I am looking among my network of brokers and lenders for a wholesaler or vendor who can do the following scenario:
Type: O/O SFR
Location: CT
Puropose: Max Cashout
Seasoning: 2 months!
Nuance: Got it from motivated seller at 280k but its worth 320k.
Mid FICO: 680
Doc type: Full Doc
Ratios: 42% Back
So, who can get this guy his cashout (no payoffs, just cash) without the seasoning issue? Will gladly do a HELOC or 2nd. Wholesalers only please, as I am under a no compete clause and cannot split YSP nor commissions with colleagues!
I’m pretty sure Aegis conforming will do that for you. I know they have a rpogram for no seasoning cash-out for rehabs…not sure about undervalued but I do not see why as long as it says he bought it undervalued on the appraisal.
Thanks, Shaun! I actually have Aegis in my portfolio and I will be contacting them today to have this looked up…any one else who has knowledge of any other wholesaler who can do this, please keep the suggestions coming. I appreciate it!
I would watch out for Aegis…They are likely to jerk you around. They will have you take your time to submit the loan and then call you back in 3 or 4 days and tell you they can’t do it.
Like I said, not sure about the appreciation. The loan I did Ben had a lot more than 10%, but it was from an actual rehab…not just an undervalued property. It was bought undervalue (10k) and had about 30k of work into it. I cashed out to 75% of the new appraised value.
I like Aegis conforming so far…only put 3 loans through there but all 3 were very fast and easy.
Right, I was gonna say, this is not a rehab, just an undervalued O/O SFR property, but still, as long as the appraisal at sale officiates it, maybe this will fly…