Whatever your reason for refinancing ---Lower your rate -Change from ARM to fixed -Remove PMI -Pay off other debt -Make more investments -Foreclosure bailout -Buy out ex-spouse -Emergency funds -- We can help! Contact us to learn about our refinance programs.
In this video, we discuss a very innovative loan:The owner-occupied, lite-doc program. LITE-doc is what makes this loan special. The documentation requirements are simple. Seriously. If you're employed, provide written verification of your current income. If you're self-employed, provide a self-prepared P&L. That's it. It doesn't get more creative or flexible than this. Watch our video to learn more about this creative product. #owneroccupied #primaryresidence #secondhome #refinance #homeloans #mortgage #litedoc #profitandlossstatement #verificationofemployment #mortgagebroker #residentialmortgage #selfemployed #bankturndown #brokersarebetter When it comes to getting a loan to purchase or refinance your primary residence or second home, proving your ability to repay doesn’t have to be difficult. With a LITE. DOC. PROGRAM, you provide minimal documentation and you can still get high loan-to-value and favorable rates. Let’s see if this program is right for you. Number 1 -- Do you have a hard time showing your income? Under the lite-doc program, no tax returns or W2s are needed. And, you won’t be judged on what you made years ago. Instead, you simply provide a written verification of employment showing CURRENT income only. If you’re self-employed, you provide a P&L -- that can even be prepared by YOURSELF -- that covers JUST THE PAST 12 MONTHS. That’s it. Simple. Number 2 -- Do you have a high debt-to-income ratio? For many lenders, having a DTI greater than 43% is a deal-breaker. However, under the lite-doc program, DTIs as high as around 50% are allowed. Number 3 -- What are other unique features about the lite-doc program? Besides single-family homes, this program also applies to 2-4 units, warrantable as well as NONWARRANTABLE condos, PUDs, townhomes, and even co-ops. Finally, the credit score requirements aren’t overly strict, And the maximum loan-to-value is relatively high. That’s pretty impressive considering the minimal documentation you have to provide.
Exciting news alert! The owner-occupied, no-ratio program is back. Translation?That means you can qualify for a home loan or refinance -- WITHOUT having to satisfy any debt-to-income ratio requirements -- AND, no need to verify your income. It doesn't get more creative or flexible than this. Watch our video to learn more about this innovative product. #owneroccupied #primaryresidence #secondhome #refinance #homeloans #mortgage #noratio #noDSCR #mortgagebroker #residentialmortgage #selfemployed #bankturndown #brokersarebetter Brace yourself. The owner-occupied, no-ratio program is back. This is truly exciting news -- we haven’t seen something this creative and flexible in a long time. This could be the key to purchasing or refinancing your primary residence or second home. Let’s take a quick temperature check to see if this program is right for you. Number 1 -- Do you have a high debt-to-income ratio? Under this program, THERE. ARE. NO. DTI. RATIO requirements. Your DTI won’t even be calculated. Hence, why this program is called “No Ratio” -- this is huge. Number 2 -- Do you have a hard time showing your income? This program makes it super simple and goes a step further. YOU. DON’T. EVEN. HAVE. TO. STATE. YOUR. INCOME. If you’re self-employed, you just need a CPA letter. If you’re employed, you just need a written verification of employment. That’s it. No tax returns or W2s required. The lender will simply verify your employment. NOT. YOUR. ACTUAL. INCOME. Again -- this is huge. Number 3 -- Do you have good credit history? Like all things in life, there are tradeoffs. As discussed, this program offers 2 amazing features: No DTI ratio. And no need to verify your income. The tradeoff? You need above-average credit history. And you need to put more skin in the game -- by accepting lower leverage. But, the good thing is, gift funds are allowed for down payment, closing costs, and reserves.
