Super Jumbo for NBA Player

bcasiano · #1 (**permalink**) 08-09-2007, 10:00 AM

NBA player looking to refinance, no cash out. Paying off 1st of 4mm, Heloc for 200K and taxes (91K from 2005 and a balance of 35K from 2006). Appraised for 5.6mm, looking for 4.52mm loan amount. Full doc, making 25mm over the next 4 yrs, 570 credit score.
Can anyone help please?

Greg · #2 (**permalink**) 08-09-2007, 01:34 PM

I do not know any sub-prime going that high.

bcasiano · #3 (**permalink**) 08-09-2007, 01:43 PM

Any private investors? I have a copy of his NBA contract if that helps any.

Erik · #4 (**permalink**) 08-09-2007, 01:50 PM

How about... himself?

bcasiano · #5 (**permalink**) 08-09-2007, 01:57 PM

LOL, he's a typical NBA player. Making millions and it goes as fast as it comes in.

Gordon Lending · #6 (**permalink**) 08-14-2007, 06:58 AM

Lenders are being really cautious on these types of loans. Next 4 years dealing with his agent to collect late mortgage Pmts (why else 570 score) and in year 5 you have a super jumbo foreclosure on your hands unless he is one of the great ones that gets his contract renewed, but whats the odds on that. You need to find a private investor that loves basketball preferrably his team and get courtside tickets to boot. Good luck

bcasiano · #7 (**permalink**) 08-14-2007, 08:07 AM

LOL. Thanks. I actually found a company, Telstar, that do deals like this all the time. Keeping my fingers crossed.