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Updated almost 8 years ago,
Need Help Finding a Lender for a Wrap Mortgage
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.