VA, Residential, Refinance, $120K, FICO, 60% LTV
Posted on 10/1/2014 7:59:47 AM
Butler’s Loan request - Need first trust – financing
First Trust Mortgage: 56 % LTV with SRA appraisal – Yield 22.09 %
Single Family Dwelling in Virginia (Virginia is Pro-Creditor state) on 1.56 Acre
Stafford, VA 22554
• Purpose of loan is to take cash out of refinance and put funds into expanding Landscape business and pay off debt to raise credit scores. One credit score is low other Fico 669. Property has NO loan and was inherited.
• $ 210 K from SRA appraisal
• need wire of $ 117,600 Less than 56 % LTV on First Trust.
16,800 Escrow first year of interest (You earn 13.6 % plus with 3 point prepayment)
$ 123,200 wire
Total Lender fees on $ 140,000 loan amount
$ 16,800 One year prepaid interest
4,200 (3) three point prepayment penalty
5,600 (4) Points fee to Lender
$ 26,600 total fee to Lender/Processing
Total net wire needed to close is $ 120,400
57 % LTV Yields Lender after first year 22.09 % on SFD.
Earn first year payoff at one year mark; if it pays off less than one year yield goes up.
I want to close with an attorney and get SRA appraisal. We can get lease assigned and
Recorded on title.