Posted by Rob on December 30, 2000 at 09:52:46:
Do you know it they buy mobile home notes?
Opinions about this new Real Estate Program - Posted by Todd (MN)
Posted by Todd (MN) on December 30, 2000 at 02:33:39:
The company is Graystone Mortgage and Financial Services. Their website is http://www.paperbiz.com According to the information on their website they will lend money up to 90% LTV for buying all types of property. I plan on calling the company on Tuesday. It sounds to good to be true. I’m just looking for some positive feedback as I am still new to Real Estate Investing.
Re: Opinions about this new Real Estate Program - Posted by jp moses
Posted by jp moses on December 30, 2000 at 03:49:25:
Todd,
Graystone is not “lending” any money. They are simply willing to purchase your created owner-financed notes for a discount (95 cents on the dollar). In order to do that, they have to approve your deal. In essence, they’ll look at your deal & tell you how to structure the note in order for them to buy it from you at closing. They’ll approve up to a 90/10 or 90/5/5 (90% LTV/10% down or 5% down & 5% 2nd)…depending on the credit scores of your buyer for whom your creating the note.
So, they’re not “lending”, they’re just purchasing your note at closing. It’s a good deal for flipping in the right situations.
If you want/need more info, don’t hesitate to email me. I’m very familiar with Graystone.
…jp