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Subject Author Date
Help, I need Advise. sPs 06-14-2006
Posted by sPs on June 14, 2006, 2:33 pm
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 I am being approached to handle the financing for a Construction firm that
does remodeling. Currently, they fax an application to a small bank and they
approve it as a Title One or a HELOC. They do not offer wholesale. I need
Wholesale lenders that will do these type of loans quickly and also someone
to handle the fallout. 2nd mortgages for lower credit scores. It would be
nice to turn every loan into a refi but the Contractor does not have time to
wait for closing so I can't get greedy. I believe they like the Title One's
because they can get the check issues in the name of the Contractor and the
Borrower. Too many times the Borrower blows the $ on something else just as
the permits come through and no $ is left. Please give me some advice on
this. I am not familiar with these types of loans so I need some
recommendations of lenders who may handle lower scored 2nd mortgages which
is where I think I will see more income potential.



Posted by sPs on June 14, 2006, 6:42 pm
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>I am being approached to handle the financing for a Construction firm that
>does remodeling. Currently, they fax an application to a small bank and
>they approve it as a Title One or a HELOC. They do not offer wholesale. I
>need Wholesale lenders that will do these type of loans quickly and also
>someone to handle the fallout. 2nd mortgages for lower credit scores. It
>would be nice to turn every loan into a refi but the Contractor does not
>have time to wait for closing so I can't get greedy. I believe they like
>the Title One's because they can get the check issues in the name of the
>Contractor and the Borrower. Too many times the Borrower blows the $ on
>something else just as the permits come through and no $ is left. Please
>give me some advice on this. I am not familiar with these types of loans so
>I need some recommendations of lenders who may handle lower scored 2nd
>mortgages which is where I think I will see more income potential.
>
>
Yes I know, I cannot spell advice. Just noticed that.



Posted by tjflemings on June 17, 2006, 2:32 am
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I may be able to help. I am a mortgage broker. What state are the
properties located in?
-TJ
Park Place Mortgage Corp.

sPs wrote:
> I am being approached to handle the financing for a Construction firm that
> does remodeling. Currently, they fax an application to a small bank and they
> approve it as a Title One or a HELOC. They do not offer wholesale. I need
> Wholesale lenders that will do these type of loans quickly and also someone
> to handle the fallout. 2nd mortgages for lower credit scores. It would be
> nice to turn every loan into a refi but the Contractor does not have time to
> wait for closing so I can't get greedy. I believe they like the Title One's
> because they can get the check issues in the name of the Contractor and the
> Borrower. Too many times the Borrower blows the $ on something else just as
> the permits come through and no $ is left. Please give me some advice on
> this. I am not familiar with these types of loans so I need some
> recommendations of lenders who may handle lower scored 2nd mortgages which
> is where I think I will see more income potential.


Posted by sPs on June 19, 2006, 9:10 am
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Florida
>I may be able to help. I am a mortgage broker. What state are the
> properties located in?
> -TJ
> Park Place Mortgage Corp.
>
> sPs wrote:
>> I am being approached to handle the financing for a Construction firm
>> that
>> does remodeling. Currently, they fax an application to a small bank and
>> they
>> approve it as a Title One or a HELOC. They do not offer wholesale. I need
>> Wholesale lenders that will do these type of loans quickly and also
>> someone
>> to handle the fallout. 2nd mortgages for lower credit scores. It would be
>> nice to turn every loan into a refi but the Contractor does not have time
>> to
>> wait for closing so I can't get greedy. I believe they like the Title
>> One's
>> because they can get the check issues in the name of the Contractor and
>> the
>> Borrower. Too many times the Borrower blows the $ on something else just
>> as
>> the permits come through and no $ is left. Please give me some advice on
>> this. I am not familiar with these types of loans so I need some
>> recommendations of lenders who may handle lower scored 2nd mortgages
>> which
>> is where I think I will see more income potential.
>



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