Seeking a mortgage banker with a warehouse line of credit to underwrite and fund sfr rental homes. The warehouse line of credit will hold the loan while our investment banker underwrites the bond typically 30 days then sells it into the bond market. Can do about $10 to $20m a month. The mortgage banker then takes the funds received from the sale and repays the line of credit (warehouse lender) which was utilized to fund the loan. Once the warehouse line is paid off, the process starts all over again.
We are open to an equity position with our firm.+7 Other Responses
I am an attorney in bushnell, sumter county, florida. I am defending a foreclosure case in which it appears to me that the bank failed to comply with part 34 - real estate lending and appraisals, subpart d - lending standards, section 34.62 - real estate lending standards, appendix a to subpart d - interagency guidelines for real estate lending as set out in title 12 of the code federal regulations. Specifically, i am interested in the supervisor loan-to-value limits. The bank, which is a national bank, claims that it is not required to comply with the ltv limits set out in the regulations. In essence, the bank loaned my clients 85% of the appraised value of the property. The purchase price of the land was $400,000, the loan was for 280,000, and the appraisal was $330,000. My clients did not know of the appraised value until more than a year after the loan closed. The loan officer told my clients they were getting a 70% ltv loan. The property was unimproved raw land that was owned by the bank. The bank had purchased the property for $325,000 3 months before they entered into a contract to sell it to my clients. The bank had intended to use the property for a branch location but found a better site. If the bank was required to follow the regulations in making the loan, then i would like to retain your services as an expert witness.+9 Other Responses
Islamic Residential Mortgages
We have a credit union ready to fund islamic residential mortgages in toronto, canada. Our waiting list for these mortgages consists of over 2,000 a clients, many who are seeking to refinance existing interest-based mortgages. We need a secondary market buyer for these mortgages. Most mortgages will be in the $200k-$275k (u.S.) range, for terms of 5 years, and will provide a return of 4.5% annually.+1 Other Responses