A self-employed real estate broker needed to get as much cash out as she could for this 6 unit building in Glenview, IL to be used for other projects she wanted to pursue. She needed to do this in a way where her income would not have to be verified and it would be based solely on the value and cash-flow of the rental property only. The problem she was running into with the banks is that they were not only looking at the project but also her global cash flow. If the project is fine but your global scenario is a little out of whack for some reason they won’t do the deal. They will also always base their underwriting decisions on what is showing on your tax returns. So if you don’t look absolutely fabulous on paper you can usually forget about dealing with them and you will need an alternative. Thank God there is one!
With that being said, we had a Portfolio Rental Loan solution for her and were able to get her a true stated-income loan where we wouldn’t even ask for her tax returns, w2s, 1099s, or paystubs…None of that! Our program is based solely on the cash flow of the 6 unit building and credit. We were able to get her 70% LTV cash-out on a 30-year amortization, and a 5.125% rate! So, this is probably a little less than a point higher than a bank would be with NO INCOME VERIFICATION! Let me repeat…NO INCOME VERIFICATION!
Another important point is they did not ask where the money is going. Banks will want you to complete what is called a Sources and Uses of Funds Document in which you have to tell the bank in detail where the money is going. Well, maybe it is none of their business! We won’t ask with this commercial rental portfolio program. Buy Bitcoin with the proceeds for all we care! It’s your money!
- Up to 80% LTV on purchases
- Up to 70% on cash-out refinances / up to 75% 1-4 Units
- Single Family Homes, Condos, Townhomes, 2-4 Unit Buildings, and 5+ Units
- Minimum 660 FICO score
- Loan terms can be 5,7, or 10 year fixed
- Funding in 47 states (excludes VT, ND, SD)
- Can cross-collateralize multiple properties on this program
- Foreign Nationals allowed up to 70% LTV (eligible countries only)