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10-04-2021, 07:19 PM #1
- Join Date
- Oct 2021
- Posts
- 3
Owner Occupied Hard Money in WA State
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
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10-04-2021, 08:48 PM #2
- Join Date
- Mar 2016
- Posts
- 124
purchase with hard money.
Mike Lewis - commercial real estate loan broker / owner
No up front fees loan broker
Commercial real estate loans: Acquisition, refinance, construction and FAST bridge loans from $200k +
tel/voicemail: 937-964-5355
cell/voicemail: 440-637-5646
corporate email: mikelewis@michaellewisgroup.com
www.linkedin.com/in/cigarmike
Veteran Owned
WE CO-BROKER with an even 50/50 split and we both get paid by wire at close.
We issue a combination mutual NDA / fee split, you introduce your CRE clients to us stating simply we handle your commercial real estate loans, we take it from there and keep you in the loop. When a loan you referred closes, you get paid at close by wire.If you can work with that please do not hesitate to contact us. Our loan forms are vanilla with no company name.
Michael Lewis Group Commercial real estate loans
http://michaellewisgroup.com/index.html
Loan Matrix
Forms
About Us
Discounted cell phone plans starting at $15 / month. AT&T from $30/mo, T-Mobile from $15/mo, Verizon from $35/mo.
http://arthodyd.com/d.html
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10-04-2021, 10:25 PM #3
Last edited by Olderguy; 10-04-2021 at 11:15 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-05-2021, 11:50 AM #4
- Join Date
- Oct 2021
- Posts
- 3
Hi Michael, It will be a primary. Thank you for the response. I will keep you in mind for the future ones.
Keri Millar
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10-05-2021, 11:51 AM #5
- Join Date
- Oct 2021
- Posts
- 3
Hi Steve, I am intrigued by this structure. I will reach out to you today.
Thank you, Keri Millar
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10-05-2021, 12:04 PM #6Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-05-2021, 12:34 PM #7
- Join Date
- Feb 2017
- Posts
- 3,463
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.
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10-05-2021, 12:39 PM #8Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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10-05-2021, 03:22 PM #9
- Join Date
- Mar 2021
- Posts
- 48
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.Last edited by FundNonPrime; 10-05-2021 at 03:27 PM.
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