All Forum Posts by: Robert Grant

Do you own a primary in California?  If so, I know a lender who will do it but the property can't be in a rural area.

Sure thing Brandon.  Heading out of town in a bit but shoot me an email to my work email in my signature so I'll be reminded when I get back.  Have a good weekend.

I know of a fico/equity only lender who will lend up to 70%LTV but they don't like lending in rural areas. Must have 25k residents in the city or SP must be within 25miles of an MMA with 100k+ residents.

Now a simple loan program for savvy investors!!! "Fico Only Product" for Residential Investment 1-4's & Traditional Commercial properties!

If you answer yes to these simple questions, you can qualify for Velocity's "FICO Only Program"

DO YOU QUALIFY ???

• Is the subject property a Residential Investment 1-4 (non-owner occ), Multifamily, Mixed-Use, Office, Retail, Warehouse, Self-Storage, Automotive?
• Is the subject property located in a major metropolitan area with 100k residents or within a 25-mile radius? (We lend nationwide except for ND, SD, IL, MI, AK, MN, NH, TN, VT)
• Is the subject property 100% turnkey ready, habitable with no more than minor cosmetic repairs needed (if any)?
• Is the subject property valued over $105,000 for Residential or $140,000 for Commercial? (LTVbased off current "as-is" value and we use the lower of the two: Purchase Price vs Appraised Value)
• Do you have a 640+ mid fico, with no mortgage lates, bankruptcies or foreclosures in the past 2yrs? (Exceptions for 2x30 if more than 90 days ago with a lower LTV)
• Do you have at least 30% (25% for 5+ Multifamily & Mixed Use) down payment/equity for a purchase or refinance transaction?
• Are you interested in keeping the property for at least 2-3yrs as a rental?
• If the subject property is a Single Family Residence, do you currently own a minimum of 2 properties (1 Primary Residence and 1 Investment property)?

WHY VELOCITY?

NO INCOME - NO TAX RETURNS - NO EMPLOYMENT VERIFICATION

NO PAY STUBS

NO YTD PROFIT & LOSS

NO 4506/CPA LETTER

NO 12-24 MONTHS BUSINESS BANK STATEMENTS

NO BALLOON PAYMENT

NO CASH OUT RESTRICTIONS

NO RESERVE REQUIREMENTS

NO EXIT STRATEGY, PERSONAL FINANCIALS or EXECUTIVE SUMMARY

PROGRAMS FOR FOREIGN NATIONALS

OKAY FOR WAGE EARNERS & FIRST TIME INVESTORS

CAN FINANCE UP TO 12 PROPERTIES PER BORROWER

CAN VEST AS INDIVIDUAL OR LLC/CORP

1ST TD’s ONLY/ PURCHASES & REFINANCES

LOAN AMOUNTS FROM 75k-5MM

NO MAXIMUM NUMBER OF PROPERTIES OWNED

FAST BROKER APPROVAL WITH NO BUYBACK CLAUSE

NO DCR ON SFR's or COMMERCIAL LOANS UNDER $500k

6.75% Floor Rate, No Upfront Points, Fully Amortized Terms

NOW OFFERING BROKER REBATES UP TO 2PTS (5pts total commission per loan)!!!!

It really is that simple... Contact me directly with any questions or scenarios you may have.

Now a simple loan program for savvy investors!!! "Fico Only Product" for Residential Investment 1-4's & Traditional Commercial properties!

If you answer yes to these simple questions, you can qualify for Velocity's "FICO Only Program"

DO YOU QUALIFY ???

• Is the subject property a Residential Investment 1-4 (non-owner occ), Multifamily, Mixed-Use, Office, Retail, Warehouse, Self-Storage, Automotive?
• Is the subject property located in a major metropolitan area with 100k residents or within a 25-mile radius? (We lend nationwide except for ND, SD, IL, MI, AK, MN, NH, TN, VT)
• Is the subject property 100% turnkey ready, habitable with no more than minor cosmetic repairs needed (if any)?
• Is the subject property valued over $105,000 for Residential or $140,000 for Commercial? (LTVbased off current âas-isâ value and we use the lower of the two: Purchase Price vs Appraised Value)
• Do you have a 640+ mid fico, with no mortgage lates, bankruptcies or foreclosures in the past 2yrs? (Exceptions for 2x30 if more than 90 days ago with a lower LTV)
• Do you have at least 30% (25% for 5+ Multifamily & Mixed Use) down payment/equity for a purchase or refinance transaction?
• Are you interested in keeping the property for at least 2-3yrs as a rental?
• If pro
• If the subject property is a Single Family Residence, do you currently own a minimum of 2 properties (1 Primary Residence and 1 Investment property)? 

WHY VELOCITY?

NO INCOME - NO TAX RETURNS - NO EMPLOYMENT VERIFICATION

NO PAY STUBS

NO YTD PROFIT & LOSS

NO 4506/CPA LETTER

NO 12-24 MONTHS BUSINESS BANK STATEMENTS

NO BALLOON PAYMENT

NO CASH OUT RESTRICTIONS

NO RESERVE REQUIREMENTS

NO EXIT STRATEGY, PERSONAL FINANCIALS or EXECUTIVE SUMMARY

PROGRAMS FOR FOREIGN NATIONALS

OKAY FOR WAGE EARNERS & FIRST TIME INVESTORS

CAN FINANCE UP TO 12 PROPERTIES PER BORROWER

CAN VEST AS INDIVIDUAL OR LLC/CORP

1ST TD’s ONLY/ PURCHASES & REFINANCES

LOAN AMOUNTS FROM 75k-5MM

NO MAXIMUM NUMBER OF PROPERTIES OWNED

FAST BROKER APPROVAL WITH NO BUYBACK CLAUSE

NO DCR ON SFRâs or COMMERCIAL LOANS UNDER $500k

6.75% Floor Rate, No Upfront Points, Fully Amortized Terms

NOW OFFERING BROKER REBATES UP TO 2PTS (5pts total commission per loan)!!!!

It really is that simple... Contact me directly with any questions or scenarios you may have.

Hi Amy, I did 10 properties with a fico-only lender. Rate is a little higher than conventional (7.49% on a 3/27) but I was able to do them under my LLC with zero headaches. If you run out of options, a fico/equity based lender is the best alternative in my opinion. No Income/Tax/Employment documentation whatsoever.

I know of a few too Chris.  Message for more info

Hi @Wenhao Leu  

I bought my properties with an Equity/Credit Only program. Max LTV you'll get though is 70% so you'd have to bring in 30%. But they don't ask for Income Docs/Tax Returns/4506/Employment, etc. You need a 650 mid fico to qualify and no major derogs in the past 2yrs and you'll qualify.

Message me and I'll give you more information. 

Best,

Rob

I know some good buy & hold lenders.  Feel free to message me for more details

Hi Marvin,

I know a lender who can do it under their No Doc program at 7-8% rate on 30yr terms, No Points. Just depends on the city in MD. Feel free to message me for more info. Min LTV/LA is 70/$75k so the condo must appraise for over $105k. Just fyi.