All Forum Posts by: Robert Grant

There is a bank that will allow 1st time investors to purchase a 2-4 unit or 5+ with 25% down (sourced only) without looking at your income, no PFS, no exit strategy, etc. I do know the loans are fully amortized over 30yrs, but the rate will be around 7-8% at par. I find that the rate is very proportionate to the product since it's really based on fico/equity and not your DTI, taxes, etc. You do have to PG the loan and they are full-recourse if defaulted.

Hi @Manuel Savorelli - Do you have 30%+ down payment?

Hi Chad -  (see my bio)  The loan is pretty much band-aid financing; not really meant for long-term, but safer than hard money since there is no balloon payment.  Message me directly since BP frowns upon any deal making/self-promotion outside the Real Estate Marketplace.  (which is where you'll see lenders ads by the way)

We've been writing this paper for the past 3yrs.  Loans are performing very well in the secondary markets too. 

@Josh Miller - Do you only do flips? Or do you have some long term rentals as well? 

@Josh Miller - Do you only do flips? Or do you have some long term rentals as well? 

@Duriel Taylor  we do.  We're nationwide except for IL, MI, AK, MN, ND, SD, NH, VT and we don't lend in rural areas. 

640+ fico (620+ for Commercial Properties lower than 50%LTV)

And at least 25-30% equity depending on the property

640+ for Residential Investment

620+ for Commercial on 50%LTV or less (otherwise 640+)

We are a Nationwide Direct Wholesale Lender looking for Brokers/Investors who have an interest in our NO INCOME VERIFICATION loan program for "Buy & Hold" turnkey ready Income Producing Properties (acquisition or refinance). Here's the simplicity of our product:

PROPERTIES WE LEND ON

SFR/Condo - up to 70%LTV - No DSCR Required - Cannot be Primary Residence/Owner-Occupied - Have to currently own Primary & 1 Investment Property for PURCHASE MONEY TRANSACTIONS - REFINANCES require Primary and the Subject Property being Refinanced - 650 Min Fico Required - Min/Max Loan Amount is $75k-$750,000

2-4 UNITS - up to 70%LTV - Can be Owner-Occupied or N/O/O - 650 Min Fico Required - Min/Max Loan Amount is $75k- $2MM

Multifamily / Mixed-Use - up to 75%LTV - 1.20+ DSCR (No DSCR req if less than $500k/50%LTV) Min/Max Loan Amount is $100k-$5MM

Office/Retail/Warehouse/Self-Storage/Automotive - up to 70%LTV - 1.25+ DSCR (No DSCR req if less than $500k/50%LTV) Min/Max Loan Amount is $100k-$5MM

TERMS/RATE OFFERED

3 or 8 Year Fixed, Amortized over 30yrs, NO POINTS, with rates at *7.49% at par under our No Income Verification loan program - We do not offer a bank statement or full doc program at this time *standard 3yr PPP at 3% so not ideal for Fix & Flippers

WHY VELOCITY vs HARD MONEY?

NO INCOME/EMPLOYMENT VERIFICATION

NO TAX RETURNS

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.