Hot Loan Product #4

2nd Trust deeds at 70% CLTV

2nd Trust deeds at 70% CLTV. Stated Income “SISA”. No financials needed. Low Fico OK. Rates aprox. 10.5% to 13.5%. Hot Loan Product #4 is for CA only properties.

Hot Loan Product #4 (2nd Trust deeds at 70% CLTV). participating investors may verify your social security number, driver license number, national ID, or any other state or federal identifications and review your information against national databases to include but not limited to Equifax, Transunion, and Experian to determine credit worthiness, credit standing and/or credit capacity. But Low fico on this loan product is okay.

Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. By submitting your application and information on this website, you agree to allow any and all participating lenders to verify your information and check your credit.

SISA loans usually fall into the Alt-A classification, and will carry a higher interest rate than a prime mortgage. Self-employed borrowers often use SISA loans because their tax returns might not reflect that actual cash flow they have available to pay their mortgage. Other borrowers might use a SISA loan because their income comes from sources which are hard to document (such as tips in the food service industry).

List of Forms & Documents Required:

  1. Copy of 1st mortgage “Note” sample copy of a Note – if you’re not sure what it looks like
  2. Borrowers Address Certification  Form Link
  3. Borrowers Cert of Business Purpose Loan Form Link 
  4. If over 65 years of age need Letter from Attorney or Doctor that borrower is of sound state of mind
  5. Photocopy of valid ID
  6. If title to be held in Corporation/LLC    Articles of Organization/Incorporation – Operating Agreement/Bylaws
  7. Current mortgage statement
  8. If property is leased, provide lease agreements
  9. If property is leased and is more than 1 unit, rent roll Schedule of Real Estate Owned
  10. Insurance declaration page/quote for coverage
  11. 1003 Loan Application – use printed 1003 leave liabilities blank. 
  12. Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it
  13. Borrower authorization Borrower’s Authorization
  14. Borrower authorization to run and pay for credit  Credit $ Authorization Form
  15. Borrower authorization To Wire Funds Authorization to Wire Funds
  16. SI form – Statement of Information SI Form – Statement of Information
  17. How do you want to hold title Vesting Form For Borrower
  18. Social Media disclosure Social Media Disclosure
  19. **To expedite your file organize documents in adobe format “.pdf”.

Abbriviated List Of The Most Popular Loans We Offer :

If you like fast, honest answers call us or fill out the loan request form .

DRE 01105429 (NMLS# 469849) | Phone: 310-737-8420 | Fax: 310-496-6196

Equity Development | 22287 Mulholland Highway Suite 198, Calabasas CA 91302

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