Getting financing with Seller held 2nds - Posted by Ricardo (MD)

Real Estate Investing Real Estate Financing
#1

Posted by Ricardo (MD) on June 10, 2007 at 13:18:03:

Ben, my scores for all three bureaus are in the mid 700s. Please email me for additional info. I needed this a couple of months ago, so it will be nice to know I can do it moving forward so that I don’t pass up on any more deals.

Thanks,
Ricardo

#2

Getting financing with Seller held 2nds - Posted by Ricardo (MD)

Posted by Ricardo (MD) on June 09, 2007 at 19:54:31:

I’m curious to find out if anyone works with banks that allow for seller held 2nds. I’m running into some deals with tired landlords who are willing to hold 2nds on properties they want to sell. The problem is a lot of the banks want me to have money in the deal even if the seller is willing to hold a 2nd mortgage, and even if the price I’m getting the house for is around 80-85% of FMV.

Any suggestions on how to better structure these deals or if you can refer me to any banks that will allow me to do a stated income, verified asset deal with little to no money in the deal upfront would be great.

Thanks in advance for your responses.

Ricardo (MD)

#3

Re: Getting financing with Seller held 2nds - Posted by Ben Carmona

Posted by Ben Carmona on June 10, 2007 at 24:32:52:

There are a couple wholesale lenders that we use as mortgage brokers that allow for seller held 2nds on investment properties. Thet are not open for retail business.

What is your credit score?

Ben Carmona