Scenario:

My borrower has a 650 mid-score and I can approve him to $250,000 with a backend ratio of 29%.
He has $10,000 in the bank. He'd like to purchase a Modular home $90-100k and has picked out a piece of property $100k. All of the preparation for the lot has been completed and we should be able to bring the entire project in under $250,000. The way I have usually dealt with this type of transaction is to have the seller subordinate to a hard money lender who then fronts the entire cost of the construction and then pay off everyone with a refinance. The seller is not happy with the idea of subordinating and would like the property to be paid off before we begin construction. Can you tell me what your manufactured/construction LTV down payment requirements are?
3605840599

Views: 29

Reply to This

Replies to This Discussion

Hello

Evergreen Home Loans is a premier local mortgage lender. We originate, fund, and service loans for our direct mortgage

customers and provide mortgage solutions for our business partners, banks and credit unions.

At Evergreen Home Loans, we focus our entire family of associates around creating a “WOW” home financing experience for our

customers.

We’re inspired to change the world one relationship at a time.

What can be more life changing than returning to the place you call home each day? The family of associates at Evergreen is

inspired by fulfilling the desires of customers throughout the year. Whether you plant your first garden, host your child’s

wedding in the backyard, or gather the family at your house for the holidays, your world becomes forever changed.

Most short-sale and foreclosed homes lenders require a pre-approval first before any offers are taken. Our pre-approval

process is quick and best of all, its FREE AND NO UPFRONT FEES! So why wait any longer? Don`t let your dream home pass you

by.

We still recognize the importance of real estate fundamentals and strong business plans and are actively providing real

estate investors the capital needed to execute on their business strategies.

* Personal Loans (Secure and Unsecured)
* Business Loans (Secure and Unsecured)
* Consolidation Loan

You are at liberty to engage our leased facilities into trade programs as well as in signature project(s) such as Aviation,

Agriculture, Petroleum, Real Estate, Telecommunication, Construction of Dams, Bridges and any other turnkey project(s) etc.

Our terms and conditions are reasonable and we would like to hear from you if you are interested for more information about

our procedures.

Email: james.f6525@gmail.com for PROOF OF FUNDS
NMLS # 245013

Home Office: 915 118th AVE SE, Suite 300 Bellevue WA 98005
Website: http://www.evergreenhomeloans.com
NMLS ID: 3182
Phone number to Text: (765) 357-8288

RSS

© 2024   Created by Admin.   Powered by

Badges  |  Report an Issue  |  Terms of Service