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Updated almost 8 years ago,

User Stats

4
Posts
1
Votes
Mark Vitek
Pro Member
  • Investor
  • Mc Kinney, TX
1
Votes |
4
Posts

Need Help Finding a Lender for a Wrap Mortgage

Mark Vitek
Pro Member
  • Investor
  • Mc Kinney, TX
Posted

I've got an existing wrap mortgage that the bank is calling due.  They are deciding to exit that side of lending.  Since being notified, I've talked to over a dozen local banks and they have all stated that they don't do wraps.  

Deal Details: SFR 2/1 in McKinney, TX, Appraised Value is $118k, balance on the wrap is $86k. Sold to current owner in April, 2016 and they have a perfect payment history to date.

Does anyone know of any banks that are open to lending on a wrap like this?

Any help is greatly appreciated.

  • Mark Vitek
  • Loading replies...