Quote from: Rob in Atlanta on August 30, 2016, 10:46:25 amThird 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.Robpretty 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.
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