Our investment property loan program for commercial rentals helped a lawyer in Chicago that needed cash to fund a real estate project that was long overdue. When examining his scenario, we saw that he had some equity in a 3-unit rental building that could be used to fund that project rather than a construction loan which would be more expensive.
He said his verifiable income would be the issue due to the fact that he was self-employed and did not show a lot on paper. Well, this would not be an issue as I told him we would only consider the income of the property to underwrite for this investment loan and not his personal income. He can keep his personal income information to himself because we won’t ask for any verification of any of it.
This was a relief to him because he just didn’t know something like that even existed. We were able to secure him a 30-year fixed loan and he now could proceed with his investment property project on his own timeline and not worry about a construction loan timeline. He is very happy with us and wants to work on more projects when this one is complete.