3rd position

waltersadvisors · #1 (**permalink**) 02-01-2007, 02:06 PM

Any lenders taking 3rd position? Owner has a 1st and second with excellent rates. He wants a HELOC or fixed rate loan which would be a 3rd. Strange, yes, just seeing of there is such an animal.

GLOAT · #2 (**permalink**) 02-01-2007, 07:10 PM

If he has equity for a 3rd, with excellent rate on current 2nd, he's got to be decent enough to get something comparable to redo the second. Maybe as a HELOC. It'll definately be less costly than if you found a 3rd. Try First Indiana National Bank(They also do over equity 2nds.