We love helping real estate investors grow their portfolios.To purchase more real estate, our client wanted to do a cash-out refinance on his 8-unit multi-family Tampa property. We obtained the loan for him with a bridge lender. We were able to close quickly, shaving off time by getting the lender to accept an older appraisal from earlier this year. Watch our video to learn more. Contact us for all your commercial loan needs. #bridgeloan #investmentproperty #mortgage #mortgagebroker #brokersarebetter #sucessstory #cashoutrefinance #multifamily #8unit #tampaflorida Our client - a real estate investor - was seeking a cash-out refinance on his 8-unit multifamily property in Tampa, Florida. Previously turned down by other lenders due to liquidity issues, we got him approved by another lender for a 2-year bridge loan at 65% loan-to-value with a fixed interest rate, and interest-only payments. He plans to use the cash-out proceeds to invest in other real estate projects. And because there is no prepayment penalty, he will be able to refinance to a longer-term program once the market allows.
Challenge: Self-employed husband and wife want to buy their first home. But their tax returns show no income. Their bank denies their loan application. What can they do to get their dream house?Solution: The bank statement program. Under this program, you prove your income to the lender via bank statement deposits. Not a single tax return, pay stub or W2 is required. Outcome: Our clients are now proud homeowners with a 30-year fixed interest rate in the low 5's. Discover: Watch our video to learn about this #successstory, and contact us today to see if the #bankstatement program is right for your loan scenario. #selfemployed #selfemployedlife #mortgage #notaxreturn #nonqm #homeloans #mortgagebroker #brokersarebetter #homemortgage #entrepreneurs #bankturndown #mortgagesolutions #successstories #bankstatementprogram Our clients - a husband and wife team running their own clothing and apparel line - were turned down by their bank for a loan to purchase their first home. We got them approved by another lender under a bank statement program. This is a great solution for self-employed borrowers. We just had to provide 12 months of their business bank statements. With a down payment of just 20%, they are now proud homeowners, with a 30-year fixed interest rate of 5.25%. This is pretty impressive considering not a single tax return was required.
Calling all realtors with closing deadlines around the corner!We'd love the opportunity to help your buyer get to the closing table. We specialize in finding loans for tricky and difficult scenarios. For example, watch our video to learn how we helped a #foreignnational close on a $2.4 million #condo in only 4 days. Contact us to see how we can help solve your loan scenario. #brokersarebetter #realtorlife #mortgagebroker #problemsolving #closingtable Our client - a foreign national from Spain - was under contract to purchase a high-rise, luxury condo unit in Miami, Florida. He was turned down for a loan because he couldn’t satisfy the lender’s documentation requirements. On Monday, we found him another lender. On Friday -- just 4 days later -- we closed his loan. 65% loan-to-value, $1.6 million loan amount. No documentation was required for his income and assets. He’s now the proud owner of an investment property in a fantastic location.
Looking for a commercial real estate loan? Need to borrow $500,00 to $5 million?We can help! Despite COVID-19, many lenders have resumed their small-balance commercial loans. Watch our video to learn more. #multifamily #office #mixeduse #retail #lightindustrial #warehouse #selfstorage #automotive #mobilehomeparks #mortgagebroker #brokersarebetter #cre #smallbalance #commercialrealestate #loans As a result of COVID-19, many small-balance commercial mortgage lenders suspended originations and went dark. However, several of these lenders are re-opening their programs, Which is great news for business owners looking for loan amounts ranging from about $500,000 to $5 million. #1: Key factors determining rate and terms The terms of your loan, including the rate, will be driven mainly by these factors: Property location, property cash flow, debt yield, loan-to-value, guarantor credit score, and guarantor financial position and experience. And, of course, the lender will want to know the extent to which the property has been affected by COVID-19. Each deal will be risk-based-priced on those factors. #2: Commercial real estate assets Despite COVID-19, you can find a small-balance commercial loan for any commercial real estate type, including: Multifamily Office Mixed-use Retail Light industrial Warehouse Self-storage Automotive Mobile home parks, And Properties with triple-net leases.
