How to refinance? - Posted by MAK

Posted by MAK on September 21, 2003 at 18:29:59:

That credit score should read 770.

How to refinance? - Posted by MAK

Posted by MAK on September 21, 2003 at 18:24:19:

Dear Mr. Garcia,

I have a single family residential property in an upscale neighborhood in the midwest that I have owned over two years.

In the next week I will be paying off the construction note on its rehab and development of a small subdivision I created by relocating the house on the property and constructing a road and utilities. My current lender only does construction finance. This is the only lender I have used before.

I have a 7.7 credit rating.

I will own the property free and clear.

I am self employed and have not taken salary the past two years. So I can not verify income.

I wish to take a note at approximately 50% LTV on the now completed rehab. It is appraised at $300,000.

I have additional vacant lots as collateral also. (Though I have sold some and will have satisfied the construction finance note completely.)

I will have the house on the market for sale. Or I can get a tenant in immediately on a one year lease.

I would like to use the loan against the house to begin another project immediately and to create a minimal amount of cash flow.

Where can I get a loan, as this is not owner occupied, not construction finance, and not “technically” commercial. And I am self employed.

Thankyou so much for your time.

Re: How to refinance? - Posted by tony

Posted by tony on September 22, 2003 at 17:25:33:

-Do not list the property for sale BEFORE you get your refinance loan. Underwriting guidelines on MOST loan programs don’t allow a refi when a house is listed.
-Keep the house as a rental and DON’T LIST it for sale.

I can handle that loan…drop me a line at the above email address.