After discussing our cashflow-based no income docs investment property financing with less than 1 point upfront, I've got additional bad news for hard money lenders in California. 

This time, it will be good news for higher income folks that may not show that income on their tax returns (for whatever reason) that want to buy a personal residence, and real estate agents who have clients that fit that bill.

This one is our Jumbo 90% LTV Self-Employed Bank Statement Income Product. 

• You've got good credit? Up to 90% LTV for owner occupants.
• Loan amounts up to $2m, still at 90% LTV, with higher loan amounts on a case-by-case basis. 
• Bruised credit or derogatory credit event? FICOs down to 500. As long as the foreclosure, short sale, or bankruptcy is fully done / discharged / over, this is not necessarily a deal breaker. 
• Less than one discount point. Typically 0.25 to 0.5 discount points. This is not hard money, nor is it portfolio. The paper will be marked up and sold to Wall Street, yielding profit on the back end, meaning no need to charge you 3 or 4 points upfront. Rates will be higher than Fannie/Freddie (this product is not government subsidized in any way), but interest rates will still be far far lower than hard money. "Non-agency conventional" is the term we use internally, if you want a term. 
• 12 to 24 months of personal or business bank statements. Bank statement deposits will be documented as income, for self employed persons. This is not stated income, the game-plan here isn't to set you up for foreclosure. 
• No tax returns. I will likely ask you for copies of your tax returns to see if we can do it using more traditional financing, but they are not necessary for this program, for self employed persons. 
• Typically closes in 30 days or less. It's kind of up to the borrower how fast we can close.
• Cash out up to 75-85% LTV depending on the strength of the application. 
• 30 year fixed available in some scenarios, 5/1 ARM only in others.
• 2-4 unit properties eligible on a case-by-case basis, 5 business day turnaround from when all requested docs are received to make the determination. We also count rental income aggressively for owner occupied 2-4 unit properties with our standard Fannie/Freddie/FHA 30YF product line, however, so I might suggest we also explore that if you're in this category.
• Appraisals can often be transferred, 3 day turnaround time on the yes/no determination. Real estate agents, this is your deal-saver when that other lender half-way through the transaction says that all of a sudden your self-employed fully preapproved buyer "doesn't" earn enough to qualify. Bookmark this page. 
• Complimentary longer term game plan. Optionally, we will put a game plan together to get you out of this financing and into Fannie or Freddie-like financing. 
• Some of the features mentioned in the cashflow-based investment property product are applicable here, and some of the features over there are applicable here. Let me know the scenario, and let's chat. 

My contact info is in my signature block. Drop me a line. In case the pattern hasn't been spotted yet, we've got niche products no one else can touch. 

Equal housing lender. This is not a commitment to lend or extend credit. Restrictions may apply. Rates may not be available at time of application. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Bay Equity LLC, 28 Liberty Ship Way Suite 2800, Sausalito CA 94965. California Real Estate only please, places like the Bay Area, Los Angeles, San Diego, Orange County, Marin County, etc.

Hello, great precasts you offer @Chris Mason

Any branches you have that can provide same products in Midwest states? 

Originally posted by @Carlos Altamirano :

Hello, great precasts you offer @Chris Mason

Any branches you have that can provide same products in Midwest states? 

 Alas, I have no specific knowledge about what non-Agency products our folks in the midwest offer.