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IN NEED OF HARD MONEY SOURCE

By Rose Thomas

Mortgage and Lending with American Pacific Mortgage

February 26, 2008 08:28 AM

*Please disregard if you cannot help. Although if you know someone who may be able to help please forward this email.....and thank you for looking!*

NAME: Mulitple Prime borrowers but here is the first one - more to come

Property location:

This one in Arizona
Most right now are in Arizona and in the future Florida and California

My Goal:
To build relationship with a private money investor that is willing to work with 8-10 purchases a month. (Don't want broker to broker to broker)

Provide funding for purchase price plus, costs of improvements and closing costs not to exceed 3 points per transaction - avergage LTV 50-70%

Close fast and efficient

Borrowers goal:
To purchase properties at a discount from the banks negotiated by their mentor
To continue to do this (multipule transactions same borrower) (Also, mulitple transactions with several different borrowers within this group)

To purchase, improve and do a fire sale within 2-3 months

Advantage to Investor:
This is the first deal of hundreds and would need an investor that sees the short term advantage.
Someone personabel with a large investor portfolio
Looking to make money on the points and turnover and rate
Very strong and wealthy clients that are backed by a influential group of affilates for future business

This Subject Property Borrower Information:

Clients (2) have an LLC that the contract is under. Would like to close in the LLC.

Credit Score: 740+

This Property Info:

State: Arizona, Phoenix area

Property Type: SFR

Loan Purpose and Summary :

Purchase Price $250k

Est. Value based on a fire sale: $450 - $500 (low estimate)
Comps:
Sold 01/03/2008: $617,000
7039 N 6th Ave
Sold 12/19/2007: $578,000
7137 N 7th Ave
Sold 11/19/2007: $620,000
310 W State Ave
Sold 01/24/2008: $519,000
7111 N Central Ave

Loan Amount: $250k purchase price + $30k for improvements + closing costs

LTV/CLTV: 58 - 64% (based on low estimates)

Doc Type: full doc if needed (prefer to make this easy for client based on equity and credit)

I/O? Yes as loan will be paid off within a few months

Prepay? no

Est. COE: April 11

Comments(1)

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Josh David

Bridgeview Bank Mortgage - Tampa, FL

Purchase Specialist... www.joshdavid.us

Hi Rose, I work as an Account Executive with a hard money lender in the Carolinas. I have access to great CHEAP deals out here if your investors want to play with my market, I would love to educate the both of you.

Loan Qualifications

Must be non-owner occupied.
Appraisal from approved appraiser.
Minimum of 4 months cash reserves.
Exit strategy: Property sold or pre-approved for refinance.
Borrower with credit score of 680+
- Maximum 75% LTV of "subject to" appraisal
- Maximum 80% LTV of "as is" appraisal
Borrower with credit score of 650-679
- Maximum 70% LTV of "subject to" appraisal
- Maximum 75% LTV of "as is" appraisal
Borrower with credit score les than 650 ***SPECIAL EXCEPTION REQUIRED***
- Maximum 65% LTV of "subject to" appraisal
- Maximum 70% LTV of "as is" appraisal

*Any loan with extenuating circumstances must submit a letter of explanation for review and exemption

Terms

Interest Only Payments 1.5%

90 Day (3 Months) Loan: Origination Fee 3%
120 Day (4 Months) Loan: Origination Fee 4%

Interest Only Payments 1.25%

210 Day (7 Months) Loan: Origination Fee 5%
- Prepayment incentives offered through the 3rd Month

Fees

Processing Fee $495
Wire Fee $30
Flood Certification $18
Draw Inspection Fee $50 per draw

Required Documentation -STATED INCOME LOANS FUND in 3-4 DAYS!!!

Completed application signed.
Personal financial statement.
Two months bank statement and/or statement of liquid assets showing a minimum of 4 months cash reserves.
Credit report dated no more than 30 days old.
Copy of driver's license.
Articles of Incorporation and Operating Agreement (if in company name).
Appraisal by approved appraiser ("subject to" or "as-is").
Itemized list of repairs with itemized costs.
Signed copy of contract with any/ all Addendums
Proof of exit strategy: Pre-approval letter for re-finance OR Signed copy of contract to purchase with earnest money check.

Josh David (JD)
704.998.7609-Direct

Account Executive
Catapult Funding "Carolina's Hard Money Lender"

Home of the STATED 100% Investment Loan

No Title seasoning for SS/Flips/Rehabs-Conventional Lending

No Title seasoning for refinance out of HM Loan-Conventional Lending

Jul 10, 2008 02:58 AM

IN NEED OF HARD MONEY SOURCE

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Rose Thomas

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