1.1 million in Florida

KimHoa · Joined: 06 Jun 2007 Posts: 3 Location: Glendale

Hello,

I took over a file for a friend the other day and found myself in a situation.

The scenario looks something like this:

Condo value: 1,500,000.00
Loan amount: 1,029,000.00
LTV: 69%
Looking for a hard money loan

Get this, the purchase price is 1,000,000.00
Buyer wants to do the financing with zero down and use the given equity in the property.

Anyone know of a way to structure the loan?

Any advice ?

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

i believe chow's favorite resource is scottsmansguide.com or something along those lines.

KimHoa · Joined: 06 Jun 2007 Posts: 3 Location: Glendale

I've tried that already.

I'm looking for some creative thinking...

Loans like this are done all the time, has anyone here ever experienced such a loan?

Or have any ideas??

Haplo · Joined: 20 Jan 2005 Posts: 2422 Location: Springfield, IL

"Creative Thinking" is a dangerous term in this environment. It usually means someone is doing something to get a deal done, regardless of what the consequences are.

Of course, on a hard-money side of things it's totally up to them what they wanna lend their money on.

If you haven't heard it yet, it's going to be tough.

Chow or m2c may speak up, those would be the people I'd expect to know anyone if anyone.

chow · Posted: Wed Jun 13, 2007 8:46 am Post subject:

Who's paying the closing costs?

You might try giving Eastern Savings Bank a call and asking them if they go up to 1MM or who does. They buy some private paper, so they may know some avenues. When it comes to weird, just call all the hard money AE's and start asking.