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Author Topic: Need financing for an investmt prop in UT  (Read 2723 times)

Offline newdad

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Need financing for an investmt prop in UT
« on: November 15, 2005, 04:41:55 pm »
Hi all - I'm a broker in WA and was trying to get a deal done for a good client of mine here in town. He owns property that is currently rented out in Eden Utah.  I wrote a pick a pay deal with World Savings a few weeks ago, and we were set to close tomorrow...the underwriter called me just now and notified me that upon review of the appraisal, World decided against doing the loan...

because the SFR is close enough to resort areas in neighboring towns that the home "could be rented out on a weekly basis..." ...in which case World isn't willing to do the deal.

Here's what we need:  80%LTV Pay Option (MUST be a pay option), 636 FICO, Full doc, low DTIs, SFR NOO, approx $250k loan amount.  Need to close ASAP.  Please reply!

Thanks!

Offline newdad

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Re:Need financing for an investmt prop in UT
« Reply #1 on: November 15, 2005, 05:06:54 pm »
Anyone?  I'm offering this deal up on a silver platter...just need it closed asap.  The World appraisal is now no good, so it'll need a new appraisal, but Title is done...we were supposed to close tomorrow!

Offline TDBFlynn

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Re:Need financing for an investmt prop in UT
« Reply #2 on: November 15, 2005, 05:12:31 pm »
I am a broker in UT andI specialize in investment proeprty financing.  There a bunch of lenders that should be able to do that.  I just priced it with Countrywide and they'll do it and the turntimes in the Utah branch are pretty fast right now.  If you need help doing it in Utah let me know and we'll see what we can work out.
Traci Flynn
Envision Lending Group
« Last Edit: November 16, 2005, 08:03:59 am by kdhastedt »

Offline newdad

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Re:Need financing for an investmt prop in UT
« Reply #3 on: November 15, 2005, 05:15:58 pm »
Can we talk?  Please call me
Thanks
Kristian
« Last Edit: November 16, 2005, 08:04:38 am by kdhastedt »

Offline 4EEM

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Re:Need financing for an investmt prop in UT
« Reply #4 on: November 15, 2005, 05:42:30 pm »
Indymac has good underwriting time right now.  They will do it.
Patrick S. Lawson
Highland Lending, Inc.
Phone  (407) 877-0093
Fax      (866) 476-1133

Offline rbaxter

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    • Denver Mortgage Lender
Re:Need financing for an investmt prop in UT
« Reply #5 on: November 15, 2005, 06:40:34 pm »
Greenpoint and southstar will probably do it too.  Southstar has a soft prepay option which is nice.
RJ Baxter
Branch Manager- Fairway Independent Mortgage Corp
http://www.rjbaxter.com/

Offline newdad

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Re:Need financing for an investmt prop in UT
« Reply #6 on: November 15, 2005, 07:42:11 pm »
Thanks for the replies - Tracy, thanks for your time on the phone and your willingness to write the deal for my client.  Looks like we're set!

 




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