What would this process look like? I don't have a regular source of income, but that's why I am pulling in partners. What will the bank need from me/them? Can I still be the general partner if they are the far of the loan because they have steady income?
Lender · FL · Member since 2019 · 12 posts · 3 votes
4y
Miah,
There is an option for funding your deal without showing income docs. I would limit the # of people in your LLP to less than 4, as all of you will need to have your credit pulled, and you'll need to show at least 60 days of history on your assets. Depending on the state and the level of experience of the investment team, you'll need at least 20% down and closing costs, plus you'll need to show 6 months of mortgage payments in reserves. Feel free to contact me with questions, and I can talk you through the scenario.