Stated Income HELOCs, Hedge Fund, ALT Documentation and Private Money Mortgage Loan Products.
1) Stated Income Home Equity Line of Credit (HELOC) - Owner-Occupied, Non-Owner Occupied and Second Homes - SFR's, 2-4's and Condos. 620+ FICO needed.
Up to 50% LTV - Loan amounts $150,000 - $2,000,000.
50% LTV to $1,000,000
40% LTV to $2,000,000
4.25% variable interest only start rate for the 5 year draw period, then 15 year amortization. 1 floating (in 1st position or for free and clear properties) or 5.25% (in 2nd position) then 2 over WSJ Prime. 18% lifetime cap.
3 monthly repayment options are available.
Available in the following California counties: Alameda, San Francisco, Santa Clara, Sacramento, San Mateo, Orange, LA and San Diego. And in New York (except Nassau and Suffolk counties), Nevada (Clark County only), MA, WA and GA.
NEW LOWER PRICING!
Hedge Fund, Stated Income-Stated Asset (SISA) Loan Product for Residential or Commercial
2) True Stated Income, Stated Asset Purchase or Refinance Loan, Loan Amounts to $2,000,000.
Loans for Non-Owner and Investment properties up to 70% LTV.
Terms: 3 and 8yr ARMs - fixed then adjustable for remainder of 30 years. Rates from 7.49% and 2 points.
650 minimum FICO score required. Interest reserve options. 21 day close of escrow.
Construction to completed 65% LTV
Investor & REO financing - Any amount of properties allowed
In Bankruptcy or Foreclosure OK.
Unlimited cash out. No title seasoning required.
Available in: USA.
Alternative Documentation (ALT-Doc) Loans
3) 12 Month Bank Statement Averaging or 1 Year Taxes or Asset Amortization Loans for Self-employed Business Owners. No Taxes, w2's or executed 4506T are required.
Must be Self-Employed for the last 2 years. Realtors are considered self-employed.
3, 5, 7 and 10/1 ARM's, 30 years amortization. Rates from the high 3's.
Owner Occupied and Non-Owner Investment properties, SFR and 1-4’s.
Loan to value up to 80%for a purchase or rate and term refinance to 4M
LTV up to 70% for a Cash out Refinance to 3.5M
Interest only payment available. Minimum FICO score is 680
Qualifying - Using the Borrower’s last 12 primary Personal bank statements, we average the gross deposits, draws and wires from your business and use that as the income to qualify for the loan.
OR using the Borrower’s last 12 primary Business bank statements, we average the net deposits, less withdrawals and use that as the income to qualify for the loan.
45% DTI based on deposits and debts on the credit report and with the new mortgage. We need proof of 9-12 months PITIA reserves and the down-payment for the subject property seasoned in the bank for 60 days on Owner Occupied and 12 months reserves on all debt on Non-Owner properties.
This loan is available: Nationwide
Private Money to 75% LTV - Close in 7-10 days
4) Private Money Loans for Non-Owner Occupied properties. Loans for purchase and refinance up to 75% LTV.
Terms: 1,2 or 4 year loans amortized for 40 years. Rates from 6.99% and 2 points.
NO minimum FICO score required. Interest reserve options.
7 day close of escrow.
Investor & REO financing.
Any amount of properties allowed.
In Bankruptcy or Foreclosure OK.
Unlimited cash out.
No title seasoning required.
Loan available: Nationwide
Requirements and Documentation:
Complete the loan application, leaving the income section blank, initial, sign, date and return. Provide copies of Drivers Licence and Social Security card. Send copies of the hard copy Bank Statements, all pages (Last 2 for HELOC,12 for Bank Statement program), Mortgage Coupon, Insurance Declaration page and Purchase Agreement, if purchase. We will provide a Loan Consultancy Agreement and Escrow Instructions, to be fully executed and returned. Please scan, correctly label and email all documents.
Last 2 months Bank/Asset statements showing 60 months of payment reserves. 18 months of that should be liquid. Credit will be pulled at the Bank and must be derogatory free last 24 Months. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 5 years allowed. Borrower may be required to open a deposit account with the Bank (FDIC insured) and enroll in auto-pay for the mortgage payment.
12 Months Bank Statements:
Last 12 months Bank or Asset statements showing 12 months of mortgage payment reserves. Credit will be pulled at the Bank and must be derogatory free last 24 Months. No bankruptcies, short sales, deed-in-lieu or loan mods on credit history in the past 5 years allowed, foreclosures (7 years).
Fees vary by institution, Loan #1 has .5 point, loan #2 $1995, loan #3 $1890, loan #4 $1865. Fees are in the transaction and will cover underwriting and processing. Additional costs are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All loans have separate non-refundable cost of appraisal and credit report, +/-($550). Origination: Loan #1 - 2.5 points in a Holding Escrow account. Loan #3 - Loans under 250K $4000, under 450K $5000, over 450K $7000 in a Holding Escrow paid at the close of escrow. (Holding Escrows are to be funded beforehand and fees are fully refundable in the event of no close of escrow). Loan #4 - 2 points origination in the transaction.
The information furnished here is preliminary. This is not an offer nor a commitment to lend and shall not be construed as such. Rates, terms, loan products and loan conditions may be changed without notice, example of rates as of 11/21/15 on a CA refinance loan amount of $417,001 with a 740 FICO and 70% LTV, 30 year 7/1 ARM, 4.875%/4.95% APR. All private money loans offered in accordance and compliance with CalBRE regulations. Stated loans are provided to, and conform with applicable state laws regarding commercial lending transactions for business purposes. All loan transactions are subject to the submission of a formal application, appraisal, underwriting, and written lender approval. Loan approval terms may vary by asset type and borrower credit worthiness. Insurance acceptable to the lender on subject property is required to be maintained on the subject property for the duration of the loan.