Ed Garcia Please help - Posted by Eric

Posted by BISRAM ANTOO, JR on July 22, 2003 at 18:38:37:


I saw your post and I have done a few loans similar to your, I might be able to help.

I live in Miami and we are lenders ourselves.

Clarify for me a few things thought to make absolutely sure that I might be able to help.

Are the units still under construction or have they received their CO?

Have the units been turned over to an associations?

How many units in the building in question?

Did the investor actually closed on the units or he/she has an option to buy and is trying to flip the units out to end buyers?

If purchased? How long have the units been in his/her name or trust name for that matter?

What?s his current LTV on the units, also approx what range did he purchase the units for?

Bisram Antoo, Jr.

Ed Garcia Please help - Posted by Eric

Posted by Eric on July 21, 2003 at 20:53:01:

I am a mortgage broker in south florida. I am having trouble finding a lender that will fund on a simultaneous closing. The deal is we have 24 new construction condos which were purchased at a discount from a developer. The dicount was given because of the volume. The buyer of the 24 units bought the units in a land trust and fliping each unit to 24 different end buyers. All the borrowers are lined up to purchase each of the units. All my lenders are having trouble with the flip transaction. I am on a big time crunch to close these deals. The ltv is 90% no doc if possible or stated income stated assets, 2nd homes, credit scores for borrowers range from 680 to 800. Payment shock is an issue for some of them. loan amounts are 495,000 and 585,000. Please let me know if you can help. Thank You.