Cash out loan needed. No tax return.

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A relative of mine is looking for a cash out loan on a $700k clear property in Southern California. He's being offered 5.1% ARM 5/30 (5.1% fixed for 5 years then adjustable for another 25 years), with LTV 60%. No tax return , just asset based. He has another property, clear too.

Is there any better program out there for him?

Originally posted by @Kevin Lefeuvre :

A relative of mine is looking for a cash out loan on a $700k clear property in Southern California. He's being offered 5.1% ARM 5/30 (5.1% fixed for 5 years then adjustable for another 25 years), with LTV 60%. No tax return , just asset based. He has another property, clear too.

Is there any better program out there for him?

 Post back if that actually closes. Anyone can "quote" anything.

And if you do post back that it actually closed under those terms/conditions, with that specified level of documentation provided, let me know who the lender is so that I can develop a relationship with them, please. :)