Another mortgage banker from SoCal 
@LbJW you know him?
Also interests only loans are baaaaaaaack!
OMG, Crash is imminent…sell Sunset… sell it all!!!
These loans are not exactly cheap. Low LTV, high rates. Advertised 6.25% +, most borrowers end up paying 8%. And often 2 points. I am working on getting this type of loan right now. Properties in LLC name, individual rent won’t support the loan but global cash flow does. We found a guy from AZ who charges a fixed fee instead of points. Around $3k (on 900k+ loan)
1 Like
How much down and what’s the rate?
For sure.
Loan amount $865k, property value according to Zillow $1750k (seems realistic), rate not confirmed yet. Hoping for 7%. I am in the middle of another refinance right now and cannot allow him to pull my credit prior to closing of the first one. The rate depends on the score of the guarantor. For the 6.25%, one would need 750+ (which I don’t have – too many inquiries).
Is Blackstone still offering loans? How’s it compared?
The risk of these loans are low if LTV is low and appraisal is accurate. If I have a lot of cash, I would lend to you guys at 7% with 1 point
Market is not efficient. This market needs more competition.
I work with ACM…hard money. .7-9% 1-2 points
Probably if you have enough equity
Do you have a local contact?
Send me a private message