SISA or SIVA Second Home

cbuck74257 · #1 (**permalink**) 07-29-2008, 08:51 AM

I have a property located in Florida. My client owns it in his corporate name the last twelve months. The property is free and clear. He is trying to do a cash out in his name. His scores are 778, 786 & 769. The road block I have ran into is that no one is doing from corporate to personal anymore. If there is no such thing anymore . Does anyone know if he is allowed to purchase the property from the corporation? Any advice on this scenario?

Barbaro · #2 (**permalink**) 07-29-2008, 11:09 AM

Why would he not be able to purchase the property from the corporation? The only thing I could see that might prevent that would be a clause in the corporation's articles of incorporation, which dictate how owners can move assets around in the company.

cbuck74257 · #3 (**permalink**) 07-29-2008, 11:24 AM

We did not even got that far for them to review articles of incorporation. I am now following up on the no seasoning, SISA or SIVA option. If such a creature exists

Greg · #4 (**permalink**) 07-31-2008, 10:33 AM

80% LTV Max