No Income HELOCs, Hedge Fund, ALT Doc and Private Money Mortgages (San Francisco)

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  • Address:San Francisco, CA 94111 (map)
  • Date Posted:08/30/16
  • Description:
  • Stated Income HELOCs, Hedge Fund, ALT Doc and Private Money Mortgage Loan Products.

    1) No Income Home Equity Line of Credit (HELOC) - Owner-Occupied, Non-Owner Occupied and Second Homes - SFR's, 2-4's and Condos.
    600+ FICO needed.
    Loan amounts from $150,000 - $1,500,000.
    60% LTV to $1,000,000 total loans outstanding including new HELOC
    50% LTV to $1,500,000
    4.5% interest only start rate for the 10 year draw period, then 20 year amortization and 1 floating over WSJ Prime in 1st position or on free and clear properties or
    5.5% interest only start rate for the 10 year draw period, then 20 year amortization and 2 floating over WSJ Prime in 2nd position.
    18% lifetime cap.
    3 monthly repayment options are available.
    Must provide proof of 20 months of liquid PITIA reserves.

    Available in the following California counties: Alameda, San Francisco, Santa Clara, Sacramento, San Mateo, Orange, LA and San Diego. And in New York (except Nassau and Suffolk counties), Nevada (Clark County only), MA, WA and GA.
    FEES: 2.5 points + $845 processing in a Holding Escrow account*

    Hedge Fund, Stated Income-Stated Asset (SISA) Loan Product for Residential or Commercial

    2) Stated Income, Stated Asset - Purchase or Refinance Loan
    Loan Amounts to $2,000,000.
    Multi-Family Units, SFR's, 1-4's, Office, Warehouse, Retail, Commercial
    Loans for Non-Owner and Investment properties up to 75% LTV.
    Terms: 3 and 8 yr ARM's - fixed then adjustable for remainder of 30 years.
    Rates from 7.75% and 2 points. 650 minimum FICO score required.
    Interest reserve options.
    21 day close of escrow.
    Investor & REO financing
    Any amount of properties allowed
    In Bankruptcy or Foreclosure OK.
    Unlimited cash out.
    No title seasoning required.
    Available in: USA.
    FEES: 2 points in the transaction.

    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.
    3, 5, 7 and 10/1 ARM's, 30 years amortization. Rates from 3.875%.
    Owner Occupied and Non-Owner Investment properties, SFR and 1-4’s.
    Loan to value 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 scores are 720 for Purchase and rate and term, 740 for cash-out.

    Qualifying - Using the Borrower’s last 12 primary Personal bank statements, we average the gross deposits, draws and wires from your business and use that as the income to qualify for the loan.
    using the Borrower’s last 12 primary Business bank statements, we average the net deposits, less withdrawals 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 12 months PITIA reserves 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.

    This loan is available: Nationwide.
    FEES: 1.25 points in a Holding Escrow account*

    4) No Income, Verified Asset Loan for Investment and Owner-Occupied Properties.
    700 mid FICO, SFR's, 1-4's, Condos and PUD's
    Terms: 7/1 ARM, 30 year term from 4.875%
    Purchase: 70% LTV to 2.5M, up to 25% of the down can be gifted.
    Refinance: 65% LTV to 2.5M, Cash out: up to 60% LTV to 2.5M.
    Reserves as low as 6 months. Less than 30 days to close.
    Employer and income to be left blank on application.
    No maximum number of properties financed or owned.
    No maximum acreage on non-agricultural properties.
    Foreign national ok, no Social Security or US status needed
    Available: CA, TX, WA, IL, NY and NJ.
    Fees: 2.5 points + $845 processing in the transaction.

    Private Money in California, FL, AZ, WA and TX to 75% LTV - Close Escrow in 7-10 days

    5) Private Money Loans for Non-Owner Occupied properties.
    Commercial and Residential Loans for purchase or refinance up to 90% LTV*.
    Terms: 1, 2, 3 or 4 year loans amortized for 30 or 40 years.
    Rates from 7% interest only and 2 points.
    NO prepayment penalty 1 year loans for FIX and FLIP.
    3 year, 30 year amortization loan for BUY and HOLD.
    NO minimum FICO score required.
    7 day close of escrow.
    100% ARV for Investors & REO financing. Interest only available.
    Any amount of properties allowed.
    Interest reserve options in lieu of reserves.
    In Bankruptcy or Foreclosure OK.
    Unlimited cash out.
    No title seasoning required.
    Loan available in: California, Arizona, Washington, Texas and Florida. Also available nationwide.
    ** 90% of the purchase price or 80% of the appraised value whichever is lesser.
    FEES: 2 points in the transaction

    Requirements and Documentation:
    Complete the loan application, leaving the income section blank, initial, sign, date and return. Provide copies of Drivers Licence and Social Security card. Send copies of the Bank Statements (Last 2 for HELOC, 12 for Bank Statement program), Mortgage Coupon, 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, label and email all documents.

    No Income HELOC:
    Last 2 months Bank/Asset statements showing at least 20 months of liquid PITIA reserves. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 2 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 Bank or Asset statements showing 12 months of mortgage payment reserves. Credit will be pulled at the Bank and must be derogatory free last 24 Months. No bankruptcies, short sales, deed-in-lieu or loan mods on credit history in the past 5 years allowed, foreclosures (7 years).

    Fees vary by institution, Loan #1 has a .5 point, loan #2 $1995, loan #3 $1295, loan #4 $1495 in the transaction, this will cover underwriting and processing. Additional costs 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).

    *Holding Escrows: Are to be established in the borrowers' name with an Independent Licensed Escrow Company and funded beforehand and are fully refundable in the event of no close of escrow.

    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 8/30/16 on a California 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.

    Many other ALT-doc loan products are available, please contact:

    ​Bob Thompson
    Wholesale Account Executive
    (562) 344-LOAN
    [email removed]

Ad ID: 42216480
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