Trust deeds have been good to me over the years. I don’t care if it is a 1st or 2nd. I would rather have a 2nd on a house in La Jolla at 50% LTV than a 1st at 50% LTV on a piece of dirt in Riverside that has been used to store heavy equipment and has risk of soil contamination.
I have dealt with a reputable broker for years. Solid deals have been drying up quick, and I have taken a pass on the last few deals because I didn’t like the LTV and location. My guy is closed to new clients as I would expect is any other reputable broker of 1st and 2nds.
I have come across other brokers that claim very generous LTVs in the executive summery, you have to really know what you are doing in this market.
Chris is right, if you’re not already in the game, the easy low risk money has come and passed.
