TMAC Transaction Highlights
Single Family Residence Acquisitions
TMAC is aggregating non-consumer residential (OO business purpose and NOO business purpose) loans that are originated by mortgage companies. Our purchase program for these loans has the following parameters:
Geography: Western States (primarily California).
Loan Size: $500,000-$3,000,000
LTV Max : 70% ( first liens or combined first and second liens)
Term: 1-5 years
Interest Rate: 7-9 % (first liens) ,10-12% (second liens)
Borrower FICO: 620 plus
Borrower Financial Information : Stated on Form 1003
Servicing: Released or by FCI Lender Services
GOOD PROPERTIES IN GOOD LOCATIONS
A TMAC affiliate acquired 12-14 single family townhomes where the properties were undergoing significant multi-million dollar repair work related to water intrusion issues. HOA litigation was ongoing.