Hot Loan Product #4

2nd Trust deeds at 70% CLTV

2nd Trust deed mortgages at 90% CLTV. Stated Income “SISA” to 65% CLTV with no financials needed. For higher loan to value borrower needs to show bank statements or full doc – your choice. Low Fico OK. Rates aprox. 10.5% to 13.5%. Terms are 3 years to 30 years. 

Hot Loan Product #4 is for all states except Hawaii, Texas, NY, Vermont. The stated income stated asset 2nd are in CA only properties.

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),

**Watch this Video to learn more.**

 

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. 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. Borrower authorization To Wire Funds Authorization to Wire Funds
  15. SI form – Statement of Information SI Form – Statement of Information
  16. How do you want to hold title Vesting Form For Borrower
  17. Social Media disclosure Social Media Disclosure
  18. To expedite your file organize documents in adobe format “.pdf”.   ***To make it easier for you we can send these document via docusign to you***


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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