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Author Topic: 3rd position loan  (Read 6328 times)

Offline reihook

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  • Posts: 1
3rd position loan
« on: May 23, 2016, 01:36:39 pm »
Having trouble getting a 3rd position hard money loan in CA on an investment property (30-50 thou). I have equity, I can't do a traditional loan until I pay off debt and improve credit.  I need the money for about a year but I am not having a lot of luck.  Any ideas would be appreciated.  I think that it is not enough money for loan brokers to bother with.
1st -       76,000 at 5.25%
2nd LOC 52,000 at 3.175%
Total       128,000

Value 287,000

 

Offline Gold River

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Re: 3rd position loan
« Reply #1 on: May 23, 2016, 10:24:53 pm »
Hi,

    Do a cash out new 1st trust deed at 3.75% owner occupied and take out up to $87k at 75% LTV or get a new private money loan with cash out or hard money loan with cash out either owner or non owner occupied!

Or borrow money as a 2nd TD and pay off the HELOC loan with cash out!

Hard money lenders really like 1st position and sometimes may loan money in 2nd position but won't usually loan more than the 1st in 2nd position.


                   GR
« Last Edit: May 25, 2016, 03:04:14 am by Gold River »

Offline JacksonPr

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  • Posts: 2
3rd position loan
« Reply #2 on: August 30, 2016, 05:53:02 am »
I have a 20 year loan through Ally, procured through the dealer at 4.25

Offline Rob in Atlanta

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Re: 3rd position loan
« Reply #3 on: August 30, 2016, 10:46:25 am »
Third position loans are undesirable to most lenders....if it were me, I would create a wrap including the amount needed at an attractive rate, then sell it to a private party who has an IRA or Pension that can purchase.  The closing would pay off 1st and 2nd, and then the wrap would become a first mortgage and be attractive, especially if you offer a good interest rate on the new mortgage.  An added incentive would be a refinance guarantee within a short number of years (ie: 3, 5, 7) where the pension owner can see return of principal in full.

There are over $7 Trillion sitting in pension plans and IRA's and those funds are available for the asking for a deal like this....make it work....make it a wrap that becomes a first mortgage....even an institution would purchase such a note if the LTV was attractive.

I've funded hundreds of deals over the years with IRA and Pension Funds....you can too.

Hope this helps.

Rob
Rob in Atlanta
REI Consultant/Mentor,
Author of ™DEBT FOR PROFIT© and
Keynote Speaker for REI Clubs Across America
https://www.youtube.com/watch?v=G2iYVFk-Dbg

Offline SteveKay

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    • We buy houses New Orleans
Re: 3rd position loan
« Reply #4 on: July 25, 2020, 12:58:42 pm »
Third position is a hard sell, can you organize a bigger loan and pay off the 1st and 2nd position?
New Orleans Investor
https://homebuyerlouisiana.com

Offline davidP7

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  • Posts: 2
Re: 3rd position loan
« Reply #5 on: October 10, 2020, 05:28:03 pm »
Third position loans are undesirable to most lenders....if it were me, I would create a wrap including the amount needed at an attractive rate, then sell it to a private party who has an IRA or Pension that can purchase.  The closing would pay off 1st and 2nd, and then the wrap would become a first mortgage and be attractive, especially if you offer a good interest rate on the new mortgage.  An added incentive would be a refinance guarantee within a short number of years (ie: 3, 5, 7) where the pension owner can see return of principal in full.

There are over $7 Trillion sitting in pension plans and IRA's and those funds are available for the asking for a deal like this....make it work....make it a wrap that becomes a first mortgage....even an institution would purchase such a note if the LTV was attractive.

I've funded hundreds of deals over the years with IRA and Pension Funds....you can too.

Hope this helps.

Rob
pretty interestig suggestion, it's logical, besides, need to try. To tell you the truth, this thing with the loans is pretty familiar for me. I've got into so many situations in my life when I needed money desperately that I realize how hard it is to get acquainted with everything happening in the bank world of finance and real money. The only thing helping me to survive these tough times was Mobdro Kodi. There you can find all available companies offering their services and all priceless info regarding their servicing. So, probably you would be able to find really useful info there regarding your question.

I got this,...

 




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