Bob Thompson, Account Executive
Stated Income-Verified Asset Loans, Alternative Documentation (ALT-doc), Private Money Loans - Cash-out Refi 70% LTV and Purchase to 80% LTV | No taxes or w2's needed
Service Area: California and Nationwide
Years of Service: 25
Service Type: Real Estate
Market Focus: Standard
No Income HELOCs, Hedge Fund, ALT Documentation and Private Money
Mortgage Loan Products.
1) Stated Income - Verified Assets, Home Equity Line of Credit (HELOC)
No Income Listed on the Application
Owner-Occupied, Non-Owner Occupied and Second Homes - SFR's, 2-4's and Condos. 600+ FICO needed.
Loan amounts $150,000 - $1,500,000.
60% LTV to $1,000,000 total outstanding loans (including new HELOC)
50% LTV to $1,500,000
5.25% interest only, start rate for the 10 year draw period, 20 year amortization. 1 floating (in 1st position or for free and clear properties) or 6.25% (in 2nd position) 2 over WSJ Prime.
18% lifetime cap.
3 monthly repayment options are available.
2.5 points + $845 processing in a Holding Escrow account. (Holding Escrows are to be funded before submission and fees are 100% fully refundable in the event of no close of escrow or cancellation, CA cash-out transactions fees can be at the close of escrow)
At the Bank: Half a point for Underwriting. Fees in the transaction are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All loans have separate non-refundable cost of appraisal and credit report, +/-($550)
Hedge Fund, Stated Income-Stated Asset (SISA) Loan Product for Residential or Commercial
2) True Stated Income, Stated Asset Purchase or Refinance Loan
Loan Amounts to $2,000,000.
Loans for Non-Owner and Investment properties up to 75% LTV.
Terms: 3 and 8yr ARMs - fixed then adjustable for remainder of 30 years.
Rates from 7.5% and 2 points.
650 minimum FICO score required. Interest reserve options. 21 day close of escrow.
Construction to completed 65% LTV
Investor & REO financing - Any amount of properties allowed
In Bankruptcy or Foreclosure OK.
Unlimited cash out. No title seasoning required.
Fees: 2 points in the transaction, no holding escrow is required. $1995 in the transaction will cover underwriting and processing. Additional costs are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All fees are in the transaction, loans have separate non-refundable cost of appraisal and credit report, +/-($550).
Alternative Documentation (ALT-Doc) Loans
3) 12 Month Bank Statement Averaging or 1 Year Taxes or Asset Amortization Loans for Self-employed Business Owners.
No Taxes, w2's or executed 4506T are required.
Must be Self-Employed for the last 2 years. Realtors are considered self-employed.
Terms: 3, 5, 7 and 10/1 ARM's, 30 years amortization. Rates from the high 3's.
Owner Occupied and Non-Owner Investment properties, SFR and 1-4's.
Loan to value up to 70% for a purchase or rate and term refinance to 4M
LTV up to 70% for a Cash out Refinance to 3.5M
Interest only payment available. Minimum FICO score is 620
Qualifying - Using the Borrower's last 12 bank statements, we average the gross deposits, draws and wires and use that as the income to qualify for the loan.
45% DTI based on deposits and debts on the credit report and with the new mortgage. We need proof of 9-12 months PITIA reserves and the down-payment for the subject property seasoned in the bank for 60 days on Owner Occupied and 12 months reserves on all debt on Non-Owner properties.
Fees: 1.5 points in a Holding Escrow payable at the close of escrow. (Holding Escrows are to be funded before submission and fees are 100% fully refundable in the event of no close of escrow or cancellation).
Fees at the Bank:$1295 in the transaction will cover underwriting and processing. Additional costs are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All fees are in the transaction, loans have separate non-refundable cost of appraisal and credit report, +/-($550).
This loan is available: California and 25 other states.
4) No Income - Verified Assets for Investment and Owner-Occupied Properties
680 Mid FICO, SFR's 1-4 units, Condos and PUDs (must be warrantable)
Terms: 5/1 ARM from 4.45%
Purchase: 70% LTV to $2M, 100% of Purchase Price can be gifted
Refinance Rate and Term: 65% LTV to $2M
Refinance with Cash Out: 60% to 1M, 50% LTV to $5M
Reserves as low as 6 months
Employer and Income to be left blank on the Loan Application
New job or Business, OK.
