Stated Income Investor Property HELOC?

[mattboy526]

56% CLTV, 685 credit - owned property for 10 months. Any takers?

m

[Greg]

56% CLTV appraised value?

What is the CLTV with using the purchase price?

Full Doc? Does the borrower(s) have 6 months PITI verifiable reserves? Is the property generating positive cash flow using a 25% vacancy factor?

Use a rate of 13% to see if they still do with the 2nd and let me know.

If all this checks out I know 2 or 3.

[mattboy526]

Greg - thanks for the response -

Yes, 56% CLTV on the new appraised value. Property was purchased in January of this year for $150K. It's appraising for $265K now. He owes $105K on it now. Need a new loan for $148K. This is also Stated income with a 685 score. I have the 6 months reserves. Property is not generating a positive cash flow - just breaking even using the expense factor. Borrower really wants an option ARM on this one. Don't really understand about the 13% rate though? Thanks again!

Originally Posted by Greg

56% CLTV appraised value?

What is the CLTV with using the purchase price?

Full Doc? Does the borrower(s) have 6 months PITI verifiable reserves? Is the property generating positive cash flow using a 25% vacancy factor?

Use a rate of 13% to see if they still do with the 2nd and let me know.

If all this checks out I know 2 or 3.