Updated over 7 years ago on .
Purchase, Cash-Out Refi - 30 Yr am NO DSCR!
-Are you claiming losses on your tax returns and therefore cannot prove to the bank you can debt service your loan?
-Are you not claiming all the cash your business makes and again cannot prove to the bank you can debt service your loan?
-Are you self employed?
-Do you have a tax lien against your property?
-Do you have IRS issues you need to settle?
-Do you want cash out on your property to go buy other properties?
-Do you need to close in 30 days or less?
-Tired of the long drawn out banking process and all the documents that are required to close?
...THEN TRY A BANK ALTERNATE / STATED LOAN!
Fico: 650 mid socre+
Loan Terms: 30 years AM. 3 & 8 yr. fixed options
Loan Size: $100K to $5 Million
Max LTV: 75% Multi-family & mixed-use, 70% for all other property types. 75% LTV also for 1-4 unit investment properties.
Debt Service Ratio: 1.25. No DSCR analysis for loans under 500k!
Interest Rate: Multifamily, Mixed use & 1-4 units= 7.49%-8.50%. Other property types= 7.99%-9.25%
Property Types: Multifamily (5+ units), mixed-use, office, retail, warehouse, self-storage, auto-service (no old gas stations or underground storage tanks). 1-4 unit investment properties!
Pre-Payment Penalty: 5% for fixed period.
Use of Funds: Purchase, Refinance, Cash-Out Refinance
Asset verification: 1 month of bank statements to prove borrower can close.
Special: NO TAX RETURNS REQUIRED, All cash out available!
Required Loan Docs: Executive Summary, Current rent roll, Copies of all leases, 1003, Past two years operating statements & current year-end operating statements, Pictures of property, Tri-merge credit report.4
Contact me for more details at [email protected] / 920-285-8900