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pastor j
Financial Consultant & Pastor
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ANYONE KNOW ANY LENDERS STILL TAKING SELLER 2NDS
Friday, July 06 2007 01:52 PM
Trying to get my ducks in a row for some selling strategies on some single families.
I'm just trying to find out if there are any lenders that will take seller 2nds.
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Randy Hughes
SFH Master Advisor
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Re:ANYONE KNOW ANY LENDERS STILL TAKING SELLER 2NDS
Sunday, July 08 2007 08:21 PM
Do you mean "private" lenders that would buy a seller take back second mortgage?
Randy Hughes
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pastor j
Financial Consultant & Pastor
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Re:Re:ANYONE KNOW ANY LENDERS STILL TAKING SELLER 2NDS
Friday, July 13 2007 02:06 AM
Na Randy but that would be good as well. I meant institutional lenders that will still take seller carry backs up to a certain ltv.
But it would be good to know some private lenders that buy paper.
Could you include their seasoning specs and what rate paper they like to buy and their ltv maximums?
Thanks for your response!
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Jim Hughes
Investor
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Re:Re:Re:ANYONE KNOW ANY LENDERS STILL TAKING SELLER 2NDS
Monday, July 16 2007 08:41 PM
Pastor J,
Here are some conventional lenders that are real estate investor friendly:
2007 Portfolio Lenders
Dave Ward, President
Algonquin Bank & Trust
Algonquin
Work: 847-309-6538
Fax: 847-669-7501
Work: 847-669-7500
Tom Johanason, President
First Community Bank
Elgin
847-622-8800
Keith Leathers
Home State Bank
Crystal Lake
Work: 815-788-3450
Other: 815-459-2000
Mobile: 815-790-8433
Mitch Kofsky
State Bank of Illinois
South Elgin
847-742-8080
Current Bank Loan Officer
Elgin State Bank
Elgin
847-888-7950
Additionally, there are several lenders that attend the Midwestrea of Chicago and Rockford meetings that will consider seller seconds. Take the time to attend both meetings and network with our lenders.
Most of the lenders in the area are more interested in the LTV being in line with their regs. If you have a good FICO and relationship with the banks in the Fox Valley area you will be able to finance most deals as long as they are purchased right on the front end of the transaction.
Hope this helps.
Jim Hughes
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