Need a Funder or Vendor? START HERE

Results 1 to 2 of 2
  1. #1

    Jumbo Loan Request

    Hi Everyone,

    Have a look at this scenario and let me know if you are interested in this client.

    Client looking for a Jumbo Home Loan for Owner Occupied. Home appraised at $4M 8/3/2006 and was recently for sale at $4.4M.



    Client looking for $2.25M loan interest only five years – LTV 56%. Monthly pay $6,250 - Interest, taxes ($14,000 annually), insurance ($9600 annually).



    This is currently buy-down - existing mortgages are:
    1) Chase bought the former WAMU mortgage $2.2M out of the FDIC for 50 cents on the dollar and carries it on their balance sheet for $1,073,274 - we are told they would take a payoff off their balance sheet.
    2) Second mortgage money used for a subdivision investment that went south - balance $994,025 - will take buy down of $700,000.
    3) Third mortgage - same subdivision investment balance $222,616 will take a buy down of $200,000
    4) Cash out, $130,000, pays off two student loans - law school - borrower will have no other debt.

    Client credit score is 650, Annual income fixed $135,000, Social Security Income $30,000. Annual Income from brokerage business varies about $20,000.

    Can someone do this deal?
    Doran M. Summers
    Small Business Loans & Commercial Loans
    3960 Howard Hughes Parkway Suite #500
    Las Vegas, NV 89169
    Doran@DoranSummers.com
    Www.DoranSummersFunding.com
    217.799.0156

  2. #2
    Member Reputation points: 3332
    Join Date
    Jun 2014
    Location
    Houston Tx
    Posts
    97

    This would be pretty simple if we could work with the current owner. I have money for sale for this as well. Does the borrower have a down payment? PM me so we can work something out

Similar Threads

  1. Deal Request: Check Cashing
    By WhoisKingsley in forum Deal Bin
    Replies: 8
    Last Post: 08-18-2015, 04:45 PM
  2. Business Loan request. 200 - 350,000.
    By benjaminbuffett in forum Business Loans
    Replies: 6
    Last Post: 04-28-2015, 01:16 PM
  3. Premium Jumbo A paper
    By MCABroker in forum Deal Bin
    Replies: 4
    Last Post: 08-08-2014, 11:43 AM


Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  


INDUSTRY ANNOUNCEMENTS

BoA launches business loan marketplace
Quickbooks adds new LOC product
Dext Capital upsizes corp note


DIRECTORY