Cash out refinance credit partner

[Jacob Thorpe]

Hello, 

I have a deal where I need a credit partner. A client would like to pay for my services using a cash out refinance on her current property. I need to find someone with a credit partner as I cannot find a lender who will refinance 80% LTV without credit check. What would you do in this situation?

[Don Konipol]

Quote from @Jacob Thorpe:

Hello, 

I have a deal where I need a credit partner. A client would like to pay for my services using a cash out refinance on her current property. I need to find someone with a credit partner as I cannot find a lender who will refinance 80% LTV without credit check. What would you do in this situation?

Don't know how experienced you are, but I can tell you that you can find a million willing deal participants IF you can get them IMPOSSIBLE financing. Experienced investors, brokers, and financiers DON'T spend any time on deals with little chance of closing. Chasing an 80% LTV non credit based loan is trying to find a lender willing to do loans that can't possibly be profitable in the long run. When you want someone to do something counter to their interests, you don't get the deal done.
Yes, between 2004 - 2008, these “liar” loans were done all the time.  Because it was in the sponsors INTEREST to do the, - sponsors packaged the loans as CDOs (collaterialized debt obligations), bought off credit raters to provide inflated ratings, and sold to uninformed institutional investors as well as closed end funds created by unprincipled Wall Street investment banks.  But, thats ancient history.  You can’t run a business in 2024 based on 2004 financial markets.