Posted by David Alexander on January 15, 2000 at 11:00:30:
Talk to a good mortgage broker, there are alot of lenders who will look at that as seasoning and make the loan. A better place for this would be on Newsgroup I, where alot of people do this. I havent myself converted any of my L/O to mortgages so I dont know all the details.
David Alexander
Sanwich Lease Option Finance or Note ? - Posted by Jonathan Rexford
Posted by Jonathan Rexford on January 14, 2000 at 17:29:42:
Okay here is the scenario,
I have a client that I have done business with in the past. He has a Home that he is a lease option on to buy for 75,000.00. What he did is sublease it to another person with an option to buy for 85,000.00. He received 3,000.00 in option money with the buyer obtaining a loan for 80,750.00. The buyer has paid the sub lease on time for the last 12 months with verifiable checks. They have obtained appraisal for 87,000.00. Their credit scores are in the high 600’s. I do not know who to send this loan to, since the MASTER LEASE HOLDER does not have seasoned title. He will walk away with around 10K if I can get it done and the Title owner will have a house sold. Does anyone know who does loans where the lender will do a FLIP transaction with out seasoned title.
MTG FOR ALL