Loan Modification Forum - LoanSafe.org - View Single Post - Non-profit w/ 5 prop. for disabled adults

Safford · 10-20-2008, 10:07 PM

Hi Everyone,

First post.

I have six properties that I am going to attempt to get loan modifications for. One of the lenders is ASC. I run a non-profit that provides supportive housing for adults with disabilities. With budget cuts, state budget delays, interest rate increase, and major decreases in property value, we are up against the wall.

ASC has asked for a 6 month P&L from the business to see if we qualify for loan qualification, I hope we do

Does anyone know what kind of debt-to-income ratio's they are looking at to make decisions? it seems if you don't make enough they won't work with you and if they feel you are making too much, the same thing. There must be a middle ground in there.

We have loans with ASC, AHMSI, Select Portfolio, and Indymac Bank.

If we can't get this done, there will be 84 people we need to find some sort of quality accommodations for...I'm hopeful we can make something happen.

10-20-2008, 10:07 PM	#1 (permalink)
Safford Senior Member Join Date: Oct 2008 Posts: 52 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Non-profit w/ 5 prop. for disabled adults - Need Help Hi Everyone, First post. I have six properties that I am going to attempt to get loan modifications for. One of the lenders is ASC. I run a non-profit that provides supportive housing for adults with disabilities. With budget cuts, state budget delays, interest rate increase, and major decreases in property value, we are up against the wall. ASC has asked for a 6 month P&L from the business to see if we qualify for loan qualification, I hope we do Does anyone know what kind of debt-to-income ratio's they are looking at to make decisions? it seems if you don't make enough they won't work with you and if they feel you are making too much, the same thing. There must be a middle ground in there. We have loans with ASC, AHMSI, Select Portfolio, and Indymac Bank. If we can't get this done, there will be 84 people we need to find some sort of quality accommodations for...I'm hopeful we can make something happen.