Hot Loan Product #1

Flexible Loan Options for Owner and Non-Owner Properties

Choose between 12 or 24 Bank Statements

• Perfect for owner-occupied, second homes, and non-owner properties.
• Minimal Documentation Required: No tax returns, W-2s, or 1099s needed.

Key Loan Highlights:

• Interest Rate Range: 6.55% to 8.75% (interest-only option available).
• Loan-to-Value (LTV) Limits:
  • 90% LTV Max: Available for purchase with a 720 credit score.
  • 80% LTV: Requires a 700 score (Purchase or Rate & Term Refinance).
  • 75% LTV: Available with a 660 score.

Rate Examples by LTV:

• One of our clients we funded recently: Our 12-Month Business Bank Statement Program allowed 90% of deposits for qualifying income, securing a $1.5M loan at 90% LTV

• Call pricing changes daily.

Eligibility Requirements

• 12-Month Bank Statement

  Qualify Self-Employed borrowers with 12 months bank statements in lieu of tax returns. No 1040s, 1120s, K1s, or IRS transcripts

  Qualify with 100% on personal account deposits and up to 90% on business account deposits (12 consecutive months)

  • Max 90% LTV Purchase
  • Max 80% LTV C/O Refinance
  • Min 600 FICO
  • Loan amounts up to $4M
  • Self-Employed and 1099 Borrowers
  • No 4506T / No K1’s / No P&L’s
  • No MI
  • No reserves required ≤ 75% LTV
  • • No 4506T / No K1’s / No P&L’s
  • No MI
  • Owner Occupied, Non-Owner
  • Occupied, Second Homes
  • Self-Employed & 1099 Borrowers
  • Down to a 10% expense factor
  • Loan amounts > $4M case-by-case

Additional Perks:

• No need to source large deposits; we use the current balance, not the average.
• Borrowers with additional rental properties are not required to hold extra reserves.

Loan Details

• Max DTI: 49%.
• Max Loan Amount: $4,000,000.
• Cash-Out Refinancing:
  • 80% LTV with a 700 score.
  • 65% LTV with a 680 score.

Special Notes:

• Gift funds allowed for 100% of the down payment.
• BK must be 3+ years old; foreclosure 5+ years old; short sale 2+ years old.

Best for Self-Employed Borrowers

This program caters to self-employed individuals or wage earners who may not have traditional documentation.

• For Wage Earners: No W-2s or paystubs required. A written VOE (Verification of Employment) completed by the employer is sufficient.

Costs to Consider

• Down Payment and Closing Costs: Includes title and escrow fees.
• Loan points: 1.5% to 2% of the loan amount.
• Rate adjustments: +0.25% for non-owner occupancy or cash-out refinance.

California Properties Only

This loan program is exclusive to California properties.

List of Forms & Documents Required:

1. Photocopy of valid ID
2. At least 12 or 24 months of bank statements, borrowers choice.  Business or personal statements. 
3. Business license  – ie: state – federal – city business license for 2 years – if self employed
4. CPA letter or can be a licensed tax preparer letter – that they been in biz for 2 years – link for sample of what to mention
5. Year To Date (YTD) financials  Sample P&L
6. Current mortgage statement if refinance
7. If purchase – need signed purchased contract. Need name and phone number of escrow contact.
8. If property is leased, provide lease agreements
9. Insurance declaration page/quote for coverage
10. 1003 Loan Application – use printed 1003 leave liabilities blank. 
11. Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it
12. Borrower authorization Borrower’s Authorization
13. Borrower authorization to run and pay for credit  Credit $ Authorization Form
14. SI form – Statement of Information SI Form – Statement of Information
15. How do you want to hold title Vesting Form For Borrower
16. Social Media disclosure Social Media Disclosure
17. **To expedite your file organize documents in adobe format “.pdf”.

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