Fay Mortgage Services .... anyone used them for LLC Purchaes?

Question

I received an email from Realty Bid which I bid though some times about Fay Services. I copied and pasted part of the add below. I just thought a 30 year fixed with 15% down, no income or Employment ver. was wild. They are looking at the lease and making sure 90% of that amount will cover your P&I plus escrow at 1to1.

Anyone had any experience with them? It sounded almost to good

• Rates as low as 5.75% • LTVs up to 85% for Purchase and Rate and Term Refinances • Loan Amounts up to $2,000,000 • 30-Year Fixed, Fully Amortizing/5 Year ARM/Interest Only Options • Debt Service Coverage Ratio of only 1.0 • No Income/Employment Verification or DTI Requirements

Joseph Harwell · Answer

Not sure that its to good to be true do to the following...… these items are not listed in the ad lol.

You must to have six months reserves for each rental property currently owned.

There is a prepayment penalty on the 30 year fixed. (I think they said for the first 3 years)

You have to escrow

They charging over 1% origination

You have to have excellent credit

Cash outs where limited around 70%

All and all still look good but I have still never heard of not needing tax returns.

Chris Mason · Answer

If it looks too good to be true, it is. Just mail me the check if you want to throw money away on a lock n' drop or buy n' bail scheme. :P

Fay Mortgage Services .... anyone used them for LLC Purchaes?

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