I have a borrower with a large, vacant home in Woodland Hills, Ca. Property was built in 2016 and my borrower, who lives in nearby Encino, had rented it out until March '22. Property was appraised in 2019 at $7.9M and he currently owes $1.5M. He would like to refinance his 3 year ARM that is coming due in September. He would also like to take out $800,000 cash with this refinance to do upgrades to his current home which is owned free and clear.
Good credit, high income ($1.8M/yr) borrower. His current bank will not loan over $2M so I am looking for the best option to help this borrower.
Reply to this post or feel free to PM.
Many members of this website can assist with this but I am going to post a link to one below. Just click the link and you can message her
I leave my number off so my phone does not blow up with brokers that cannot help, like you. All your post comments seem to ask for the poster's phone number but nobody wants to talk to you if you offer no information on how you can assist. Below is the post you replied to just before mine. As you can see, all you do is fish for people's phone numbers which is why myself and many others no longer show their phone numbers on sites like this. This was your reply to someone else 5 minutes ago:
Hi There :
Let us have your contact email and phone No. for our US investor/ Non bank lender to contact you directly.
Email : firstname.lastname@example.org
I don't imagine you have ever done a loan before. Maybe try to actually help people instead of fishing for phone numbers on every post. Just saying...
Way to go Gina! Loved your reply. Since I already know you, just shoot me a PM or text and I will give you contact information for a lender I have used in Agoura Hills which is about 40 minutes from Woodland Hills. They can get it done for you! You remain the sole broker on this but you owe me one in the future :):):)
Reach out, can point you in the right direction!
Nick Hubbard | Managing Partner
This loan is very doable. Please have the attached intake form completed.
Nick and Arnold,
Thank you both for your replies. Shaun Tollman connected me with Athas Capital and I am already working with one of their AE's to help my borrower. If anything goes wrong, I will message you for assistance but it sounds like this loan should not be hard to close. I have stuck mainly with commercial the last few years so I didn't realize just how simple it is to help a high net worth borrower with a standard residential investor's loan like this.
Thanks again gentlemen!
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Is your client still looking for funding? Yes, we do this loan.