All Forum Posts by: Paul Marzolla

A true stated income, Fix & Flip Business Line of Credit!

Here at Oracle Loans we offer a unique solution for borrowers seeking financing without the hassle and uncertainty of traditional lending. Among these programs one truly stands apart from the rest; the Stated-Income Business Line of Credit for real estate investors who engage in Fix & Flip. This program offers a hassle-free experience for fix & flip business owners who need access to credit without having to worry about the time, costs, and documentation requirements often associated when getting a mortgage, loan, or home equity line of credit.

The beauty with this program is that there's no income verification, no financial documentation, and is 100% unsecured which means there is no collateral requirement. Also, since these credit lines do not report to your personal credit report it will not affect future financing transactions, such as getting a mortgage. Because of this flexibility it comes as no surprise that our most popular clients include real estate investors. Whether seeking to fix and flip, or fix and hold, this program allows investors to have open credit lines to make repairs or improvements not only for current projects, but future projects as well.

Whether you were turned down in the past due to the property type being ineligible, LTV was too high, DTI / DSCR was too high, or qualifying income was too low, the Stated-Income Business Line of Credit bypasses all of those major obstacles and lets you stay on track to accomplish your fix & flip goals.

As always, it's important to first know whether the basic lending criteria matches your scenario. Please refer below for an overview of the Stated Income Business Line of Credit:

STATED-INCOME LINES OF CREDIT:

• Credit Lines: $10,000 - $250,000
• 0.00% interest for first 6 – 12 months
• After introductory investor period ends, rates start at 8.99%
• If you have a 700+ FICO, no co-signer is required
• If your credit score is between 400 – 699 FICO, a co-signer will be required and must have a 700+ FICO. The co-signer does not need to be affiliated to the business.
• Upfront Fees: None
• No income verification
• No financial documentation required
• No collateral required, this is an unsecured program
• All industries are eligible
• Credit lines WILL NOT report to your personal credit report
• Business must be active for a minimum of 1 day
• Must have a legal US entity with Tax ID (LLC, Corporation, Partnerships, etc.)

ARE YOU A REAL ESTATE AGENT, LOAN OFFICER, OR OTHER INDUSTRY PROFESSIONAL WHOSE CLIENTS CAN BENEFIT FROM THIS LENDING PROGRAM? If so, we invite you to become an APPROVED PARTNER. Being offering flexible lending programs to your clients and earn a steady stream of commission along the way. Click here to become and Approved Partner.

Here at Oracle Loans we believe in providing unique lending solutions to help both you and your clients prosper. With that said, we're excited to announce new brokers/partners are now eligible to enroll with us and start offering clients our diverse Line of Credit options. Whether you're an established lending organization, small brokerage, an individual Loan Officer, or other industry professional; we know this program can help you and your clients achieve financial success. Additionally, no licensing is required to become an Approved Partner.

Stated Income Lines of Credit

Fix & Flip Lines of Credit

Real Estate Investor Lines of Credit

Startup Business Lines of Credit

Unsecured Small Business Lines of Credit

The programs offer unlimited use of funds (and many other perks) which has proven to be a deal-saver due to great flexibility. Most commonly, the Line of Credit can be used for:

REAL ESTATE TRANSACTIONS

• Down Payment
• Fix & Flip
• Property Acquisition
• Settlement Costs
• Renovation / Rehab / Repairs
• Paying down a current mortgage to get within a certain LTV or CLTV range.
• and just about EVERY other real estate scenario you can think of!

HOW TO BECOME AN APPROVED PARTNER:

Enroll Online, www.OracleLoans.com/partners

By phone, 844-748-5341

By email, [email protected]

LENDING GUIDELINES

Lending Territory: NATIONWIDE, all 50 states

Lines of Credit: $10,000 - $250,000

Interest: 0% first 6-12 months, 6.99%+ thereafter

Payment: Monthly

Income Verification: NONE

Financial Documentation: NONE

Collateral Requirement: NONE

Net Worth Requirement: NONE

First-Time Buyer: Allowed

Credit Reporting: Line of Credit DOES NOT report to the personal credit bureaus. It will not affect DTI or hinder the clients ability to qualify for future personal financing such as a mortgage, auto loan/lease, student loans, etc.

Co-Signers: Allowed

FICO: 700+ (no co-signer needed), < 700 (co-signer required)

Approval Time: 1 Business Day

IMPORTANT NOTES:

• must own an "Active" business for at least 1 business day. In the event the client does not own a corporation or LLC then they will need to file one with their state since this is technically a Business Line of Credit.
• must be a US Citizen
• ability to obtain a line of credit increase every 6 months.
• No upfront fees.
• Broker Compensation: 2.5% of the funded amount

or...

APPLY BY PHONE: 888-454-3001

Here at Oracle Loans we offer a unique solution for real estate investors seeking financing without the hassle and uncertainty of traditional lending. Among these programs one truly stands apart from the rest; the Real Estate Investor Business Line of Credit which is specifically designed for real estate investors who engage in both fix & flip and fix & hold. This program offers a hassle-free experience for real estate investors who want to use their business to access credit without having to worry about the time, costs, and documentation requirements often associated when getting a mortgage, loan, or home equity line of credit.

The beauty with this program is that there's no income verification, no financial documentation, and is 100% unsecured which means there is no collateral requirement. Also, since these credit lines do not report to your personal credit report it will not affect future financing transactions, such as getting a mortgage.

Because of this flexibility it comes as no surprise that our most popular clients include real estate investors. Whether seeking to fix and flip, or fix and hold, this program allows investors to have open credit lines to make repairs or improvements not only for current projects, but future projects as well. To apply please complete the Real Estate Investor Pre-Approval Form by clicking here or call us directly at .

Whether you were turned down in the past due to the property type being ineligible, LTV was too high, DTI / DSCR was too high, ARV wasn't within range, or qualifying income was too low, the Real Estate Investor Line of Credit bypasses all of those major obstacles and lets you stay on track to accomplish your goals; whether it be rehabbing a rental or finalizing a flip.

As always, it's important to first know whether the basic lending criteria matches your scenario. Please refer below for an overview of the Real Estate Investor Business Line of Credit:

Hank,

There are ways to tap into the equity of your properties without providing income docs. Will you get the best interest rate going full doc? Most likely. But if that is simply not an option whether it's because your tax returns won't truly reflect your earnings (possibly due to heavy deductions/write-offs) or if you haven't filed in a few years and fear the tax penalties, then going an alternative route could be of tremendous benefit. It seems like you have your heart set on this multi-unit in Chicago so it wouldn't hurt to at least weigh out the options with your current scenario. 

Best regards,

Paul Marzolla