A question on 2nd's

jonnyd · #1 (**permalink**) 06-01-2006, 11:56 AM

does anyone know of any lenders that will do a heloc with an introductory rate below prime..i had a deal with GB equity and they have 5 months of prime minus 2...but there ridiculous underwriters turned down the loan..my borrower loves the introductory rate and now i dont have one

Thills · #2 (**permalink**) 06-01-2006, 02:28 PM

I don't know of prime-2, but US bank will do I believe Prime -1. However I believe it is retail. Hope it is a big HELOC... Nat City has prime -5 for 6 months. B of A might have something there as well as Key Bank.

Refer it out for a 1st that they can't do... BofA, USBank, or Key that is.

brendo927 · #3 (**permalink**) 06-01-2006, 03:59 PM

New Century prime 2nds have some competetive pricing

Greg · #4 (**permalink**) 06-02-2006, 07:59 AM

Amen! I was going to say the same thing. New Century rocks man!

www.newcenturyprime.com
Sub-Prime www.newcentury.com

The Platinum Second has a fixed rate that is below prime for really good scores.

National City too but they are really picky.