These loans are especially useful for self-employed borrowers, property investors, or clients who work in industries where full documentation is not available to confirm true income. Offering fllexible qualifying options with the ability to qualify with just assets, rental income, as well as personal or business bank statements showing deposits of gross income.
No tax returns, W2s, and many programs with no personal income or liabilities considered
30-40 year terms with rates lower than private money/hard money
Serving clients looking to qualify for purchase or refinance without traditional documentation
Specializing in documenting "ability to repay" using nontraditional methods
FAST CLOSING: Great hard money alternative for purchasing rentals! We can generally close in 15-20 days.
Purchase or refinance of up to 30 residential units
ARMs, Fixed, and interest only all availble
qualify using rents from the subject property, with interest only payment, offering a 30-40 year term
We ignore all other income and liabilities, no DTI calculated. Negative cash flow OK with reserves.
Pull cash out of appreciated rental properties--use funds for renovations or even to purchase additional property. No cash out limits to max LTV
Excellent alternative to hard money or to payoff of hard money on rental properties with lower points and lower rates than hard money
Great for entrepreneurs with strong gross income but low net income (net profit after expenses) on tax returns
Use 12-24 months of either business or personal bank statements. We aggregate deposits to calculate qualifying income.
DTI is still used to qualify borrowers, but bank deposits minus expense ratio (set by lender) still show significantly higher income than tax returns. Most lenders use 50% of all business deposits OR 100% of all deposits + transfers to personal accounts.
1099 only program
Great for Realtors or independent contractors (self employed individuals) who receive all income from one source, and write off expenses on Schedule C. The 1099 program we use generally provides a much higher amount of qualifying income than tax returns.
Qualify simply by showing assets in excess of loan amount, plus reserves
Borrower must provide a summary of experience, detailed budget to renovate, timeline, and approximate after renovation value (ARV).
Funds must be held in an escrow account and allocated to the contractor as work is completed.
The loan amount must be sufficient to finish the entire project.
Renovation loans usually require the borrower have experience with prior rehabs or fix & flip projects.
25% down minimum unless a second piece of real estate is used as collateral.
*Loan amounts are typically up to 70-75% of the value of all properties added together, minus any existing mortgages on them.