post your loan search matrixes
WHO WILL DO THE UNUSUAL?
NOTE: Maximum and minimum loan size may not apply
to all property types and/or in all regions and is
subject to change without notice.
LOAN AM T
LOAN TYPE / PURPOSE
7 Blanket loans
9 Construction completion loan
1 Builders, Realtors,
10 Construction, custom (single-family)
11 Foreclosure avoidance loan
2 Corporations, trusts
and legal entities
3 Estate: Property in
12 Notes purchased
13 Remodel/rehab loans
4 Foreign corporation
5 Nonresident alien
6 Owner builder
14 Seasoning: None required, non owner occ
15 Seasoning: None required, owner occ
16 Second mortgages/trust deeds
17 Term: Maximum loan term in years
18 Third or fourth mortgages/trust deeds
PROPER TY T YPES
19 Berm homes
28 Land: Purchase of
21 Condo: High-rise
29 Log home
22 Condo: Portfolio/unacceptable
to FNMA / FHLMC, NOO
30 Mobile home with
23 Condo: Portfolio/unacceptable
to FNMA / FHLMC, OO
24 Condo: With only 2-3 units
25 Dome home
31 Non-owner < 5 units:
Zoned other than
26 Historical building/home
32 Rural property:
33 Second dwelling on
single tax lot
Private Loan Funding Corp.
25K 1.5M Y Y
CA Metro areas preferred. No prepayment penalty.
NATIONWIDEexcept: AK CA HI LA VT
Investors only. 100% financing of purchase & repairs. 2-week close. Deferred pay plans for strong credit. Minimum
SDI Funding LLC
GA NC SC TN
Specializing in Investor Funding
Seattle Funding Group Ltd.
250K 15M Y Y Y Y Y Y
AK CO HI ID NV OR TX UT WA
Unifund Financial Group Inc.
3M Y Y
AZ CA CO ID OR UT
Specializing in HELOC 2nds! Fast funding -- direct lender -- 60% Max CLTV.
Val-Chris Investments Inc.
20K 1.5M Y Y Y Y Y Y
WADOT Capital Inc.
ID OR WA
Westar Funding Inc.
none 1.5M Y Y Y Y Y Y
ID OR WA
Windstone Mortgage Corp.
5M Y Y
Min Max 123456789
Tell lenders you found them
in Scotsman Guide
Scotsman Guide makes every attempt to ensure the quality of matrix and directory information, which all listed lenders verify or update monthly. Because of the production
cycle and dynamic nature of the industry, loan product terms and availability may not reflect the latest changes. Please contact lenders directly for the most-recent program
details. If you believe data is inaccurate or misrepresented, please e-mail: firstname.lastname@example.org.
principal, interest, taxes and insurance
■■ Unreported mortgages: Refinances to
pay off unreported, nonconstruction mortgages must have 12 months’ seasoning and
must be documented with 12 months of
Further, for nearly every situation, you
must complete a verification-of-mortgage
form. The escrow company will provide a
copy of the financing documents and verify the payments, amount and terms.
When you understand the buyer’s
needs, you can then create a proposal for
the seller. This should include an explanation of the buyer’s need, the exit strategy
and the financing terms.
Sell the seller on the idea
Sellers often object to seller financing because they think they can’t get a loan to
purchase another property. You can show
sellers how their next loan will work.
First, you must identify different downpayment options for the seller and compare the costs of different options.
Here are some options:
■■ Sellers can use the buyer’s downpay-
ment as their downpayment on future
■■ They can use the interest rate they
charge the buyer to offset the higher cost
of making a lower downpayment.
■■ They can use the buyer’s monthly pay-
ments to offset their own monthly mort-
gage payment, similar to receiving rental
income on an investment property.
Also, advise sellers of the costs they
would incur if they can’t sell their property. These include taxes, insurance, loan
interest, the opportunity cost of investing
the equity or using it to pay down debt,
and missing a good deal on the property.
Sellers can qualify for their new loan
as if they have notes-receivable income.
They provide a copy of the financing documents to verify the payment amount and
the remaining term. The escrow company
provides copies of the documents and
verification of the buyer’s payments. Payments often must continue for more than
three years at the time of their mortgage
application. Extending the agreement if
needed to meet this requirement is a possibility, too. Plus, buyers often welcome a
small extension as long as they maintain
the flexibility to prepay.
Many lender account executives, customer service representatives and underwriters do not know the specific requirements to refinance seller financing or
to underwrite buyers who hold seller financing. You can help them and stand
out from the crowd.
Locate each lender’s applicable underwriting guidelines and ask experienced
underwriters questions. You also must
be diligent and monitor underwriting
guidelines for changes that can impact
It takes little time to facilitate a seller-financing transaction. Most of your time
will be spent working with buyers and sellers to show them how they can qualify for
their next loan, thus setting the stage for
by Todd Huettner
“Seal the Deal with Seller Financing,”
View this article and more at