Jumbo deal ( broker question) Ed? - Posted by steph in tex

Posted by steph in tex on January 01, 2001 at 08:33:06:

Thank You Ed!

Happy New Year to you and your Family!!

Thanks for all you do.

Steph in tex

Jumbo deal ( broker question) Ed? - Posted by steph in tex

Posted by steph in tex on December 31, 2000 at 08:27:26:

Hey Ed,

I have a Jumbo refi (cash out) deal I can’t seam to get bought, and I can’t really figure it out. 64% LTV. The guys credit is crappy, but I thought with 64% it would still be possible.
I’ve run it through everyone I can think of. No one will touch it.

1.35 Mill FMV Per Appraisal
Proposed Loan amount 857K (he wants to remodel)
Current loan Bal 660K (he has a 1st and a 2nd)
income 18K per month (lobbyist)
credit 540ish median
ratios may be the issue

I know there must be a way to get this done, but I just can’t figure it out. With that type of LTV there must be a deal somewhere…but I can’t see what else I can do, or where else I can go. Is there something really creative possible? If you have any ideas, please let me know. I’m about ready to table the deal, but hate to lose this client.
I’m open for any ideas.

Thanks Again.

Steph in tex

Re: Jumbo deal ( broker question) Ed? - Posted by Ed Garcia

Posted by Ed Garcia on December 31, 2000 at 10:05:11:


It’s not the ratios, it’s the size of the deal. If the lender has to take the house back, they’re going to be sitting on it. Houses in the 1.3 million dollar range in Texas don’t move fast.

Shooting from the hip sitting here in California, I’d go back to the second mortgage co and see if they would be willing to lend him more money. If He’s been paying them on time, they should have no problem giving him a few hundred grand. Wait a minute, scratch that, I forgot we’re dealing in Texas, and the laws are different with seconds. That second must have been a seller carry back?

Steph, even in California, if I went 60% with this guy, it would be a gift. I would more than likely go 55% LTV.

Tell you what, I’ll check with some of my sub-prime guys Tuesday and get back to you if I come up with something.

Steph, I’d like to wish you and your family a Happy New Year,

Ed Garcia