Need a Lender in Rochester New York

[Beverly Hinds]

Hit a snag in my investment goals :

Scenario ;

I have 85k Saved to invest

I made 6 figures in 2018

Have 60k in equity in my existing rental property in Nassau county New York

Good Credit

BUT ....

I lost my job last month and I’m concerned lenders will give me a hard time for not being employed, although I do have a small business that is brining me at least $3000 a month in profit.

QUESTION:

Will a 1099 and w2 be sufficient?

Will this be a problem for me with obtaining Hard money loans ?

Will I be able to refinance without a “Job?”

Really concerned that this sudden loss of

Employment will put a Stop to my Investing Plans and goals

Can someone point me in the right direction or help

Me find a strategy to obtain a loan despite this slight issue

Thanks BP Fam!!!

[Alex Bekeza]

@Beverly Hinds

You could also get a commercial loan. They'll base the loan on the income produced by the property not the borrower. Lately, the gap between commercial and conventional rates is narrowing with commercial rates in the 6-9% range. There are commercial products out there with 30 year amortization to help keep payments low and you can cash out between 70-80% LTV.

To answer part of your other question.  Hard Money Lenders will not care about your employment.  Most of them use stated income underwriting methods.

Feel free to reach out anytime.