I am looking at starting a warehouse lending company. I will be funding reverse mortgages that will be sold to Fannie Mae, Metlife, and securitized and sold to investment firms. With the current view of anything related to mortgages plus the negative view of reverse mortgages, I am having trouble finding money with whichto fund.
The investor is well secured with ownership in the note until it is bought by the secondary market (i.e. Fannie, Metlife, etc) plus a $50,000,000 Letter of Credit from a multi-billion dollar investment firm (they will be handling the securitization). I am looking for $30,000,000 and will pay 12% on the money used to fund with a 50% minimum. If the investor invests $10,000,000 they will make a minimum of $600,000 per year. Investments can be either cash or line of credit, with a minimum investment of $3,000,000.
Where would I find investors willing to take a chance?