Note Buyers - Posted by Gerald

Posted by pboone on March 20, 2000 at 15:34:38:

70% LTV ,at least 10% cash in the deal from the buyer and 620 or better fico

Note Buyers - Posted by Gerald

Posted by Gerald on March 20, 2000 at 14:19:45:

OK Note Buyers

What type of FICO/Beacon do you look for the following LTVS and what type programs are available for FLIPS

95%ltv and CLTV

I am meeting with a buyers agent this week and I am looking at a few deals to flip

Thanks for the info

Ponder this… - Posted by Michael Morrongiello

Posted by Michael Morrongiello on March 20, 2000 at 23:23:44:

Only newly created or fairly new “paper” we would purchase a note on a non owner occupied single family dwelling with the payors FICO credit scores that range from 600 to 650 +/-.

We like to see at least 5% minium cash down. A funding (ITV) investment to value in the 80%-85% range is feasible depending on the strenght of the buyer and their backgound, employment, etc.

With Simultaneous closings the main KEY to minimzing note discount is the way the deal is structured. For instance if the seller is wlling to take back (2) two notes where the lien I am buying starts out at 80% LTV or less of the property purchase price then I can mitigate the impact of the discount rather than buying a 90% -95% loan to value loan.

Michael Morrongiello