Updated over 9 years ago on . Most recent reply
Help Needed From EXPERIENCED NOTE INVESTORS PLZZZZ!!!!
Hi I am selling a 2nd lien PN,
My buyer has said this: "No more than 65% LTV with a 2 -1 ratio on the two liens"
Can someone plz translate that into layman's language? What does he mean?
Thanks
Most Popular Reply
Bill Gulley
#3 Guru, Book, & Course Reviews Contributor
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
- 12,880
- Votes |
- 21,918
- Posts
Bill Gulley#3 Guru, Book, & Course Reviews Contributor
#3 Guru, Book, & Course Reviews Contributor
- Investor, Entrepreneur, Educator
- Springfield, MO
He said, the amount owing on the note (both notes) may not exceed 65% of the market value of the property and that the first mortgage cannot be greater than twice the amount owing on the second mortgage.......but then he didn't really word that properly either as he should have said combined loan to value (CLTV).
Sue, if it's paying as agreed, shop around some more. Good luck :)