I have a Louisiana customer who has a resturant worth about $375K and needs about $240K (65% LTV) to get out of a foreclosure situation (note held by private party). Paid current through July 2001 but ran into problems and is delinquent for August and September. Know of any lenders or any ideas?? Thanks.
1. Need a subprime lender that will not require payoffs of collections. 80% LTV full doc. middle score of 559. Purchase. $104,000 in reserves. 67,000 purchase price. Property in Florida. Can not get an LP accept with FHA.
2. Have a 70% LTV purchase. $612,000 loan amount. Middle score of 671. Borrower has $1.5 million in the bank. Need stated. Problem is chapter 7 bankruptcy discharged 30 months ago and tax liens that are all paid. Need the best rate possible. Property in Florida.
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