I’m trying to obtrain financing from note brokers/investors, and I’ve only had one response from an investor who gave me his program specifics. The broker said that A credit LTV/INT is 80-15-5 9.5%, B credit LTV/INT RATE 80-15-5 9.75%, C Credit LTV/INT RATE 70-20-10 10.75%. I have new double wides on 1 acre lots. The pre-development appraisals are 103,000 and I am selling for 100,000 to 102,000. I really want to know if these are good program specifics from the note broker or should I look elsewhere.
I am a newbie at this and I am selling new double wides on 1 acre lots. The pre-development appraisals are 103,000 and I am selling for 100,000 to 102,000. I’ve just started advertising last week, and I’ve only had one response from an investor who gave me his program specifics. The investor said that A credit LTV/INT Rate is 80-15-5 9.5%, B Credit LTV/INT RATE 80-15-5 9.75%, C Credit LTV/INT RATE 70-20-10 10.75%.
I really want to know if these are good program specifics or should I look else where.
Blake,
Was this an investor or a mortgage broker that you talked to? Sounds like the latter.
What matters is whether buyers in your market think it’s a good rate and whether or not you mind holding a 5% or 10% second on these deals (in 3rd position). What has the response to your marketing been from buyers?
All the best, Lyal