It’s not hard money but looks like it. Rather than using traditional debt to income ratios to qualify, we use cash flow only (like in commercial loans).
I have long been frustrated when clients who are good and prudent investors get turned down for traditional Fannie Mae and Freddie Mac guidelines for loans.
They have good credit, provide good housing, and continue to invest in their properties and in new properties; yet they don’t qualify or their only resource is “hard money loans.”
Why Good Investors Don’t Qualify for Good Loans.
- They may have just retired and have lots of money but their tax return doesn’t show the income.
- Maybe they have too many properties according to the guidelines (some banks will not lend if you own more than 4 properties, some stretch to 10).
- Some of my investors have very low taxable income (therefore they don’t qualify) but have great cash flowing properties.
This New Program Can Change All That
Like I said, this is not hard money, but a loan that is based on good credit, equity, and cash flow. FINALLY no more DTI problems.
For Investors ONLY
- Do you own more than 10 properties? That’s OK!
- Do you have very little taxable income? That’s OK!
- Do you have a credit score over 700? Great!
- Do have a property that cash flows? We’ll need that.
- 3/1 and 5/1 ARMs at good rates.
This Program is Right for You If…
- You are a savvy investor, have a property that cash flows at a minimum 1.2 DSCR, or you have a free and clear property you would like cash out of; this might be the solution you have been waiting for.
- You have a hard money loan that you are paying 7-12% on and would like a “normal rate,” then this is definitely the solution for you.
Call me to get the full details.