Here are some examples of recently closed
NON CONVENTIONAL loans to give you
an idea of what we can do to help, if you
don't fit into normal loan guidelines.
(especially if you are self employed)
Purchase - $980,000 Borrower works for a major Cannabis company
Successfully closed a purchase transaction for a client buying his first Airbnb. Borrower works for a major cannabis grower / company in the US and would not qualify conventionally. We were able to pretty closely follow Fannie Mae guidelines and get this one closed for him. The transaction took less than 30 business days from submission to funding.
Loan Details:
Successfully closed a purchase transaction for a client buying his first Airbnb. Borrower works for a major cannabis grower / company in the US and would not qualify conventionally. We were able to pretty closely follow Fannie Mae guidelines and get this one closed for him. The transaction took less than 30 business days from submission to funding.
Loan Details:
- Location: Sedona, AZ
- Loan Program: Full Doc
- Loan Amount: $719,200
- Transaction Type: Purchase
- Property Type: Single Family
- Occupancy: Rental - Airbnb
- LTV: 80%
- Credit Score: 775
- Loan Term: 30-yr Fixed
Purchase - $1,216,000 P&L Only Loan
This borrower qualified with only a P&L statement, which made it possible to move to a new neighborhood in Irvine, CA. The neighborhood is located near an Olympic-sized ice skating rink that the borrower’s daughter will now be able to use daily.
Loan Details:
This borrower qualified with only a P&L statement, which made it possible to move to a new neighborhood in Irvine, CA. The neighborhood is located near an Olympic-sized ice skating rink that the borrower’s daughter will now be able to use daily.
Loan Details:
- Program: 24 month P&L Only
- Purchase Price $1,522,614
- Loan Amount: $1,216,000
- Property Type: Single Family
- Occupancy: Primary
- LTV: 80%
- Credit Score: 750 decision FICO
- Terms: 30-yr fixed I/O
Purchase - $2.24 Million Loan with Bank Statements + Asset Depletion
This borrower had a very complicated income scenario consisting of several LLCs with bank statements for each business in addition to a main business account. We were able to give them credit for income on the main account, supplemented by one of the other business accounts, and added in asset depletion to get the DTI in line. We were also able to use a unique guideline whereas most lenders would call this borrower a FTHB, we showed ownership in a home from 2 decades ago and waived the requirement to be seen as a FTHB, therefore allowing a higher DTI.
Loan Details:
This borrower had a very complicated income scenario consisting of several LLCs with bank statements for each business in addition to a main business account. We were able to give them credit for income on the main account, supplemented by one of the other business accounts, and added in asset depletion to get the DTI in line. We were also able to use a unique guideline whereas most lenders would call this borrower a FTHB, we showed ownership in a home from 2 decades ago and waived the requirement to be seen as a FTHB, therefore allowing a higher DTI.
Loan Details:
- Location: San Diego, CA
- Loan Amount: $2.24mm
- Transaction Type: Purchase
- Property Type: SFR w/ADU
- Occupancy: Primary
- LTV: 75%
- Credit Score: 714 FICO
- Loan Term: 30yr FRM IO
- Loan Program: Bank Statement Program
Purchase - Self Employed P&L Only Program Loan for $1,363,828
This borrower took advantage of our P&L only program in lieu of bank statements for a quick and simple underwriting. The appraisal was clean with no discrepancies. Credit was solid at 755 decision FICO with no past credit events or issues. We had to extend the lock a full 30 days as we were waiting for the project to officially be done per the developer. The loan was funded on time and the borrower was very pleased. There was a 100% gift used for the purchase.
Loan Details:
This borrower took advantage of our P&L only program in lieu of bank statements for a quick and simple underwriting. The appraisal was clean with no discrepancies. Credit was solid at 755 decision FICO with no past credit events or issues. We had to extend the lock a full 30 days as we were waiting for the project to officially be done per the developer. The loan was funded on time and the borrower was very pleased. There was a 100% gift used for the purchase.
