SCENARIO 1:
FICO: 643
LTV: 44%
LOAN AMT: $300,000.00
VALUE: $725,000.00
BALANCE: $60,000.00
LOCATION: WINNEMUCCA, NV
PROPERTY TYPE: COMMERCIAL/MIXED USED/WAREHOUSE/RESIDENTIAL
LENGTH OF OWNERSHIP: 4 YEARS
MORTGAGE HISTORY: 0X30 - CLEAN
TRANSACTION TYPE: REFINANCE – CASH-OUT
SUBMISSION: STATED / BANK STATEMENTS
FINANCING: HARD MONEY
OVERVIEW: This client and his wife would like to pull cash-out for paying off debt and taking care of an emergency family situation. Clean payment history and strong income. They reside in CA and their Warehouse is in Nevada. The Warehouse is also used as a 2nd home when they’re in the area, as the lower level houses his Mining equipment and the upstairs is a 2bdrm 1 bath apartment.
The hiccup with this is that there is only 1 appraiser in this town and he does not do commercial. I’ve put together an Evaluation / Analysis Report which offers much detail in respect to this property. I am looking for a lender that does not necessarily require an appraisal, but can go off the Analysis Report with data and photos of property. If you provide an Inside Desk Review, that would be wonderful. This is a strong client profile with a very low balance and they simply wish to take care of an emergency family dilemma and payoff existing debt.
SCENARIO 2:
FICO: 675
LTV: 49%
LOAN AMT: $1,900,000.00
VALUE: $3,875,000.00
BALANCE: $0.00 FREE AND CLEAR
LOCATION: NORTH CAROLINA
PROPERTY TYPE: GOLF COURSE TRAINING CENTER
LENGTH OF OWNERSHIP:
MORTGAGE HISTORY: 0/30 - CLEAN
TRANSACTION TYPE: REFINANCE CASH-OUT
SUBMISSION: STATED
FINANCING: HARD MONEY
OVERVIEW: Have full File, 90% ready to close. This is a Cashout Refinance request for a Golf Course in North Carolina. Lots being used to Cross-Collateralized are Free and Clear. WE ARE READY TO CLOSE ON THIS PROJECT. They do not have an appraisal at this time, but have provided a series of HUD statements showing recent closings for similar lots. The training center on this Course is endorsed by Arnold Palmer. This is a CHOICE client with Strong Assets. Need to get them an LOI immediately.
SCENARIO 3:
FICO: 599/652
LTV: 65%
LOAN AMT: $269,250.00
VALUE: $415,000.00
BALANCE: $91,000.00 & FREE AND CLEAR ON OTHER PROPERTY
LOCATION: ATLANTA, GA
PROPERTY TYPE: SFR
LENGTH OF OWNERSHIP: 2YEARS & OTHER PROPERTY 7MOS
MORTGAGE HISTORY: 0X30
TRANSACTION TYPE: REFINANCE – CASH-OUT
SUBMISSION: STATED/VERIFIED/BANK STATEMENTS
FINANCING: HARD MONEY
OVERVIEW: Currently, borrowers own 9 properties and desires to refinance 3 of his properties, with one of them being Free and Clear. The proceeds of the funds will be used to pay off his debt along with some home improvement on the properties. He currently resides in New York City as a Renter, but all of his properties are in Atlanta, GA.
There is a consistent Cash-Flow with these properties as he offers Rooming and Full Rentals and the majority of his rentals are via Section 8 program. He works closely with the Government programs and each housing unit is up to code, meeting the yearly inspections.
If you are able to offer smaller loan amounts, I have no problem doing these loans individually.
The borrowers are hopeful that they can obtain a Blanket loan for 3 of their properties, pay off a few of credit liabilities and work on increasing their FICO scores to eventually transition into a Standard, conventional loan. FULL PACKAGE, Ready to CLOSE.
