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Does the building have a preferred lender? Maybe start there.
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Your best bet might be if they can pay it down to $1.5M, then get it to SunTrust who offers both products. 70% to $1.5M, but only 65% over $1.5M.
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Does the borrower have any funds (at least $1M) they could deposit or transfer to a financial institution? If so there are a couple that will entertain it. That is your only hope.
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High points and fees aren't a big surprise because you have to consider the size of the loan. The fact of the matter is that despite it being only a $43,500 loan, it will likely be just as much work as a significantly larger loan. An LO is not likely to feel it is worth their time unless they can make 2-3 points minimum. Otherwise they could just
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I'd like to buy what Matt is selling but I'm still stinging from WaMu's "The Year of the Broker" campaign that happened right before they went down the toilet. Marketing is marketing always. While there may be truth in it, it is not a guarantee of future results.
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if you are LOCAL (please no one who is just licensed in WA) to Tacoma/Seattle please email me for a referral: justin@centek.com potential refi
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[Scenario] Will anyone refinance a loft in Downtown Los Angeles that is owned by a 501(c)3 organization and do it in the organizations name? A commercial loan would be totally fine. When they originally purchased the loft (to use as an office) it was personally guaranteed by an executive of the organization who is now leaving. The did that to obtain
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It's time for the government to step in and take control of what they already own, namely Fannie/Freddie. Is it that difficult for the to see that the LLPAs are killing all of the hard work they are doing to lower rates? And just on a side note, two posters pointed to the new administrations involvement in these fees.....keep in mind that they were
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Have you considered paying down the loan to 80%? That would only be about $6,000 to bring it down to $256K, which is 80% of $320K. You'll avoid the MI, everything else should go smooth and you'll never have to worry about it again. Just an idea. Sounds like your income could support such a principal reduction. Good luck! JB
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Technically, NO, you are not committed to this refinance for 120 days unless there was a prepayment penalty addendum included in your loan documents, which I highly doubt. The issue is likely that if you do anything to pay off the loan in the first 120 days he will probably need to give back any commission/yield spread premium/fees he earned from the