Medical doctor...
There are several different methods to get a real estate loan depending on the scenario...
He has a first mortgage on his primary residence of $288,077. Rate of 4.125%
He has two MCA's loans in the amount of $170K and $100K, has a Heloc of $61K (also - Credit Card debt of $100K)
We got him a term sheet with two scenario's
Full Income Documents
75% Loan to Value
Loan amount of $438,575 on valuation of $970,000
12 month bank statement program
65% Loan to Value
Loan amount of $341,575 on valuation of $970,000
We pushed underwriting for the full docs program. But too many specific demands came in so we switched it to bank statement program.
We funded it at $350,000 cash out second mortgage 30 year fixed at 10.375% No prepayment penalty
In this instance, the difference in programs ONLY AFFECTED the loan to Value.
We can get full docs package and bank statement package.In addition, in some instances we can do P & L.
There are several real estate programs we can review...
Full docs (2 years biz and personal tax returns)
Bank statements (12 months biz and personal
)P & L
Stated income stated assets (SISA)
NoDoc - no income documentation required
Reach out if you have any questions on this or any other loan programs.We are here to help...
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
Broker, Underwriter, general business loan expert
949.228.1050
