Profile picture for tony.hagen

Looking for a portfolio lender in Florida

I am looking for a portfolio lender in Florida and hope you can help me out. Here is my loan scenario:

FICO 660+
BK discharged in 5/09
Foreclosure finalized in 1/10 (sheriffs sale in 7/09)
Rental history since 2/10 - 0x30
Income - $85K + (2.5 years on the job)
Debts - $0
Assets - $80K+ between 401K, Roth IRA's, Mutual Funds & Checking

My main problem in qualifying for financing is the obvious, the BK & F/C. Long story short, I was in the mortgage industry, making a 6 figure income and that went away. I was clean on everything before that happened and have adjusted my lifestyle and have been clean on everything since then. Please let me know if you think you may have a financing option for me.

Thanks,

tony.hagen@yahoo.com
  • July 02 2011 - Jackson
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Answers (2)

Profile picture for tony.hagen
This is how I understand it:

Private lender - is an individual, or group of individuals whom are non regulated and lend their own money.

Portfolio lender - is a regulated banking institution and writes their own set of underwriting guidelines that do not have to conform to Fannie, Freddie, FHA or VA rules since they are lending their own money.

I believe your definition of private would be considered a hard money lender.

I could be wrong, but I am looking for a bank that underwrites a loan with a common sense approach and takes in to account compensating factors.
  • July 03 2011
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Profile picture for snoopysdad
Tony,
A portfolio lender loans on (or buys) Portfolios of loans?

I don't know a single P-Lender (or Buyer) that pursues less than 20 loan portfolios, with WAM (weighted average maturity...'aging') of at least 12 months, and WAC (weighted average coupon...averaged interest rate on the file/package of loans aka "portfolio") of less than 7%?

I think You mean a Private Lender?
I'm in Florida also, all privates I represent don't do primary residences, and they're (none of them) extending greater than 50% LTV currently? If You're considering cashing out Your retirement assets, please keep in mind that there's a significant financial (TAX) penalty for doing so?

Perhaps shopping lease/option, or owner financing available properties in Your area might be a good answer for getting You back in the ownership realm again?
-HTH
  • July 02 2011
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