It takes a first class borrower, an excellent location, extremely large note reduction from the previous lender and low LTV using today’s values, to put a deal together this good. SFG evaluated this property at 50% LTV taking in to consideration the quick sale value and a 30% LTV of the actual closings in the past 90 days. This is a warrantable condominium project and is in good standing with FHA. The previous lender found it necessary to discount their note, which in turns allowed the borrower an opportunity he could not pass up.
