Love the forums and podcast!
I'm a self employed (started an online business) living in El Paso, Texas recently moved from the U.K.
My goal is to have 20 doors via the BRRRR method.
Bought my first property in cash, split it in two, rehabbed it and are about to start renting it, have been approaching local banks searching for a refinance mortgage but without any luck since I don't have a W2 or the revenue history (2 years) that the common bank is looking for before lending the money for the mortgage.
Can anyone recommend a credit union or bank that can provide an asset-backed mortgage for the property without looking at the personal finance?
Have been listening to the bigger pockets podcast and have heard from many guests that they have found these asset backed loans for their refinance.
Thanks so much in advance!
Banks and credit unions look at your income, credit and assets. We are a long way from stated-income loans, especially on rental properties, as banks view these as riskier than your personal residence.
Your best bet would be to call small local banks near the property and see if they will look at a reduced doc. loan where they don't focus on your W2 or credit depth. It's going to be a tough road for your situation.
There are programs that look only at the cash flow on the property itself and ignore any other income/debts. You do have to reasonably good credit so not sure if you have a long enough history with only being in the country a short time. But, the cash flow loans absolutely exist and we do a lot of them.
Hey Yasir! Hope you doing well bother. Shoot me a text with the info and I'll see what I can do for you. 👍🏽
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