Lenders that only require 1 year of business income

[Michael Macaluso]

Hey everyone,

I’m looking to see if there are any lenders on here that would qualify a refinance with 1 year of business income? I started a contracting business in 2020 and wanted to refi my primary residence to buy another rental. Mostly every bank I’ve talked to requires at least 2.

I’m aware of other options such as private money and bank statement loans. But, I wanted to try to take advantage of the low interest rates while available.

Seems like I’m searching for a black swan, but figure it’s worth a try!

Thanks everyone.

[Francis Louis Vogel Jr]

Michael,
Yes, there are commercial lenders that only require one year of income and are asset based only so the property income is not part of the equation. What's important is a credit score of 700 and past experience. These commercial loan are fixed term and fully amortized and widely available in the capital markets. My firm handles a lot of these.

Great post.