Looking for Portfolio Lender

[Brandon Slater]

My funding just fell through.  The bank (Citadel) who I had applied with and said they would do a 12 month bank statement loan, changed their mind at the last second and required full doc with the standard 24 months self employment history, which I don't have. 

I am 14 months self employed, business has exploded, I am earning $30k-$40k per month.  I have 20-30%  I can put down on a home.  Just need a lender who will make an exception to the 24 month self employed requirement.  

Need to close in 3 weeks. Credit score 680. DTI and bank statements look great.

Purchase price is $795k, property appraised at the purchase price. 

Please respond if you have a program for me, thanks!

[Trevor Thompson]

Brandon,

I may be late to the game on this discussion.  Did you find financing?

I live and invest in Salt Lake and Utah Counties.  I have a different solution than what has been offered already.  

Why not turn the Seller into your Lender?

If you have 20-30% down payment, chances are they have a mortgage on the property already.  Offer them a premium (points down), keep their existing loan - with a time limit if they desire, and make their mortgage payments on time.  If they are concerned you can always pay 1-2 months ahead, give them a reserve account, or hold it in an escrow company.

Call me directly if you would like to talk more about it.

Trevor