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rstevegay · Joined: 28 Sep 2007 Posts: 1 1.41 Dollars($)

Customer purchased 8 town homes in various stages of completion for $1.2 MM. He completed them for about $700K, and now has CO's on all units. Their value now is $2.4 MM and he wants to payoff the construction/renovation loan of $1.2 MM and get about $400K of his money in cash out, for a total of $1.6 MM loan at 70% CLTV and a 675 FICO with large assets. Limited doc or SIVA program.

Prepay ok for one year, but....

MOST IMPORTANT - partial releases imperitive!!!!!

ckalvesmaki · Posted: Fri Sep 28, 2007 4:04 pm Post subject:

Are you a mortgage broker?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi Rstevegay,

Limited doc or SIVA (Stated Income Verified Assets) loan – both will require a reduced level of income documentation. But the limited doc loan will also require a borrower to have more than 40 per cent equity or deposit for the loan, whereas a SIVA loan does not require such condition as a qualifying factor. The negative side to a SIVA loan is that it usually offers very high interest rates and terms.

ezmortgageloanz · Posted: Sat Sep 29, 2007 8:45 pm Post subject:

You are seeking what is known as a residential blanket loan---I'm aware of such a program that has the following guidelines:

- Must have => 5 properties to qualify.
- Loan amounts Up To 3,000,000
- Loan program can be used for purchase, rate & term and cash out refinance transactions.
- LTVs up to 80% will be considered (60% for residential properties)
- Program allows for properties to be located in different towns.
- Partial releases are permissible (Releases will be granted but the LTV must be low enough after the release to keep the portfolio performing).
- Properties must cash flow in order to be considered---a minimum of 1.2 DCR is allowed.
- Borrower’s Income is not a qualifying factor for loan approval (cash flow of property portfolio is)
- Financing as a LLC is allowed

Regards,

Scott Miller

Guest

This looks like it could work. What is the program and lender you are referring to? Thanks. Steve Gay - Assurity

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Need a loan on 8 contingous town homes, with a partial relea