Financing in 04062>Question Details

Eric S. Shar…, Other/Just Looking in 04062

Who are the seasonal mortgage lenders in maine?

Asked by Eric S. Sharkey, 04062 Sat May 23, 2009

I am a mortgage broker and my name is Eric Sharkey. I am trying to help a gentleman refinance his seasonal property here in Maine and Provident Funding has recently stopped financing those types of properties. Does anybody know of a lending institution that we could sign up with in order to refinance his property? Thanks for any help you guys can provide.

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Dale Doughty’s answer
Old Question,... New Answer. I live and work in Windham, Maine. Frye Island is an area that constantly runs into this issue. I have now secured an Investor that will consider seasonal camps, even if they are on island properties, but they will require excellent credit. Hope this helps for the new season!
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0 votes Thank Flag Link Wed Apr 6, 2011
Eric is Provident your only lender? I have dozens and financing a second home is a piece of cake. Is there something unique about the property that has Provident concerned? You obviously have strong work ethic trying to help your client on Memorial Day Weekend. Maybe you'd like to call me and we can talk about you placing loans with us? We also have an excellent loan modification division and almost never have to say "we can't help you" to our clients. Perhaps we can get together after the weekend? Call my voicemail (207) 329-8337.
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1 vote Thank Flag Link Sat May 23, 2009
Hello Eric- I think Savings Bank of Maine might be one to try. I've spoke with them before about similar properties.
From what I've gathered, all the national lenders don't want to touch them, lately.
Good luck,

Ken L.
0 votes Thank Flag Link Fri Jan 29, 2010
Hey Dale, we can certainly talk after the weekend; however, yes we do have multiple lenders, unfortunately, this home is not heated year-round, it’s a cottage on a seasonal island that gets fairy transport during the warmer seasons. Recently Provident has made the decision to stop doing those kinds of seasonal loans. There is about 50% CLTV, so there shouldn't be any issues there. We have about 10 lenders, but are looking for some that offer better payout. Currently only 1 of our lenders (that have responded to our request) have told us that they would take on the seasonal property refi. The gentleman currently has a 6% rate, with a primary residence in Mass. Do you have any thoughts as to who may pay out well and be willing to take on the loan? They are a high income couple with low debt and plenty of assets.
0 votes Thank Flag Link Sat May 23, 2009
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