- August 14, 2024
- Posted by: Greg
- Category: financing
We closed a loan with a private lender and the process was simple, so I wanted to start brokering more loans with them. In-house underwriting and docs with over 30 years of experience.
Are you looking the free up some capital in an investment property? Want to use the equity in your home to finance a business?
This lender is perfect for those tough scenarios. No minimum fico score requirement, LTV-based lending.
Business purpose Loans can be owner occupied. Self employed borrowers often need these kinds of loans when it’s hard to qualify at the bank. You’ll have to sign a disclosure acknowledging its a business purpose and explain via video what the business purpose is.
Loans close within 15 days with this lender, they order appraisal and their make sense underwriting guidelines are focused on the equity not the credit score of the borrower.
They are able to work with borrowers with low credit scores, prior bankruptcies and foreclosures.
They allow: 1st, 2nds or 3rds to 65% CLTV
Loans from: $50,000-$10,000,000+
Loan terms: From 6 months to 10 years, with interest only, partially amortized and fully amortized loans available.
They loan to individuals, trusts, corporations and limited partnership companies
Their services include cash-out with no seasoning, construction, and rehab using ARV, commercial, residential, multifamily, non-owner occupied, owner-occupied for business purposes, and some land.
Docs Needed
Purchase
After complete an application, they pull credit, or you provide it, provide your driver’s license, insurance, if leased, the lease, they will order appraisal unless you have one, purchase agreement if you have one, they will order the prelim.
Construction Needs List
Same process as above, but also provide copies of Construction Insurance, plans, permits, draw schedule (we have a template) purchase contract with all addendums and seller carry info.
Provide a resume on the licensed contractor, copy of your contract with the contractor, Resume on the borrower and their experience.
Eligible States
AL, AK, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID(C), IL(C), IN, IA, KS, KY, LA, ME, MD, MA, MN(C), MS, MO, MT, NE, NH, NM, OH, OK, OR(C), PA, RI, SC, TN, TX, UT(C), VA(C), WA, WV, WI,
How to Apply – Provide these Details
- Subject Property Address:
- Property Type (SFR, Industrial, Retail, etc.):
- Loan Type (1st or 2nd or Construction):
- Property’s Current Value:
- Current Mortgage (Rate & Term & Balance):
- Requested Loan Amount (in first or second position):
- CLTV/LTV:
- Credit Score:
- Use of Funds:
- Exit Strategy:
Loan Types
- Cash out Refinance
- Rate & Term Refinance
- Purchases
- Bridge Loans
- Buy and Hold
- Cannabis Loans
- Fix and Flip
- Ground up Construction
Asset Types
- Residential 1-4 units
- Ground-up Construction
- Mid-Construction
- Construction as a Second Mortgage
- Multifamily – 6+ units
- Commercial
- Industrial
- Improved Land
- Entitled Projects
- Mixed Use
- Retail
- Office
- Shopping Centers
- Hotels
- Specialty Properties
- Gas Station
- Land
- Special Use
- Automotive
- Restaurants
Recently Funded Deals
Deal Type: Cash-Out business purpose
Location: Fontana, CA
Loan Position: Second
Loan Amount: $180,000.00
Scenario: Borrower needed funds to expand their restaurant
Deal Type: Cash-Out business purpose
Location: Arbuckle, CA
Loan Position: First
Loan Amount: $700,000.00
Scenario: Borrower needed funds to buy heavy equipment
Deal Type: Construction
Location: Sacramento, CA
Loan Position: First
Loan Amount: $2,080,000.00
Scenario: Borrower needed funds to build a mix use building
Deal Type: Cash-Out business purpose
Location: Tomball, TX
Loan Position: First
Loan Amount: $1,300,000.00
Scenario: Borrower needed funds buy an investment property