All Forum Posts by: John Wilson

I have lots of experience because that's what I do for a living ;)."No doc" is a bit misleading. It really just means the lender is not using your reported income on your tax returns to underwrite the loan. There's still plenty of paperwork involved though.

The lender will qualify you as the borrower based on your credit, liquidity, and experience. Then they qualify the specific property to insure the deal works.

These types of loans typically do close faster than a conventional loan.

Let me know if you have any other questions and I'd be happy to assist.

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I’m basically trying to weigh out my options. My FICO is in the 700s, i’m working with quite a bit of capital, I make good money with my W-2 job and I also on a few rental properties. My biggest concern is previous years tax return showing losses due to Business right offs etc. I’ve got a nine unit currently under contract and don’t wanna mess it up ,as far as running over the 60 days to close.

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Has anyone had any experience with no doc commercial loan programs ? I’ve got a property under contract and trying to look at all of my options ,either conventional ,or no doc commercial multi family loan. I’ve got about 55 days left out of the 60 days to close ,on my first commercial deal. I keep hearing about the war stories about conventional financing ,sometimes taking longer than the 60 days to get to the closing table Due to all the due diligence , I was wondering if anyone has had any experience with the no doc commercial loans? Thanks for whoever will respond greatly appreciate it

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Quote from @Jonathan Taylor:

@John Wilson depends on the loan program you're choosing. For DSCR based 5+ Multi family loans, credit, experience and liquidity are major determining factors not necessarily business income. For Full document purchases, the lender wants to see Profit and Loss statements of the business, cash flow negative for one year may not be an issue but if the business is new (2 years or less) or has shown a loss consistently over a few years then that wouldn't help your case.

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Toledo, Ohio

Thank you for the info, I currently have a property under contract, and got quoted a high percentage, and I’m just looking to have other options.

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Toledo, Ohio

If a persons Fico score is above 700, and debt to income ratio is low , is it hard to still qualify for a commercial multi family mortgage through your business , if your previous years tax returns show losses?

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Toledo, Ohio

Are there laws regarding ,converting a one bedroom apartment into a two bedroom apartment?

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Thank you for the insight

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what are some of the best search engines for finding new and Better up-to-date leads for commercial multi family ,besides the typical Crexi, loopNet, realtor.com and a MLS? Has anyone on here had ,or have any experience working with CoStar paid service? Also, what are some other good search engines for Commercial multi family , i'm looking for something 12 units +.

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All Forum Posts by: John Wilson

John Wilson has started 14 posts and replied 32 times.

Post: No documentation commercial loans

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Post: Commercial multi family

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Post: Converting Unit bedrooms to maximize returns

Post: Best search engines for commercial multi family

Post: Best search engines for commercial multi family

Post: Best search engines for commercial multi family