SCENARIO 4:
FICO: 688
LTV: 65%
LOAN AMT: $93,000.00
VALUE: $145,000.00 Estimated
BALANCE: $0.00 FREE AND CLEAR
LOCATION: Las Vegas, NV
PROPERTY TYPE: Condo / Investment / Cash Flow
LENGTH OF OWNERSHIP: 5years
MORTGAGE HISTORY: CLEAN AND STRONG
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: No DOC/Stated, Little Documentation
FINANCING: HARD MONEY
OVERVIEW: He needs to close ASAP. He is looking for a lender that can “write a check”. Strong History, Excellent Credit, definitely credit-worthy.
SCENARIO 5:
FICO: 500+
LTV: 50%
LOAN AMT: $725,000.00
VALUE: $1,450,000.00
BALANCE: $375,0000.00
LOCATION: Florence, AZ
PROPERTY TYPE: Raw Land w/Entitlements Ready2Build Homes
LENGTH OF OWNERSHIP: 4years
MORTGAGE HISTORY: “Interesting”
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: Stated/Bank Statements
FINANCING: Hard Money
OVERVIEW: Client is in final stages of Divorce procedure. Taking a very heavy toll. Wife receives the Primary Residence. Client will be moving on. Needs to satisfy this lien and take out cash to build homes to generate strong cash-flow. Buyer commitments already established, as the homes will average a selling price of $140,000.00. Client needs to close ASAP.
SCENARIO 6:
FICO: 500+
LTV: 50%
LOAN AMT: $350,000.00
VALUE: $800,000.00
BALANCE: FREE AND CLEAR
LOCATION: Phoenix, AZ
PROPERTY TYPE: Raw Land
LENGTH OF OWNERSHIP: Existing Owner – 19years. Entering into a LLC with above client for Florence, AZ.
MORTGAGE HISTORY: CLEAN
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: Stated/Bank Statements
FINANCING: Hard Money
OVERVIEW: This parcel of land has been owned by a Charitable Trust. The Trustee died last year and the widow of the Trustee decided to enter into a Joint Venture with above client, who is a contractor and builder and both have agreed to use the proceeds of this loan to build 40 duplex homes, with a starting selling base of $125,000.00.
SCENARIO 7:
FICO: 620
LTV: 50%
LOAN AMT: $625,000.00
VALUE: $1,250,000.00
BALANCE: $315,000.00
LOCATION: Layton, UT
PROPERTY TYPE: Raw Land
LENGTH OF OWNERSHIP: 3yrs.
MORTGAGE HISTORY: OK
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: Stated/Bank Statements
FINANCING: Hard Money
OVERVIEW: Client wishes to cash-out for and established a new loan with better terms.
SCENARIO 8:
FICO: 505 (2 scores)
LTV: 65%
LOAN AMT: $555,750.00
VALUE: $800,000.00
BALANCE: FREE AND CLEAR
LOCATION: Inglewood, CA
PROPERTY TYPE: Commercial
LENGTH OF OWNERSHIP: 13years
MORTGAGE HISTORY: Slow
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: Stated/Bank Statements
FINANCING: Hard Money
OVERVIEW: Client’s income is through Insurance and has found himself in a cash-flow predicament. Needs to pull cash-out to consolidate debt and regain balance. Income still strong, but went through a few “Hiccups” and now just simply needs to “Refresh”.
No appraisal available at this time. An Evaluation/Inspection report with supporting data available for review.
SCENARIO 9:
FICO: 712
LTV: 65%
LOAN AMT: $5,000,000.00
VALUE: $4,600,000.00 (would like to go with FMV: $9,000,000.00)
BALANCE: $3,060,000.00
LOCATION: Torrance, CA
PROPERTY TYPE: Commercial
LENGTH OF OWNERSHIP: 1.8years
MORTGAGE HISTORY: CLEAN AND STRONG
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: Stated/Bank Statements
FINANCING: Hard Money
OVERVIEW: Client is in process of finishing up Health Spa Project. He is needing at least 65% of FMV for project finishing, scheduled for July 2009. Needs to pull cash-out to continue final phases. A very strong, credit-worthy client. A Physician with strong cash-flow and wife owns a Restaurant. Can provide more if this is a scenario we you can accommodate. They prefer to go with Future Market Value to maximize this short-term goal. Grand Opening is scheduled for July 2009 and they are near completion.
