[K & K Investing]

We have a borrower who is currently renting a residential property. It is a historic house. But still residential. He wants to purchase with hard money. Lowers score 660's . Income is in assets , No regular income per say. Residential wont touch him unless 700 score for a asset depletion loan. Hard money people so far are saying no because it is hard money. lol

Any thoughts?
Purchase price 1.4M
400K Down
Washington State location near Seattle.

has 1.5M in Stocks and other assets
660 score.

Thanks in advance!
Kevin Millar
K & K Investing, LLC

[creloan]

Will it be a primary residence or an investment / rental property?

We can help with the latter.

We have a borrower who is currently renting a residential property. It is a historic house. But still residential. He wants to purchase with hard money. Lowers score 660's . Income is in assets , No regular income per say. Residential wont touch him unless 700 score for a asset depletion loan. Hard money people so far are saying no because it is hard money. lol

Any thoughts?
Purchase price 1.4M
400K Down
Washington State location near Seattle.

has 1.5M in Stocks and other assets
660 score.

Thanks in advance!
Kevin Millar
K & K Investing, LLC

[Olderguy]

We have a borrower who is currently renting a residential property. It is a historic house. But still residential. He wants to purchase with hard money. Lowers score 660's . Income is in assets , No regular income per say. Residential wont touch him unless 700 score for a asset depletion loan. Hard money people so far are saying no because it is hard money. lol

Any thoughts?
Purchase price 1.4M
400K Down
Washington State location near Seattle.

has 1.5M in Stocks and other assets
660 score.

Thanks in advance!
Kevin Millar
K & K Investing, LLC

You can do hard money on primary residence used as business purposes. (55% by federal law) You can also do primary as NOO renting it to yourself. (buy in in a LLC and renting it from LLC) You're not talking to right people. LTV 75%.

[K & K Investing]

Hi Michael, It will be a primary. Thank you for the response. I will keep you in mind for the future ones.
Keri Millar

[K & K Investing]

Hi Steve, I am intrigued by this structure. I will reach out to you today.
Thank you, Keri Millar

[Olderguy]

Hi Steve, I am intrigued by this structure. I will reach out to you today.
Thank you, Keri Millar

Not going to be easy.

[abfunders]

The non-bank mortgage lenders who I work with don't allow OO even if the LLC is renting to a family member. Business purposes ONLY and arms-length transactions.

[Olderguy]

The non-bank mortgage lenders who I work with don't allow OO even if the LLC is renting to a family member. Business purposes ONLY and arms-length transactions.

This is hard money...private...

[FundNonPrime]

If the client can prove they have lived in the property as their primary for 12 months or greater and can prove they are paid as agreed for 12 months or greater and have 3% of their own money into the property you can write this paper as a refi, not a purchase thus saving the client the down payment.

As far as the income source if you can prove the $1.5mil this is ATR in full, therefore no other income documentation is required, not employment required.

Reach out with any questions. This would be institutional money not private money. high 4's, low 5's on a 30 year depending on appraised value.

Side Note: I am writing asset utilization paper down to 640 FICO, 600 on exception basis.