Calling all multifamily investors! If you're looking to purchase or refinance, there are still loan programs available despite COVID-19.Even for the hairier deals, such as multifamily properties with #vacancies and #missedrentpayments, and properties that are in #tertiary or #rural markets. And, there are loan programs for all purposes, including #rehabilitation, #renovation, #stabilization, #valueadd, #partnerbuyout, and #shorttermbridge Watch our video to learn more, and contact us for more details. #multifamily #multifamilyinvesting #multifamilyinvestors #5unitsormore Despite COVID-19, multifamily can still be a great investment. If you need financing for a property with 5 units or more, there are still loan programs out there. #1 - Vacancies and missed rent payments Even if a multifamily property is suffering from vacancies or tenants missing rent payments, it’s still possible to find a lender for that property. Unlike banks, some non-bank lenders have less stringent cash flow requirements with lower minimum DSCRs. #2 - Geography Do you have your eye on a property that’s not in a primary or secondary market? Despite COVID-19, some lenders will consider multifamily properties in tertiary and rural markets, on a case-by-case basis. #3 - Purpose Besides the plain-vanilla reasons for getting a loan, i.e., purchase or refinance, There are still multifamily loans available for all other purposes including: Rehabilitation and renovation, Stabilization, Value-add, Partner buyout, And, Short-term bridge.
Calling all commercial real estate owners!Curious about the possibility of a cash-out refinance? Or have you fallen behind and need help with your mortgage payments? Despite COVID-19, you have options. Watch this video to learn about: 1. Tapping into the equity of your commercial property for emergency cash 2. Getting help if you can't afford your mortgage payments ~~~~~ BONUS: Want to learn more about lending options to help CRE owners? Read our article here: davidakrebs.com/commercial-lending-during-coronavirus/ #coronavirus #covid19 #brokersarebetter #mortgagebroker #cashoutrefinance #commercialmortgages #commercialrealestate #foreclosurebailout #foreclosure #loanmodification #cre #office #mixeduse #retail #industrial #warehouse #selfstorage #multifamily COVID-19 brings new challenges to owners of commercial real estate. Including banks not lending at all on CRE. What if you need emergency cash? Can you tap into the equity of your commercial property? The answer is -- It depends. The more your property is cash-flowing, and the lower your current leverage is -- The better your chances are of getting approved for a cash-out refinance. What if your note is about to mature or you can’t afford the mortgage payments? You can try to get a loan modification. Or you can seek a bridge lender to refinance you. And even if you already defaulted, you may be able to get a foreclosure bailout loan.
Calling all business owners! Do you need funds? But don't have any commercial real estate to pledge as collateral for a loan?You can still take out a loan. Specifically, a commercial & industrial (C&I) loan. Instead of #CRE, you pledge non-real-estate assets as collateral such as: #accountsreceivable #equipment #fixtures #furnishings #futurecreditcardreceipts #inventory #machinery Despite COVID-19, C&I loans are still available. Watch this video to learn more. ~~~~~ BONUS: Want to discover more about C&I loans? Read our article here: davidakrebs.com/ci-loans/ #coronavirus #covid19 #brokersarebetter #termloans #assetbasedlending #equipmentfinancing #linesofcredit #factoring #cashadvances #smallbusinessfunding You’re a business owner looking for much-needed funds during COVID-19. You try to get a loan, but you don’t have any brick-and-mortar commercial real estate to pledge. The solution? You can look for a commercial and industrial loan (also known as a C & I loan) How does a C& I loan work? With a C & I loan, you pledge non-real-estate assets as collateral, including: Accounts receivable Equipment Fixtures Furnishings Future credit card receipts Inventory; and Machinery What can I use the proceeds for? The loan proceeds can be used for anything, as long as it is directly connected to your business. Such as: emergency issues caused by COVID-19, partner buyouts, and capital expenses.
Calling all real estate investors!If you're looking for a loan for your rental or investment properties, you have many options despite COVID-19. In this video, we break down 2 creative loan programs for your next real estate investment project. ~~~~~ BONUS: Want to learn about 2 other great programs for real estate investors? Read our article here: davidakrebs.com/residential-real-estate-investment-loans/ #investmentproperty #investmentproperties #DSCR #nonowneroccupied #rentalproperty #rentalproperties #rentalportfolioloan #fixandflip #fixerupper #coronavirus #covid19 #brokersarebetter #mortgagebroker #landlordlife #investmentloans If you’re looking for a loan for your rental or investment properties, you have many options despite COVID-19.You want a loan to buy or refinance a rental property. But, your debt-to-income ratio is high. One solution is the “DSCR” program. The lender will focus on the property’s income and expense ratio (known as the debt service coverage ratio, or DSCR). No need to provide your tax returns. And even creative property types are allowed, including short-term rentals and condo-hotels. Are you looking to quickly purchase or refinance a fixer-upper to flip or rent? A short-term bridge loan of 1 to 2 years may be ideal for you. This loan is typically collateral-based, so no income documentation is necessary.
