Is there any one out there doing 2nd mortgages /notes on property of any kind ? This would be short term 24 months or less . And nationwide if possible
seconds are a kiss of death in this market…And I haven’t seen anyone willing to accept second positions but maybe you post the scenario and possibly a private investor would do it…IMO it would only be an option if you had a ton equity and a very small 1st position mortgage…
What kind of LTV?
Where would i post the deal at ? As you can not do it here right ? The deal would only be for 30 % of the the ltv at tops if i had to do it on a deal and only be for as i said a very short term
Real Estate 001,
First and foremost Im not trying to solicit business, as I do not do second position mortgages…I only ask you to post the answer to my questions out of curiousity and maybe an investor sees it who is comfortable with doing seconds…
What is the most recent appraised value of your house and what is the price that houses have sold for on your block…RECENTLY
What amount is the first mortgage on your property…
Are you current on the payments on the first mortgage…
What is the dollar amount you are looking for the second position mortgage…
What rate are you willing to pay…( Second position Hard Money loans are usually very high…Bouncing off the usury law limits)
What time frame do you need this money for…
What is your exit strategy to repay this loan…
Well i would guess if i put all the information on here. This would be like a add looking for a funder ? And as we all know that kind of thing is not allowed But you do do hard money loans just not in the 2nd right ? So you may be able to help just pm me and may be we can talk
real estate
I would be happy to help you but as I stated I do not do seconds…Im only trying to look over your deal to see if its doable for someone else…you can pm as I’m traveling and using my cellphone…so pming is a bit more difficult than posting…