Subprime lender needed for large owner occupied loan in Oregon
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  1. #1
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    Subprime lender needed for large owner occupied loan in Oregon

    Have a large refinance request ($2m) on an owner occupied luxury property in Oregon. Credit scores around 650. LTV is around 30%.

    Have the complete package together but the underwriter we were using looks like they won't be able to perform now.

    Looking for reasonable subprime rates.

    Please contact via email: jeff@northcoastfinancialinc.com

    North Coast Financial, Inc.
    Private Hard Money Loans
    2424 Vista Way #202
    Oceanside, CA 92054
    760-722-2991

  2. #2
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    reasonable and subprime in the same sentence rarely collide...

    Suggest to post on the Scotsmanguide.com.. Look for a Hard money player in Oregon.. Owner occupied might be a deal breaker though

  3. #3
    Senior Member Reputation points: 113 MatthewAStucchio's Avatar
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    I can take a look at that for you. Pl give me a call/email. Thanks
    Regards,

    Matthew A. Stucchio
    Associate

    World Business Lenders, LLC

    120 W. 45th St.
    5th & 29th Floor
    New York, NY 10036

    Main: (212) 293-8200
    Direct: (212) 220-6018
    Fax: (646) 417-7161
    Email: Mstucchio@wbl.com
    www.WBL.com

  4. #4
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    Reasonable as in 6-8% rather that 10%+.

    Yes, Scotsmanguide is good resource for this. Already did a search there and found a few potentials.

    Thank you,

    North Coast Financial, Inc.
    Hard Money Lenders
    2424 Vista Way #202
    Oceanside, CA 92054
    760-722-2991

  5. #5
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    North Coast: Not really the space for this type of deal. Honestly though to expect 6-8% Hard Money on an Owner Occupied property isn't something that you will be likely to find anywhere- unless from a family member.

    The biggest issue is the time it takes to foreclose on an Owner Occupied Property should the loan go sideways.

    If you have someone at 12/4 for 12 months with an option to buy up to 24 take it- before they realize they're making a mistake

  6. #6
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    6-8% ?? LOL.... I'm at 13+1

  7. #7
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    I understand that 6-8% hard money doesn't exist, which is why the posting repeatedly said subprime.

    6-8% for subprime wholesale is very doable.

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