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Many alternative lenders look beyond the simple LTV
ratio and consider additional factors. Layered lending is always a
possibility.
Eric
----- Original Message -----
Sent: Wednesday, December 21, 2005 4:52
AM
Subject: Re: [RealEstate] Hard money
lenders needed in Dallas
Peyman,
You are looking for approximately 73% LTV.
Many (most?, all?) hard
money lenders will not go this high. We stop
at 65% LTV and others
stop at 70%. Any flexibility on price or
terms? Can the seller carry
a small second? Do you have some cash in
the deal? What about the
closing costs? Have you rolled them in
already or are you expecting
to add those on top (and raise the
LTV)?
We will sometimes partner with a second investor who funds
the
difference above the HM. Not the best idea in many cases as it
really
does start to eat into the profit.
BTW - If you want
greater than 65% LTV or 70% LTV from a HML expect
that they will
start asking all kinds of questions about credit,
track record, cash
in the deal, cash reserves. The loan is
effectively morphing from
'hard money' to non-conforming. As the LTV
goes up you are asking
the lender to take a lot more risk so they
want to know a lot more
about your ability to perform.
John Corey
Manager/Member
Chelsea
Private Equity, LLC
+1 (503) 906 7840 x1108
+1 (503) 210 0227
(efax)
On Dec 19, 2005, at 13:50, etebari_peyman
wrote:
> Hi,
> I need to buy a house at $204,000.
>
Appraisal value is about $280,000. Excellent condition, just painted
>
new carpet........... No repiars at all!!!!
> I need to find hard money
lenders. Please send me the best packages
> that you may
have.
>
> We have to close by 01/15/06. We will hold the property
for maximum a
> year, we obviously want to flip it.
>
>
Thanks a lot,
> Peyman Etebari. VE National -
Principal
>
>
>
>
>
>
>
>
>
>
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