fico which seems to apply here. Only problem might be the first position is too high for the much smaller second to be viable for the investor. And if it money needed to finish construction, that is another can of worms. We would need to talk about it to review where and how we could do this.
Last edited by Olderguy; 11-07-2023 at 08:50 PM.
Steve Benjamin
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