Expert: Brian McElroy - 10/23/2006

Question

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The text above is a follow-up to ...

-----Question-----
My name is Karen.  I am a mortgage broker in Gulfport, Ms. I have a client that is buying a dome house. She has been living in the home for 8 years.  It is an owner finance deal, and she is needing to refinance and payoff the owner. The house was built in 1994.  In my opinion, the LTV should be 50% or less.  I do not have a lender that would finance the home, because there is no comps in the area to compare it to, so therefore, they consider it a unique piece of property, and will not finance it.  I am desperately looking for a lender that would be willing to finance the home. She really needs to get a new loan and payoff the existing loan she has with the previous owner.
Can you help me, or do you know someone that could?

-----Answer-----
I have not heard back from you...


I have a couple of questions. What is the approx. value of the property? What is the creditworthiness of the buyer? Why is the home unique other than the fact that it is a dome? What is the land worth without the home? How much money are we talking about financing? Do you have a valid appraisal?  With some more info, I might be able to help.
Brian

Answer
:  

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The text above is a follow-up to ...

-----Question-----
My name is Karen.  I am a mortgage broker in Gulfport, Ms. I have a client that is buying a dome house. She has been living in the home for 8 years.  It is an owner finance deal, and she is needing to refinance and payoff the owner. The house was built in 1994.  In my opinion, the LTV should be 50% or less.  I do not have a lender that would finance the home, because there is no comps in the area to compare it to, so therefore, they consider it a unique piece of property, and will not finance it.  I am desperately looking for a lender that would be willing to finance the home. She really needs to get a new loan and payoff the existing loan she has with the previous owner.
Can you help me, or do you know someone that could?

-----Answer-----
I have not heard back from you...


I have a couple of questions. What is the approx. value of the property? What is the creditworthiness of the buyer? Why is the home unique other than the fact that it is a dome? What is the land worth without the home? How much money are we talking about financing? Do you have a valid appraisal?  With some more info, I might be able to help.
Brian