Mary Griswold

I have gotton many clients who are large development companies looking for multimillion dollar mortgages to complete a construction project.

These clients were formally able to easily be financed by local banks interested in investing in big porjects in their towns.

It seems the local banks are running scared of these deals.

These clients will not pay private money rates and points.

Does anyone know of any lenders out there still doing commercial construction for investors?

I have several self employed clients...perfect mortgage histories and FICOs of 700 plus.

With the current housing market many of these clients have LTV's of 80% or greater.

But becuase they are self employed and have so many writeoffs, these clients do not show enough income to go full doc. It is obvious my their clean mortgage histories they can afford there mortgages.

There are NO stated income programs left for loans with higher LTV's!

I have one client right now...whose at a 82% LTV..stated income, verified assetts, FICO 720. Can't get a loan. His rate will soon adjust to a payment he will not be able to afford. He may lose his home.

Is this fair to punish many of these quality stated borrowers for the mistakes of a few? Thoughts???

Has anyone noticed the tightening guidelines on commercial lending? The commercial lending world seems to be following suit with the residential lending world...very strict guildelines.

For example...Interbay funding used to do loan witha 580 fico, stated income...12% rate.

Now you need a 680 to go to Interbay and you still get a 12% rate! Does this make sense?

Where are people finding commercial deals for borrowers lower credit scores????