Real Estate Investor · Boise, ID · Member since 2008 · 11 posts · 2 votes
I am on my 10th buyer and cannot get this deal done. I am told there is money available out there for strong borrowers. We had had 2 appraisals done, came in at $2.4m. I (seller) is looking to net 1.4m. The Buyers wants some cash out. Current Buyer is a 720 fico and 4-5m in liquid assets. We cannot find an 80% loan on 2.4m sales price, with 20 % down. I think it must be really bad out there and I cannot get my brain around it, or I keep getting buyers that cannot perform. This last buyer has me puzzled. Any ideas. I am loosing my mind.
:beer: I think if I have to look at hard money for this guy, the world will come to an end soon?????
I may be to close to this deal and cannot see it right in front of me?????
Real Estate Investor · Las Vegas, NV · Member since 2008 · 1k+ posts · 447 votes
18y
Interesting how different markets are behaving. Here in Las Vegas the big expensive homes are moving pretty well. The real low end is also picking up. It’s the 95% in the middle that is slow.
Real Estate Investor · Boise, ID · Member since 2008 · 11 posts · 2 votes
18y
Richard the high end here are doing pretty well also. For SV 2.4m is not really high end. I think the median here is 875k :shock: This has the resort market trends as well. resort markets are a whole different animal.
Residential Lender · Salem, MA · Member since 2008 · 82 posts · 1 vote
18y
I will take a crack at this deal if youd like. I have some ideas on who will fund a beast like that and would love to show you what I can do. I am licenced to originate in all 50 states for residential.
Do you still have your buyer in line? What's the deal with the cash out for the buyer?
Banker · Scottsdale, AZ · Member since 2008 · 17 posts · 0 votes
18y
Good Afternoon Matt,
sorry to hear about your troubles on this one. Is the buyer willing to move some assets around to make this deal work? I can place this w/ my private banking division but 80% would definitely take some cross-collateralizing or a large money market deposit.
my typical terms:
5yr IO ARM
6.25-6.75%
1.5-2% to close (all other fees covered)
Call me if you would like to discuss 480-383-8665 (direct) 480-773-5565 (cell).