Question Details

Jres, Home Buyer in Amagansett, NY

How can I get a private mortgage lender to finance a jumbo loan (less than 2 million) when I have 15% to put down, great credit, and good income.?

Asked by Jres, Amagansett, NY Mon Jun 7, 2010

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Answers

2
Jres -

Currently - Rob is right on target.

Do you have any other homes with good equity built into them? If so - a private lender may consider a blanket mortgage or IDOT to further secure their loan.

Outside the box is what you are looking for to succeed in this venture.


Good Luck!

Gerard Dunn
Licensed in MD, Virginia and D.C.

gerry@MyPotomac.com
0 votes Thank Flag Link Wed Jun 9, 2010
Jres,

With great difficulty. Private money lenders typically like to see very strong loan-to-values (LTV). I am not familiar with any hard money lenders that will consider 85% LTV, but that doesn't mean they don't exist.

Bear in mind too that most of your private money lenders want to know the exit strategy for any loan they make. So be prepared to detail that if you can indeed find a source of funds.

Good luck,

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes Thank Flag Link Tue Jun 8, 2010
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