All Forum Posts by: Robert Grant

Velocity is a nationwide wholesale lender specializing in a true No Income/No Asset product for non-owner SFR’s, N/O/O or O/O 2-4 Unit Investment properties, 5+ Multifamily, Mixed-use, and traditional Commercial properties (Office, Retail, Warehouse, Self-Storage, Automotive (no gas stations). Here are a few program highlights:

NO INCOME VERIFIED

NO 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 & NO PERSONAL FINANCIALS

PROGRAMS FOR FOREIGN NATIONALS

OKAY FOR WAGE EARNERS TOO

CAN FINANCE UP TO 10 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’sor COMMERCIAL LOANS UNDER $500k

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

NOW OFFERING BROKER REBATES!!!! MAKE UP TO 5pts ON EVERY LOAN!!!

PLEASE VISIT MY BIO AND WATCH OUR VIDEO TO LEARN MORE!!!!!!!

PM me Gretchen as I may be able to offer a solution

There are plenty of No Income Verification lenders out there, and many of them don't even require the subject property to debt service.  It's strictly based on fico/equity.  I'm still surprised as to how many investors aren't aware of them.

Whats the value of the property and how much are you looking to cash out?

Hi Richard,

That's what we are... a nationwide portfolio lender, specializing only in this type of product - No Income Verification. It's basically fico/equity driven, so no income/employment verified whatsoever.  However, we don't lend in rural areas so that's why I inquired about the addresses to some of your rentals.  So long as there's strong sales activity in that area, then it makes for a viable loan.  We'll lend to an entity or individual, up to 10 loans (or 5MM) per borrower, and our terms are semi-permanent with 30yr amortization.  This product does exist though, so just wanted to address your inquiry with some comforting news.

Best,

Robert

Hi Jim/Mary -

We specialize in this product; however, we don't lend in NH unfortunately.  We lend in the surrounding states but NH is one we're not licensed in currently.  But they do exist, and terms aren't temporary either.  Typical rate/term is 7.49% at Par, No Points, on a 3/27 with a 3yr PPP at 3% (so more for buy & hold investors as opposed to F&F's)

But for the ease of the program, the rate/term/PPP is quite proportionate in my opinion.

Just wanted to debunk the myth so to speak :)

Robert

Hi Richard,

Message me directly with a few of the property addresses and I may be able to help you.

Best,

Robert

Doing 12 deals right now totalling 3.5MM in Denver, but we lend in FL as well. Email me if you'd like more info. Hopefully I can help ya.

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) 

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.

All my best,

Robert

Love seeing my hometown name in a post, Justin.  Was born and raised in E'ville, IN.  Moved out to LA when I was 23, but still visit 1-2 x's a year to see family in Newburgh.  Just wanted to say hi, and hope business is going well for you there!

Best,

Robert