In this video, we break down 2 creative jumbo loan programs -- each one with a "WOW!" factor.Jumbo Loan Program 1: Cross-Collateralization -- "WOW!" factor: As low as 0% down payment! Jumbo Loan Program 2: Pledged Assets -- "WOW!" factor: As low as 10% down payment! ~~~~~ Therefore, if you're looking to #buy or #refinance a #residential property, with a jumbo loan amount of $510,401 - $15MM+, there are innovative loan programs available despite COVID-19. ~~~~~ BONUS: Want to learn about Jumbo Loan Program #3? Read our article here for an in-depth description of all 3 programs: davidakrebs.com/creative-jumbo-loan-programs/ #jumboloan #jumbomortgage #jumboloans #coronavirus #covid19 #luxuryrealestate #highrise #assetdepletion #pledgedassets #crosscollateralize #relocation #florida #newyork #california #mortgagebroker Despite COVID-19, jumbo loans are still available, and some with creative twists to help you minimize or even eliminate your down payment. This is just a fancy term for pledging real estate that you already own in addition to the collateral for your new loan. This can help you achieve up to 100% loan-to-value. In other words, no down payment. What if you don't own any real estate yet? Instead, you can use substantial liquid assets like stocks, bonds, or even mutuals. You can pledge that as collateral to obtain up to 90% loan-to-value.
In this video, we break down 2 creative loan programs for self-employed borrowers -- each one with a "WOW!" factor.Self-Employed Loan Program 1: Bank Statements "WOW!" factor: No need to provide tax returns. Self-Employed Loan Program 2: P&L Statement "WOW!" factor: No need to provide tax returns, and some lenders allow self-prepared P&Ls, instead of CPA-prepared. ~~~~~ Therefore, if you're #selfemployed, and you're looking to #buy or #refinance a #residential property, there are innovative loan programs available. ~~~~~ BONUS: Want to learn about other self-employed programs? Read our presentation here: davidakrebs.com/self-employed-borrower-loans/ #selfemployedlife #entrepreneur #homeloans #bankstatements #profitandlossstatement #coronavirus #covid19 #mortgagebroker If you’re self-employed, there are creative home loan programs just for you. Purchasing or refinancing is still possible, despite COVID-19. Like many entrepreneurs, you don’t have paychecks or steady tax returns to show income. So, how do you qualify for a loan? One way is — bank statements. You provide 12 or 24 months of bank statements, and you qualify based on the deposits. No tax returns or W2s needed. What’s another way to show your income? A profit-and-loss statement covering 12 or 24 months. Some lenders even allow the P&L to be prepared by yourself, instead of a CPA.
Calling all foreign nationals!If you're looking for a loan to purchase or refinance an investment property or second home in the U.S., you have many options despite COVID-19. In this video, we break down 2 scenarios where foreign national loan programs are still available. 1. Jumbo loan for a vacation home 2. Cash-out refinance on an investment property ~~~~~ BONUS: Want to learn more about foreign national loans? Read our article here: davidakrebs.com/foreign-national-loans-florida/ #foreignnational #foreignnationals #foreignnationalloan #greencard #workvisa #secondhome #jumboloans #investmentproperty #investmentproperties #nonowneroccupied #rentalproperty #rentalproperties #rentalportfolioloan #coronavirus #covid19 #brokersarebetter #mortgagebroker #cashoutrefinance #purchase Despite COVID-19, foreign national loans are still available to purchase or refinance a second home or investment property in the U.S. No matter what your goal is. Here are just two examples. You want to purchase a vacation home. Can you get a jumbo loan at 70% loan-to-value? Yes, foreign nationals can qualify for jumbo loan amounts up to $25 million. And higher LTVs with a foreign credit report. You want a cash-out refinance on your investment property, which is a short-term rental unit. Is that possible? Yes, lenders have foreign national programs for all property types, including short-term rentals, non-warrantable condominiums, and co-ops.
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