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No Income HELOCs, Stated Income-Verified Asset Loans, Alternative

Documentation (ALT-doc), Private Money Loans - Cash-out Refi and

Purchase to 80% LTV | No taxes or w2's needed

   
 
No Income Verified - Home Equity Line of Credit

1)  Home Equity Line of Credit (HELOC) 
No Income Verified Verified Assets (NIVA) 
Stated Income Stated Assets (SISA) 
Owner-Occupied, Non-Owner Occupied and Second Homes, SFR's, 2-4's and Condos.
600+ FICO needed. Over 700 FICO, first 6 months starting at 3.8%. 
Loan amounts from $150,000 - $5,500,000. 
70% LTV to $1,000,000 loans outstanding (including new HELOC)
50% LTV to $5,500,000.
5.50% interest only start rate. 10 year draw period, 20 year amortization.
1 floating over WSJ Prime in 1st position
or 
6.50% interest only start rate. 10 year draw period, 20 year amortization.
2 floating over WSJ Prime in 2nd position or paying off liens. 
3 monthly repayment options are available.
Must provide proof of at least 6 months of PITIA reserves.
Available: CA, MA, MD, WA, IL,TX, NV, NJ and NY. Other States subject to approval.
Fees: 2.5 points + $995 processing in a Holding Escrow.*


Hedge Fund Stated Income Stated Asset (SISA) Loan Product for Residential or Commercial

2)  Stated Income, Stated Asset Purchase or Refinance Loan, Loan Amounts to $2,000,000.
Commercial or Residential Loans for Non-Owner and Investment properties up to 75% LTV.
Terms: 3 and 8 yr ARMs - fixed then adjustable for remainder of 30 years. 

Rates from 7.5%.

650 minimum FICO score required. 21 day close of escrow. Interest reserve options.

Investor & REO financing - Any amount of properties allowed 
In Bankruptcy or Foreclosure OK.
Unlimited cash out. No title seasoning required
Available: Nationwide.
Fees: 2 points in the transaction.


Alternative Documentation (ALT-Doc) Loans

3)  12 Month Bank Statement Averaging, 1 Year Taxes or Asset Amortization Loans for Business Owners. 

No Taxes, w2's or executed 4506T are required. Must be Self-Employed for the last 2 years. Realtors are considered self-employed. 

5, 7 and 10/1 ARM's, 15 and 30 year fixed. Rates from 4.75%. 

Owner-Occupied, 2nd homes and Investment properties, SFR's and 1-4’s.
Loan to value up to 80% for a purchase, rate and term or cash-out refinance up to 3M.
Minimum FICO 620. 
Interest only payment available. 
Qualifying: Using the Borrower’s last 12 Business bank statements, the net deposits are averaged over 12 months that figure is used as the qualifying income with 45% DTI based on net deposits and debts on the credit report and with the new mortgage. Proof of 12 months PITIA reserves for the subject property seasoned in the bank for 60 days on Owner Occupied and 12 months reserves on all debt on Non-Owner properties. Gift funds allowed.
 
Available: Nationwide.
Fees: 1.5 points in a Holding Escrow*.
 
4)  No Income, Verified Asset (NIVA) Loan for Investment and Owner-Occupied Properties.
680 mid FICO, SFR's, 1-4's, Condos and PUD's
Terms: 15 year fixed, 3, 5 or 7/1 ARMs from 4.45%.
Purchase: 70% LTV to 2M, up to 100% of the down can be gifted
Refinance: 65% LTV to 2M 
Cash out: 60% to 1M, 50% LTV to 5M. 
Reserves as low as 6 months. No CPA Letter needed with 18+ months reserves.
New on the Job or Business OK.
Employer and income to be left blank on application with 18+ months reserves.
Less than 30 days to close. 
No maximum number of properties financed or owned.
No maximum acreage on non-agricultural properties.
Foreign national ok, no Social Security or US status needed
Available: CA, NV, WA, TX, GA, IL, MA, MD, NJ and NY.
Fees: 2.5 points + $845 processing in a Holding Escrow*.


Private Money to 80% LTV 

5)  Private Money - Private Party Loans for Non-Owner Occupied properties.
Commercial and Residential Loans for purchase or refinance up to 80% LTV.
Terms: 1, 2, 3, 4 or 5 year loans amortized for 40 years. Rates from 7.99% and 2 points.
NO minimum FICO score required.
Choose a pre-pay period.
3-10 day close of escrow in CA and FL.
Investor Loans, REO financing, Interest only available. 

Any amount of properties allowed. 
Interest reserve options. Unlimited cash out. 
In Bankruptcy or Foreclosure rescue OK.
No title seasoning required.
Available: Nationwide.
Fees: 2 points in the transaction.


Requirements and Documentation:
Complete the Loan Application, leaving the income section blank, initial, sign, date and return. Provide copies of the Bank Statements (Last 2 for HELOC, 12 for Bank Statement program), Mortgage Coupon, Insurance Declaration page, 
Driver's Licence, Social Security Card, Note, Mortgage or Deed of Trust and Purchase Agreement, if purchase. We will provide a Loan Consultancy Agreement and Escrow Instructions, to be fully executed and returned. Please scan, label in order, example (2/18, 3/18, ect.) and upload all documents to a Dropbox file or email me for access to our end-to-end encrypted secure email.

HELOCLast 2 months Bank/Asset statements showing at least 6 months of PITIA reserves. No bankruptcies, mortgage lates, foreclosures, short sales, deed-in-lieu or loan mods on credit history in the past 5 years allowed. Borrowers who open a deposit account with the Bank (FDIC insured) and enroll in auto-pay for the mortgage payment, can reduce rate up to .5%, FICOs above 700 can qualify for a 3.8% start rate for the first 6 months.

12 Months Bank Statements: Last 12 months Bank or Asset statements showing 12 months of mortgage payment reserves. Credit will be pulled and must be derogatory free last 24 Months. No bankruptcies, short sales, deed-in-lieu or loan mods on credit history in the past 5 years allowed, foreclosures (7 years).

Lender Fees:
Fees vary by institution, all loans have separate non-refundable cost of appraisal and credit report, +/-($600).
 
*Holding Escrows: In most cases, a Holding Escrow Account will established in the borrowers' name with an Independent Licenced Escrow Company and funded beforehand, the account is fully refundable in the event of no close of escrow or cancellation. Southern California cash-out refinance transactions do not require funding of the escrow account. 


The information furnished here is preliminary. This is not an offer nor a commitment to lend and shall not be construed as such. Rates, terms, loan products and loan conditions may be changed without notice, example is a HELOC as of 3/20/18 on a California HELOC in 1st position refinance loan amount of $250,000 with a 720+ FICO and 60% LTV, 5.50%/5.55% APR. All private money loans offered in accordance and compliance with CalBRE or applicable regulatory agency. Stated loans are provided to, and conform with applicable state laws regarding commercial lending transactions for business purposes. All loan transactions are subject to the submission of a formal application, appraisal, underwriting, and final written lender approval. Loan approval terms may vary by asset type and borrower credit worthiness. Insurance acceptable to the lender on subject property is required to be maintained on the subject property for the duration of the loan. 
 
Call and ask for,
 
Bob Thompson
Account Executive
Bob Thompson Capital Advisors
1(562)344-LOAN
       

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