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RickoJC
65 Posts |
 Posted - 05/01/2008 : 5:29:41 PM
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Okay - got to love this one...
Self employed - bank statements to support income
$400K in assets - no one seems to care
748 FICO score
No lates
$990K 1st
$350 2nd
78% CLTV
high rate both loans
will go to larger 1st or single loan
Anyone any ideas... |
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Isoe
7 Posts |
Posted - 05/01/2008 : 6:15:01 PM
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| which banks/investors have you tried calling? do you have an appraisal? I need the full scenario and may be able to help. |
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RickoJC
65 Posts |
Posted - 05/02/2008 : 08:41:55 AM
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| I have tried all I have access to and some... Got the full package... Not sure if another broker can do any more than I've tried... |
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dkendall1979
8001 Posts |
Posted - 05/02/2008 : 08:46:45 AM
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| Go full doc, use some of that $400k to pay it down to 70% CLTV, and I've got a loan for you. |
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jcanepa
800 Posts |
Posted - 05/02/2008 : 08:50:03 AM
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| bank statements won't fly on this. You would have to go Full Doc. But the Owner, your borrower, probably shows a loss and that's why you can't. Correct? You want to show the large deposits from the business. I don't know if any lenders will do this with bank statements especially with those LA's. But some Retail person on here will probably say they wil do it and then end up stealing your deal. good luck! |
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RickoJC
65 Posts |
Posted - 05/02/2008 : 09:00:00 AM
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If I could have gone full doc I for sure would have - this is SIVA self employed...
If there is a "retail" person out there I would have them do it if they could do it for sure...
Thank all.
Rick. |
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bigwill1128
87 Posts |
Posted - 05/02/2008 : 09:02:23 AM
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| I can get this done for you but has to go retail. Shoot me an email to discuss |
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SuperJumboAE
76 Posts |
Posted - 05/04/2008 : 9:38:27 PM
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We are a portfolio lender that understands the self-employed borrower.
Our program is not a traditional stated income program based on FICO, LTV and Assets. Our underwriters will still analyze tax returns, but give borrowers income credit where other lenders do not. If the income is still short of desired levels, we'll look at cross collateralizing other properties and/or bank statements to help make the loan work.
Our max CLTV is 80%. Depending on the strength of the file we'll wrap both loans into one or have the 2nd subordinate.
Rates are usually around 6.625% on a 5/6 ARM <+0.75>
Payments can be IO or 40 Year Amortized
Possibly a 1 or 3 year prepayment penalty - again depending on the strength of the file.
Let me know if you have any questions.
Thanks.
Keith Tong
Super Jumbo AE
The Super Jumbo Loan Specialists
243 N Coast Hwy 101, Suite 18
Solana Beach, CA 92075
858-345-1210 Office
858-345-1170 Fax
858-663-1842 Cell
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brandon.labonty@
39 Posts |
Posted - 05/05/2008 : 05:34:09 AM
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I have 2 banks that will be all over this loan. I have no idea why everyone thinks that this loan is an issue. It seems like an easy buck. Email me and I will give you more info. This loan is a no brainer.
B |
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