SCENARIO 10: A Commercial Project for a grocery store and delicatessen in the California City, CA area. No existing liens on property. Currently a storage unit, cash-flowing. Clients desire to convert to a Farmer’s Grove type environment. Loan Amount need $1,400,000.00 Details to follow.
SCENARIO 11:
FICO: 489
LTV: 65%
LOAN AMT: $1,040,000.00
VALUE: $2,080,000.00
BALANCE: $428,000.00
LOCATION: Old Station, CA
PROPERTY TYPE: Commercial / Resort Restaurant/3Cabins
LENGTH OF OWNERSHIP: 1.3years
MORTGAGE HISTORY: CHALLENGED
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: Stated/Bank Statements
FINANCING: Hard Money
OVERVIEW: Client wishes to financed the construction of 3 Luxury Cabins and remodel the existing 5,200 sq.f.t Restaurant and Bar and construct 3, 2story, wood-framed cabins. The site is ready for vertial construction and all land use permits and approval have been issued and signed off.
Cash-flow to begin immediately, as membership phases are already in process with deposits in receipt from interested members. An estimated 45 membership sales are projected by the completion of this project at discounted prices of $10,000.00 each.
There are 4 phases to the membership base with additional revenue generated through hunting and fishing sports with an annual income of over $150,000.00. My client is eager to complete this project, as he has invested nearly $1million into and seeking funding before end of March, 2009.
SCENARIO 12:
FICO: 590
LTV: 50%
LOAN AMT: $1,500,000.00
VALUE: $3,000,000.00
BALANCE: $428,000.00
LOCATION: Florida
PROPERTY TYPE: Commercial /Land
LENGTH OF OWNERSHIP:Ownership Interest/Wish2Buy PartnersOut
MORTGAGE HISTORY: CHALLENGED
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: Stated/Bank Statements
FINANCING: Hard Money
OVERVIEW: Client wishes to Refinance his loan and pull cash-out. Estimated value is just over $3Million. Looking for a Hard Money Lender to accomodate. I have full details. Client is most interested in a lender who can apply the appraisal fee through Escrow.
SCENARIO 13:
FICO: 646
LTV: 65%
LOAN AMT: $334,000.00
VALUE: $515,000.00
BALANCE: $176,000.00
LOCATION: CA (Fresno)
PROPERTY TYPE: SFR
LENGTH OF OWNERSHIP:13yrs
MORTGAGE HISTORY: STRONG Clean Payment History
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: Stated/Bank Statements
FINANCING: Hard Money
OVERVIEW: Client was approved with another lender, but value was cut to $450,000.00 and LTV to 60%. Client needs 65%LTV to pay off liens and home décor. FULL PACKAGE, ready to Close.
SCENARIO 14:
FICO: 745/717
LTV: 70%
LOAN AMT: $1,260,000.00
VALUE: $1,800,000.00
BALANCE: $1,082,000.00
LOCATION: CA
PROPERTY TYPE: SFR
LENGTH OF OWNERSHIP: 3yrs
MORTGAGE HISTORY: STRONG AND SOLID
TRANSACTION TYPE: Cash-Out Refi
SUBMISSION: FULL DOC
FINANCING: Super Jumbo
OVERVIEW: I have FULL PACKAGE ready to close. NOTE: This file is with a lender already, but have not received approval yet. Problem: Client purchased land in 2006. House construction completed in mid-2008. Need to find a back-up lender that is “relaxed” on Seasoning.
Is there a SOLID lender out there to handle JUMBO LOANS with quick turn-times? This file is ready to closed. COMPLETE PACKAGE.
SCENARIO 15:
Looking for a lender for my clients who wish to purchase 382 homes through their LLC at a loan amount of just under $3Million. These are REO’s. Bank owns all properties and has made offer to client, which he has accept. Gathering all documentation. Properties are in the States from Ohio to Florida.