All Forum Posts by: Doran Summers

TheNONI is the best investor/non-owner loan in America. If you have any borrowers looking to refinance or purchase a rental property please make me your first call!

NONI—why is it the best non-owner loan in America (now with no TRID)

Non-owner. No income.

No DTI.

No reserves required

Par rate at 5.75% on a 5/1 ARM with a 680 FICO. No adds for units, cash-out , condo or IO

100% Gift funds allowed. This is huge.

We can close in 7-10 days

No income docs required at all

30 year fixed, 5/1 and 5/1 IO

FICOS as low as 620

1X30X12 allowed

No maximum # of finance properties

No impounds required

No limit on the # of loans to the same borrower

Cash proceeds up to $2m

Unlimited Financed properties allowed

Vacant Subject properties allow on refinances with a good LOE.

Most aggressive DSCR computation in industry---on an ARM qualify at start payment. On IO qualify on the IO payment. Most others use fully amortized payment

NO TRID rules

Www.muevoinvestments.com

Unsecured personal term loans up to $300,000:

5 or 7 year loan

Fixed monthly payment

No pre-payment penalty

Rates between 5-14%

Requirements: 700 credit score + $50,000 in personal taxable income (we will look at other factors like credit utilization, debt to income ratio, credit history, inquiries, etc.)

Unsecured business credit cards up to $150,000:

0% intro rate for 6-12 months

6-16% interest rate after the 0% period

Only reports to the business

Monthly payment of 1-2% of balance

Requirements: 700 credit score (we will look at other factors like credit utilization, credit history, inquiries, etc.)

Red flags for our lenders and factors that can prevent a pre-qualification:

Over 30% credit utilization

Over $25,000 in credit debt regardless of the limit

More than three accounts opened in the past 12 months

More than 3 inquires on any bureau

Less than 6 years of credit history

Bankruptcy within the past 7 years

Derogatory accounts

Late payments

DTI over 40%

Our ideal client:

750+ credit scores + 100,000 income

Accounts opened with major lenders (the Chases, Bank of Americas, etc)

High limits ($15,000 and up)

Mortgages in good standing or paid off mortgages

Strong W-2 income

All I need to pre-qualify someone within 24 hours with no upfront fees, hard inquiries or obligations to move forward is the following:

1. Two years of personal tax returns (this is necessary if going for the term loan program)

2. Login information for creditkarma.com OR a report from Credit Karma

Click here to apply: https://nationalcc.wufoo.com/f...

@Christopher Reed jv with someone or private financing with family and friends.

@Rafael Perez is this for owner occupied or investment?

Would need to see the deal to understand it first. Most offer no prepayment penalty.

Feel free to send me a message @Matt Rosenbohm

@Rashad Reed what in a hard money lender are you looking for? Flips? Rentals? What’s your experience?

@Rocco Swinney if that’s what you want to call them. Hard money are 7% and up. QM are in the middle of hard money and bank. So range between 4.25% to 6.5%.

@Rocco Swinney for rental you can get lender terms from 4.25 to 6.5 depending on dscr and credit score. 30 yr terms.

@Rocco Swinney what’s your strategy? Long term or fix and flip? Do they need rehab or rent ready?