Asset Based Lending Cost

[Eric Brust]

Hello BP family.

I am currently under contract for my 1st primary home. (Currently own a 4 unit rental and 8 acres planned for development in the near future).

I have just received my closing disclosure and boy is it ugly. I am trying to get an asset based loan my fiance and I don't have the best W2 incomes but we have enough assets to foot the bill. 

I have added a picture of the costs. The loan is for $563,000. After seeing this I am thinking of going a convential route and putting 50% down. (We can only get approved via conventional for 330-360)

What do you guys think?

[Erik Estrada]

Quote from @Eric Brust:

Hello BP family.

I am currently under contract for my 1st primary home. (Currently own a 4 unit rental and 8 acres planned for development in the near future).

I have just received my closing disclosure and boy is it ugly. I am trying to get an asset based loan my fiance and I don't have the best W2 incomes but we have enough assets to foot the bill. 

I have added a picture of the costs. The loan is for $563,000. After seeing this I am thinking of going a convential route and putting 50% down. (We can only get approved via conventional for 330-360)

What do you guys think?

You cannot finance a primary residence with a DSCR based loan. They are strictly for business purpose/investment properties only.

You can look into an Asset depletion loan or some sort of trust income loan. Depending on which route you take, you can expect the rate to be in the 6.8-8.5% Range.