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03-13-2017, 01:51 PM #1
- Join Date
- Mar 2016
- Posts
- 335
Texas Deal
We have a client that owes about 100k to Swift paying 1200 per day for the next 4 months or so. Been paying this MCA for 3 months now with no default. He won't survive another week or so. Monthly sales equal about 120k. He has a house (homestead) in Texas worth about 500k that he only owes 40k on. I am not familiar with the laws in Texas but from what I am reading and hearing, it is impossible to do home equity loans in this state.
Any advice?
Zack is that you?
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03-13-2017, 02:15 PM #2
- Join Date
- Jan 2016
- Posts
- 435
Definitely looks like a WBL deal to me
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03-13-2017, 02:30 PM #3
- Join Date
- Mar 2016
- Posts
- 335
Update- Credit is south of 600
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03-13-2017, 02:51 PM #4
- Join Date
- Jul 2014
- Location
- Jackson Hole Wy
- Posts
- 730
owner occupied homestead in TExas. No private lender will do it. Get his fico up a little and take him to local mortgage co to get a loan
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03-13-2017, 03:20 PM #5
- Join Date
- Mar 2016
- Posts
- 335
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03-13-2017, 03:27 PM #6
Hahaha! Thank you for the shout out! Unfortunately, utilizing a primary residence in Texas is problematic. The Homestead Exemption Act makes it extremely difficult to collect in the event of a default.
Does he happen to own a commercial property, or perhaps an SFR/investment property?
Also, what industry is he in? There are a few advance companies that do 100% payoff, which might allow this borrower to extend his term and lower the PDR of his daily payment.Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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03-13-2017, 03:36 PM #7
- Join Date
- Mar 2016
- Posts
- 335
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03-13-2017, 03:41 PM #8Zachary Ramirez – CEO
Phone: 562-391-7099
Email: zach@zacharyjosephramirez.com
1661 N. Raymond Ave #265
Anaheim CA 92801
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03-14-2017, 01:43 PM #9
- Join Date
- Jun 2016
- Posts
- 416
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