Usually I'm able to place most loans, however, I could use the help if someone out there has $ for this scenario:
62K Purchase in San Jacinto, CA
~22K to the table
~40K loan amount
Credit is ok - 660s
I only have 1 group who will go this low, and they want 45% down. Please advise if can help, refer, or advice, otherwise I will tell the borrower to save some more $ and wait. Thanks.
What is the appraised value of the property & how long of a term?
I don't have a recent appraisal. From what I know - comped out, tax assessment, equity in the property is basically nil. Whatever term is possible; they don't really have leeway on the rate/terms, etc. Group I have will do a 30 due in 7 for o/o. Borrowers are open.
Seems like this would be a tough sell for anyone other than possibly those lenders very familiar with the area: O/O, limited equity even w/ 35% in....