Updated over 10 years ago on . Most recent reply
First Deal, Lender Issues
Finaly have first deal under contract, a week or so from closing, but...
We've been working with a private lender terms were generally good, until it went through underwriting when it dropped from 70% to 60% LTV.
My career is directly related to construction, but they'll require me to hire a GC because its my first personal deal.
My FICO is 691, plenty good to qualify, but because its my first deal, they require a score over 700 to get the 70% LTV
The deal has strong potential profit and we have the cash to do 60% LTV, but I dont want to use it all.
This late in the process, what are my options to reverse course with the lender without killing the deal?