Apr 21 '09, 12:41 AMHi:
I am looking for a mortgage broker than can help us
in the Tampa area.
We are in the process of creating a program in Tampa,
that we have been a part of in other parts of the
country.
In short, here is how the program works:
An investor buys a property and assumes a hard money first and has a second
that is a private mortgage. The total of both notes is
75% of appraised.
Within about a 3-4 week period of purchase, a rate/term refi is done,
taking out the HML and the second. No cash goes to investors
pocket.
My understanding is that some lenders view this as just a
rate/term refi while others view as a cashout because of
the private money second.
Our group is interested in creating a 3 per month program
in Tampa and need the mortgage broker piece if you have
access to the lenders.
Other pieces of the puzzle:
1) the investor has to be 680 or above; if more than 4 financed
properties then 720. Can do up to 10 properties.
2) Investor brings $8k or so to the table.
Please reply if this is something that you could handle.
Thanks,
