Second mortgages are available for most seasoned income
Basic terms are as follows:
MINIMUM LOAN: $5,000,000
CLTV: 30% to 40% of "AS IS"
value (as per lender's appraisal)
TERM: 12-36 Months
AMORTIZATION: Case by case basis - most
loans are interest only
RATE: 14% to 18%
POINTS: 5 to 7 Points - Plus Closing
Costs - NOTE: Points are based on the total first and second mortgage
balances. For example, if your first mortgage is $1,000,000 and our second
mortgage is $1,000,000 the fee of 5 to 7 Points will be based on an amount
Above terms subject to change without prior notice. Other
terms and conditions apply.