Posted by Ed Garcia on July 25, 2003 at 09:49:33:
According to your numbers, you?re purchasing the property for $800,000.
You mention that you and your partner are looking to finance between 70 and 75% LTV giving me the impression that you?re coming up with between $200,000 and $240,000 not counting closing cost.
If this is so, then you shouldn?t have any problem getting this deal done even with your credit scores.
However, I smell a rat. I notice that you give us the numbers and then request the deal be based on market appraisal not purchase price. That leads me to believe that you?re purchasing the property below market and are trying to get into the deal with no money down. To be honest with you, I could do the deal in this manner because of my financial circumstances and my relationship with a small local bank, but the average Joe, with credit scores that you have given won?t make it happen.
Bottom line is if you?ve got the money and are just having a problem finding a lender, then call me and I will get your deal done, my number is (909) 944-0199. If my suspicion is correct then my suggestion would be for you and/or your partner to go to a small bank and be willing to pledge another property if you have one as additional collateral, cross collateralizing the deal in lieu of down payment.
It?s obvious to me that you don?t have a track record in doing acquisitions of this type, and therefore the bank is going to want you to have you and your partners butt on the line.