interest only loans

I guess that a lot of the major lenders have gotten out of the interest only loan business. I had a client that was looking to get one of these loans and was told by CITI and Wells that they were requiring an ungodly amount of post closing liquidity. They ended up going with Jim McPartland at Bank of America, who only required 24 months of principal, interest, and maintenance in reserves. The deal closed in 35 days…. I guess Bank of America is back in the mortgage business in New York (shockingly). I would highly recommend Jim McPartland and his team. Jim McPartland 646.556.0207 James.mcpartland@bankofamerica.com”