Loan Details:
- 24-month P&L only
- PUD new construction primary purchase
- Purchase Price: $1,818,438
- Loan Amount: $1,363,828
- LTV: 75%
- 755 decision FICO
- 40-yr fixed I/O
- DTI: 37.3%
Purchase - $2,212,500 Loan Qualified with Assets Only
Successfully closed a purchase transaction on a penthouse condo. This high-net worth borrower owned multiple businesses, in addition to being a Fortune 500 executive. To avoid documenting the complex income, and to simplify the transaction, they used the Assets-Only program to qualify this borrower by showcasing the borrower's assets, particularly a combination of CDs and stock holdings. This program used the borrower’s assets to satisfy ATR in full, with no DTI calculation. The transaction took 12-business days from submission to funding.
Loan Details:
Successfully closed a purchase transaction on a penthouse condo. This high-net worth borrower owned multiple businesses, in addition to being a Fortune 500 executive. To avoid documenting the complex income, and to simplify the transaction, they used the Assets-Only program to qualify this borrower by showcasing the borrower's assets, particularly a combination of CDs and stock holdings. This program used the borrower’s assets to satisfy ATR in full, with no DTI calculation. The transaction took 12-business days from submission to funding.
Loan Details:
- Location: Salt Lake City, UT
- Loan Program: Asset Only Program
- Loan Amount: $2,212,500
- Transaction Type: Purchase
- Property Type: Condo
- Occupancy: Primary
- LTV: 75%
- Credit Score: 700
- Loan Term: 30-yr Fixed
Refinance - $2,080,000 P&L Only Cash-Out Refinance - Self Empoyed borrower
After running an income analysis, we noticed there were a number of NSFs and the path of least resistance for this file was our CPA P&L only program. We determined the monthly income figure from the P&L statement and we didn’t introduce any bank statements to the file for income-qualifying purposes. This one was a fallout from another lender and we were able to accept a transferred appraisal.
Loan Details:
After running an income analysis, we noticed there were a number of NSFs and the path of least resistance for this file was our CPA P&L only program. We determined the monthly income figure from the P&L statement and we didn’t introduce any bank statements to the file for income-qualifying purposes. This one was a fallout from another lender and we were able to accept a transferred appraisal.
Loan Details:
- Location: Bradbury, CA
- Loan Program: P&L Only
- Loan Amount: $2,080,000
- Transaction Type: Cash-Out Refinance
- Property Type: Primary SFR
- Credit Score: 683
- Loan Term: 40-Year Fixed
2ND LOAN - Bank Statement Second Lien
This borrower wanted cash-out to use for business and investment opportunities. They tapped into the equity in their home while keeping a low 3.5% rate on their first mortgage. The borrower’s CPA attested to the business expense factor as well as the borrower’s ownership percentage in the business. The funds of this transaction accounted for reserves, paid off closing costs, and allowed the borrower to walk away with $980k cash-in-hand.
Loan Details:
This borrower wanted cash-out to use for business and investment opportunities. They tapped into the equity in their home while keeping a low 3.5% rate on their first mortgage. The borrower’s CPA attested to the business expense factor as well as the borrower’s ownership percentage in the business. The funds of this transaction accounted for reserves, paid off closing costs, and allowed the borrower to walk away with $980k cash-in-hand.
Loan Details:
- Location: Paradise Valley, AZ
- Loan Program: Bank Statement Second
- Loan Amount: $1,000,000
- Transaction Type: Refi C/O Primary Residence
- Property Type: SFR
- LTV: 39%
- Credit Score: 703
- Loan Term: 30-year Fixed
Refinance - $8,500,000 P&L Program - Interest Only Loan
Location: Beverly Hills, CA
Loan Program: P&L
Loan Amount: $8,500,000
Transaction Type: Cash Out
Property Type: SFR
LTV: 60%
Credit Score: 705 FICO
Loan Term: 30/10 Balloon I/O
FundLoans Factor:
We were able to refinance the borrower out of two hard money loans and gave the borrower cash. No tax returns were needed as we used our 12 mo CPA P&L only program. Deal closed in under 45 days.
Location: Beverly Hills, CA
Loan Program: P&L
Loan Amount: $8,500,000
Transaction Type: Cash Out
Property Type: SFR
LTV: 60%
Credit Score: 705 FICO
Loan Term: 30/10 Balloon I/O
FundLoans Factor:
We were able to refinance the borrower out of two hard money loans and gave the borrower cash. No tax returns were needed as we used our 12 mo CPA P&L only program. Deal closed in under 45 days.
