Posted by JohnBoy on October 21, 1998 at 19:18:55:
Some lenders will take 24 months of bank statements and treat that as a full doc loan. Otherwise you could go with a stated income loan. 76% LTV shouldn’t be a problem if your credit is decent.
Creative Refinancing -all help needed! - Posted by David Sumner
Posted by David Sumner on October 21, 1998 at 17:15:13:
I purchased a house for 33k using a private money lender at 15%. The house is now fixed up and lease/optioned for $875/mo. The house appraised at $90k. I need $69k (76%ltv) to pay off first and a high second on another property. Problem: I have only owned it for 4 months. I am self employed. I can only show bank statements for up to 24 months showing rental income (approx 9k/mo). I need a creative financing investor/banker/broker. Who can I turn to? Any recommendations. All is appreciated. Thanks
David