Loan Terms Question. . . help a brother out, please. . .

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Irvine Soul Brother_IHB

Irvine Soul Brother_IHB

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What terms can a borrower reasonable obtian from an instutional lender on the following:

150K loan, due in one year, LTV 30%

Terms (Interest rate, points, escrow fees and costs)

Loans secured by combination SFR and apartment in Tustin. . .

Thanks in advance! --ISB
 
Due in one year?

Not one, but 2 secured properties?

I'm 3000 miles away, but this sounds like a commercial loan to me.

If you really need it for only one year, you could go for those adjustible mtgs with

the teaser rates if they are still available. In my opinion, using 2 properties will just

confuse them, as you being a round peg for the bank's square holes.

You have a mtg on them already? It seems not. Why tie up 2 properties if you can

only lien one?
 
Actually, this is for my father who wants to make the loan, and he's wondering about what is being offered out there on the market, so that we can price our loan accordingly,
 
Wow, this sounds pretty bad. I hope you have a good reason for this....

BUT I agree with liz on this one. If you can only use one property, then do it, no sense in exposing the second property to risk. Otherwise, most of the rates I've seen have been poor... VERY poor. Like 7% to 12-15%. Why not just whip out a credit card?.... Goodluck

-bix
 
You are looking for a "blanket loan" which is secured by more than one property. This is almost non-existent. Perhaps Chase still does these? No major lender will do it and most brokers I know wouldn't know a lender that offers it.
 
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