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.
Eric