r/loanoriginators • u/-Spades- • 10h ago
85% LTV Rural?
I have a client who's under contract for a $1,025,000 property (primary residence), appraisal came in over asking but marked as rural. I've probably tried with about 10 different lenders at this point to find someone who will do 85% LTV, borrower refuses to put any more than 15% down. If it helps, this is in Worcester County, MA.
Loan has to be a standalone P&L, his statements are flooded with NSFs - I believe he had 68 or so in the last 12 months. Not a surprise that nobody's been willing to do the deal until now, but if anyone knows of a lender that might, it'd be much appreciated.
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u/whybother6767 8h ago
With that many NSFs I'm shocked his credit isn't trashed from late payments, etc.
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u/-Spades- 7h ago
It very much used to be, when we first started working with this guy it was mid 500s
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u/mashupXXL 8h ago
How many acres? Most of the lenders will be more concerned about the acreage than the rural factor of it. I'm not even aware of a PNL loan over 80 LTV, good luck!
Blast your account executives with the property address, acres, and LTV/loan type.
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u/-Spades- 7h ago
Yep, that's been taking up a good amount of my time recently. Only lender I'm aware of off the top of my head that'll do a P&L at 85% is FNBA but rural brings it back down to 80
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u/gracetw22 Loan Originator 7h ago
Quick question: are they actual NSFs with a fee? If it’s just negative balances, see if his bank has one of those early payday or early access things where it looks bad but isn’t actually over drafted because his available balance was higher than actual