71% LTV, $9.875m Second Home, Full Doc Loan
OPPORTUNITY: Loan sizes greater than $3.5m are not seen on a regular basis. With some of our clientele, it is not uncommon to work on multi million dollar loans. The market for $3.5m + home loans is a small field and one where you better know what you are doing. At this level, your communication, delivery, and how you serve up the loan, is essential for minimizing “exception” pricing.
SOLUTION: Within a 15 day period, from contract to funding, Steelhead Residential delivered a $7m loan at 5.375% on 10/1 Interest Only (please keep in mind borrower bought down his interest rate to achieve this rate). How satisfied was our client? His other local source was providing him an equivalent program at 6.125%. This .625% of a difference allowed him to save $43,750 a year in interest.
This purchase in early 2007 allowed us to demonstrate to the buyer and seller of this development, that Steelhead Residential had the discipline and know how to package a very complex loan while meeting the basic underwriting criteria to satisfy the secondary market.
Steelhead Residential Funding is a mortgage brokerage in California (CA Dept. of Real Estate - Real Estate Broker #01400712) and Hawaii (Dept of Commerce and Consumer Affairs #MB 1264). Information provided by you to Steelhead Residential Funding through this website shall not be considered an application for a mortgage loan. An Equal Housing Lender. Steelhead Residential Funding is an independent company under the guidance of Steelhead Capital, Inc. Purchase and financing advice are offered as part of the full service nature of the lending process, however neither Steelhead Capital or its affiliates are responsible for investment decisions. No guarantees are offered or implied to visitors of this website. Thank you for your interest in working with a professional mortgage broker from Steelhead Residential.