I'm not only a lender, but a real estate investor too. I personally have been investing in real estate for over 10 years, and understand the challenges that residential real estate investors face every day. Whether it’s working to improve cash flow, convert loans to better terms, or unlock equity from existing property.
Have you been turned down by the bank due to the following reasons? If so , I may be able to help.
1. Credit score under 700?
2. Property cash flow is good but personal debts are to high?
3. Do not show enough income on tax returns?
4. Own to many properties?
5. No cash out based on fair market value for 6-12 months?
6. Etc., etc., etc.
We make “asset-based” loans, which means we evaluate the cash flow of your rental property rather than your personal debt to income ratio. - No tax returns required - Bank rates/terms - Cash out based on fair market value - 90 day value seasoning.
The main difference's between us and a traditional bank.
1. We offer 10 year fixed rate/ 30 year amortizations. In general, banks only lend up to 5yr/20 amortizations
2. We offer non-recourse loans - Banks only recourse
3. We do not require tax returns and do not look at your personal debts. We only care about the cash flow of the property - With banking, there is something called global debt service ratio that can kill a deal very quickly because personal debts are counted against you.
4. We allow 90 day value seasoning from the day you close. This will allow you to cash out based on fair market value with out waiting 12 months, therefore leveraging the equity to buy more property sooner than later - Most banks will not allow you to leverage the equity until property is owned for 12 months
5. We do not care how many properties you own, we can finance as many as you would us like to.
6. Minimum FICO 660 - Most banks 700 and higher
7. Cash out for anything - Most banks want to know where the cash is going to be spent
8. Minimum Debt Service ratio 1.2% NO Global Debt Service Ratio. We only look at the asset- Traditional banking count personal debts against you
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