Posted: Mon Jul 06, 2009 11:24 am Post subject: Need a portfolio lender to do a 50 home blanket refinance in
I have a customer who would like to refinance 50 homes. We are looking for a blanket loan. 25 of the mortgages are with one bank, the others with different lenders. Any lender that will do a blanket loan in Illinois please contact me. These are all single family homes on single parcels.
With the present crisis in the real estate market, lenders have become very cautious. Before granting a loan, they would check whether or not the borrowers have a good credit and income. In your client's case, things would be tough. You haven't mentioned the credit score of your client. Keeping in mind today's market situation, lenders may not be ready to refinance so many homes. Moreover, in order to refinance the properties, there should be equity in it. Does all the properties of your client have equity in them?
Thanks
dillonb Guest
Posted: Tue Jul 07, 2009 7:13 am Post subject:
Thank you for your response... We are looking at 55-65% LTV, based on appraisals. Hard money is not an option. Excellent credit, over 800. Excellent income. The problem is not my borrower, it is finding a lender that will service the loans themselves, unworried about selling to the secondary market... anytime soon anyway.
As James has mentioned in his post, that lenders have become cautious due to the present real estate crisis. In such a situation not all lenders would be ready to refinance so many homes. You'll have to speak to the lenders individually and check out if they can help you. _________________ Procrastination is the enemy of your financial sucess
dillonb83
