;)
The NO DOC Loan is Back!
Posted by admin in Commercial Real Estate, New Programs!
Remember back in the day, Greenpoint had a no doc loan that was an easy, no questions asked loan product. It had two guidelines, good credit and low LTV. As long as the LTV was low and the credit was good the loan got done easily and quickly. Well, that product is back for commercial loans under $400,000 with our new Private Money Fund. All we need is proof of the value with a recent appraisal, (we will accept appraisals already done for someone else), and a credit report and a one page loan proposal summary and we are off to the races.
I underwrite the file myself. I submit to credit committee-my brother by the way. If we like it, we kick out terms. Upfront fees are typically as low as $2500 for the site visit, etc. My brother will visit the site, meet the borrower and if all is fine, we fund it in a couple of weeks. 2-3 weeks from start to finish. We will be in first lien position only, we need to be at a 65% LTV and the credit needs to be 680 or better with no recent mortgage lates. As long as we have that, you can get the money.
This is short term money, 1-2 years interest only. You need to have a plan for refinancing or selling to pay us off. Our fees and rates are better than any other hard money deal we know of in this price range. The money can be used for any purpose-personal debt consolidation, anything. This works for purchases, refinances and cash-out.
To run a scenario by us, call 866-355-1244 and ask for Seth Parr, my intake guy. He will get the info and get the file to me for underwriting. It is an easy process and we feel it fills a big void in the marketplace. Give us a call today!
Be blessed!
Brian
p.s. Remember, a true no doc loan is now available for commercial deals under $400K. Call 866-355-1244 to get the ball rolling!
;)
;)
;)
