Loan scenario: UT, $55-100k, 601, 65% LTV, Purchase, stated, NOO
Property type: SF
Loan purpose: Purchase
Got a General Contractor friend of mine from California, that is now buying fixer-up homes here in the Salt Lake City area and then reselling them.
He has been working with his brother on the financing, but would prefer not to have the hassle of having family involved. So far, he has done 3 or 4 here in the area already, can you look at the terms below and give me a idea on what you think we might be able to do for him? (Possible rate, down payment needed, etc.)
2) Full Doc or Stated
3) Obviously, the pre-pay would need to be for a few months or less. Or, what is Pre-pay?
4) 601 middle score
Thanks for your time...mjk : )
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