No max properties owned or financed
No max acreage (cannot be considered agricultural on appraisal)
Foreign National Buyers OK (no social security number/credit or US Status required)
Less than 30 days to close
Fees: 2.5 Points + $845 processing in the transaction.
Loan available in: CA, TX, WA, IL, NY and NJ
Private Money to 80% LTV - Close in 7-10 days
5) Private Money Loans for Non-Owner Occupied properties.
Loans for purchase and refinance up to 80% LTV.
Terms: 1, 2, 3 or 4 year loans amortized for 30 or 40 years.
Rates from 7% and 2 points.
NO minimum FICO score required.
Interest reserve options in lieu of reserves.
7-10 day close of escrow.
Investor, REO and Fix and Flip financing with NO Prepayment penalty up to 80% LTV.
Any amount of properties allowed.
In Bankruptcy or Foreclosure OK.
Unlimited cash out.
No title seasoning required.
Fees: 2 points in the transaction, no holding escrow is required. $1495 in the transaction will cover underwriting and processing. Additional costs are customary escrow, title, docs, prepaid interest, transfer taxes and recording fees. All fees are in the transaction, loans have separate non-refundable cost of appraisal and credit report, +/-($550).
Loan available: Nationwide
Requirements and Documentation:
Complete the loan application, leaving the income section blank, initial, sign, date and return. Provide copies of Note, Deed of Trust, Driver's Licence, Social Security card, copies of the hard copy Bank Statements, all pages (Last 2 for HELOC and ALT doc,12 for Bank Statement program), Mortgage Statement, Insurance Declaration page and Purchase Agreement, if purchase. We will provide a Loan Consultancy Agreement and Escrow Instructions, to be fully executed and returned. Please scan, correctly label and email all documents.
Last 2 months Bank/Asset statements showing at least 40 months of PITI payment reserves. 25 months of that should be liquid. Credit will be pulled and must be derogatory free last 12 Months. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 5 years allowed. Borrower may be required to open a deposit account with the Bank (FDIC insured) and enroll in auto-pay for the mortgage payment.
12 Months Bank Statements:
Last 12 months of Bank or Asset Statements showing 6 -12 months of mortgage payment reserves. Credit will be pulled at the Bank and must be derogatory free last 12 Months.No bankruptcies, short sales, deed-in-lieu or loan mods on credit history in the past 5 years allowed, foreclosures (7 years).
The information furnished here is preliminary. This is not an offer nor a commitment to lend and shall not be construed as such. Rates, terms, loan products and loan conditions may be changed without notice, example of rates as of 9/1/17 on a CA refinance loan amount of $417,001 with a 740 FICO and 70% LTV, 30 year 7/1 ARM, 4.875%/4.95% APR. All private money loans offered in accordance and compliance with CalBRE regulations. Stated loans are provided to, and conform with applicable state laws regarding commercial lending transactions for business purposes. All loan transactions are subject to the submission of a formal application, appraisal, underwriting, and written lender approval. Loan approval terms may vary by asset type and borrower credit worthiness. Insurance acceptable to the lender on subject property is required to be maintained on the subject property for the duration of the loan. All rights reserved, 2013-2017.
- Single Family Homes
- SIVA Loans
- No Income HELOCs
BENEFITS OF SERVICE
- Stated income
- No Taxes
- No w2's
- No 4506T needed
- Verified Assets
- Stated HELOCs
- No Income Loans
- NO Income HELOC
- Owner-Occupied Stated
- Private Money Stated Purchase Loans
- Private Money Refi Loans
- Private party can apply direct
- No Income Owner Occupied
- General public can apply direct
- Private Money can be submitted wholesale with Employing Broker and NMLS/MLO licence
Stated Loan Application - https://app.box.com/s/ygfn9xzk0yrlb7hjbenorbr9bcx7bp6g
ALT-Doc Loan - http://www.altdocloan.com
• Post ID: 72626288 sf