Best Lines of Credit

Are you among thousands of homeowners who benefited from the low interest rates on their home mortgages? Do you need extra money to pay off high interest credit cards or for any other needs? One of the possible solutions is to get l/c – line of credit or second mortgage, without touching the first mortgage. Last week we had a presentation of Stacie Cappadona of Spring EQ who shared her company’s second loans and lines of credit options.

We have other lenders who offer similar products, however, the uniqueness here is that Spring EQ can go up to 95% CLTV — combined loan-to-value (the first loan plus the second). They lend on 1–4-unit buildings and as well as the rental properties. Another unique feature can be when during the purchase transaction instead of getting (or not getting) jumbo loan with 10% down payment, which has limited options, to apply for two loans simultaneously. We recently helped to finance purchase of the house for $1,800,000. Buyers had only $200,000. We structured the first loan as conforming — $1,149,850. The second was $470,150 and the down payment was just $180,000. The remaining $20,000 covered closing costs, and there was no need for the reserves.

Follow this link to watch and listen to a fragment of our discussion. And, as usual, please don’t hesitate to contact me with any questions you may have on the subject: (415) 225-7920; [email protected].

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

*Photo: GettyImages