Brian, the company that I work for is a "conforming lender", so I find the information above really informative. I don't deal in that world, but I can see a very big need for it.

What I have found is that a person that can not qualify for a conforming loan, is not concern with the interest rate, they are mainly concerned with just being able to have the option to qualify for any loan.

I have had Borrowers that do not qualify for conventional or subprime, that might qualify for this type of produce. If you do business in CT, I will give you a call next time I run into one. 

Unfortunately, I don't George.  If you run into that type of borrower, I can help you find a lender.  There has got to be lenders like me in CT.

Thanks Brian, I would be interested in finding a lender to just refer someone who falls into this market.  I don't run into often, but I do run into it.

Found on Myspace, I can't comment on his validity, George:

In addition to working for a direct lender in CT, I also work in a wholesale rep capacity for several private hard money lenders. The terms are as follows:

12.99% (I/O upon request), 2/28, up to 70% LTV, no pre-pay, no required points. The lender takes 1/3 of the fees and I split the rest with you. Approvals are recieved 2-3 days from submission and we'll close anywhere from 2 days to 2 weeks after that. I have lenders that will entertain international deals as well. Feel free to contact me directly.

Jeff Aicken
(800) 370-6669 x167
(502) 797-2494
jaicken@ffmgi.com
www.jaicken.com

Brian, I am impressed, not that you found this information, because I knew you would.  But that you got back to me as quickly as you did. IWILL REMEMBER THAT, you are a person of your word.

Brian - I have clients that operate Mortgage Pools of "pools of money" as they are sometimes called, as well as Mortgage Funds in California.  The primary benefit for investors is generally that the pool is larger and can fund larger loans, thereby giving the investor more opportunity to invest commercially.  Most individual private money investors cannot write out an $8M check to invest in a strip mall, but a fund can.  However, for single family residential, it probably makes sense to stay with the Trust Deed vehicle.