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Is Hard Money Dead?

Is Hard Money Dead?

Gone are the days of waiting for private investors to potentially lend you money. Here are the days of truly institutionalized and easy to use hard money product. We highly encourage all to reach out to one of our friendly mortgage consultants here at MortgageDepot. Let or team of professionals educate you on how we can bring a cheaper long term or short term financing alternatives to you that either can’t qualify or don’t want to wait around to qualify for bank financing for your investment properties. CALL TODAY 800-535-0270. Some bullet points on our new product are below.

  • RATES AS LOW AS 6.75%!!!!
  • All loans are “NIS/NIV” NO INCOME STATED/ NO INCOME VERIFIED!
  • UP TO 80% LTV!!!
  • NOW LENDING IN THE FOLLOWING STATES:  AL, AZ, CA, CO, CT, FL, GA, HI, ID, IL, KS, KY, LA, MA, MD ,ME, MO, MS, MT, NC, NH, NE, NJ, NM, NY, OK, OR, SC, TN, TX, UT, VA, WA, WI, WV, WY
  • Purchase and cash out transactions available.
  • NO SOURCING OR SEASONING OF THE DOWN PAYMENT WHATSO EVER!!
  • FAST CLOSING are an everyday occurrence. Typical closing times less than 2 weeks with ability to close in 4-5 days!
  • SFR, Condos, Townhomes and 2-4 units.
  • 5+units(multifamily), Mixed use, Office and Retail.
  • 3/27, 5/25 and 7/23 long term products available.
  • 6, 12, 24, 36 and 60 month short term bridge products available.
  • Easy to understand and simple underwriting guidelines!

We look forward to speaking with you!

Contact us today for a FREE consultation at (800) 535-0270 or email us by clicking here.

Stated Income Owner-Occupied for Commercial Properties

Stated Income Owner-Occupied for Commercial Properties

As we continue to build our business relationship with our clients, we are excited to announce our new Stated Program for owner-occupied commercial properties ONLY.

Below please find our minimum eligibility for you to send in your deals for review.

If the deal is a good fit, we will issues a LETTER OF INTENT to outline the basic structure of the proposed loan within 24-48 hours.

Eligibility

  • Minimum middle Fico score of 700

(if multiple guarantors, all other borrowers/guarantors must have a minimum of 650)

  • Business must be in existence for 5 years (on subject property)
  • Experian Business Score:
  1. a) Minimum Intelliscore Plus of 41
  2. b) Minimum Financial Stability of 50
  • Minimum DSCR of 1.10x
  • 80% Occupancy Required over 90 day trailing
  • 6 months reserves
  • Net Worth requirement on loan amounts exceeding 1M

Benefits:

  • No Personal or Business Tax Returns
  • No Business Financial Statements
  • Up to 75% LTV (depending on credit score)
  • 250K To 2M Loan Amount

Contact us today for a FREE consultation at (800) 535-0270 or email us by clicking here.

Stated Income Loans Nationwide

Stated Income Loans Nationwide

We are a mortgage broker that specializes in 1-4 unit investment and commercial properties.  With just a minimum mid credit score of 650, you can get up to 75% LTV max with absolutely no personal income verified. We are between the institutional bank and hard money financing.  We offer a more cost effective financing solution versus traditional hard money.

  • Quick closings
  • 3 or 8-year ARMs available with rates starting around 7.50%.
  • 30 year fully amortized loans
  • W-2 or self-employed
  • Rebate pricing
  • Seller seconds and gift funds allowed on purchases
  • Non-seasoned funds for purchases are ok.
  • No debt service requirements on 1-4 family investment properties
  • No debt service requirements on traditional commercial loans under $500,0000.

Please let us know how we can help you.

Contact us today for a FREE consultation at (800) 535-0270 

Stated Income Loans to 620 score

Stated Income Loans to 620 score

We now offer a solution for your borrowers with less than perfect credit on multifamily, mixed-use, warehouse, office, retail and automotive properties.

We will go down to a 620 credit score and a maximum LTV of 50%.

  1. Bk discharge 1 day – OK
  2. No active FC or NOD on subject property
  3. Derogatory mortgage history reported on credit – OK
  4. Source of funds to close required but not seasoning
  5. Other people on title in the past 6 months do we need their credit, No
  6. DCR requirement when loan amount > 500k – Yes
  7. Federal tax liens on credit report must be paid unless confirmed payment plan
  8. Vacant refinance not eligible
  9. 80% CLTV max

We offer a quick closing with limited documentation.

Contact us today for a FREE consultation at (800) 535-0270 

Flexible No Doc Guidelines

Flexible No Doc Guidelines

We at MortgageDepot are always adding new programs and updating old ones so our borrowers have a program for any situation.

Commercial & Residential Properties,  Investment Properties, Non-conforming Borrowers, Real Estate Investments, Realtors, SFR ReFinancing, Stated Income, Stated Mortgage Loans.

We are a Stated Income Financing Broker that has been servicing the mortgage industry for decades. We offer stated income program for 1-4 Unit Investment  Properties, 5+ UNIT Multifamily and Mixed Use Properties and Commercial Properties.

With just a minimum 620-score, we can provide up to 75% LTV max with absolutely no personal income verified.

We provide a more cost effective financing solution versus traditional hard money.

  • Investor SFRs, Condo & 2-4 Units
  • Multi-Family, Mixed Use, Office, Retail
  • Warehouse, Self Storage, Auto Service
  • Flexible Guidelines
  • Up to 75% LTV
  • Quick Closings
  • Simple Doc
  • Standard 30 Year Term
  • Loan Amounts from $75k to $5M

Please contact us with any questions or possible deal scenarios.

We look forward to speaking with you and financing your deals.

To contact us by phone call 800-535-0270 

Reduced Doc for Jumbo Loans

Reduced Doc for Jumbo Loans

We NOW have a REDUCED Doc Jumbo Arm for Self Employed individuals!!!

Some of the requirements that jumped at me –

  • Self Employed Stated Income ONLY – to be validated by documentation in the file to be determined as reasonable – i.e.: average monthly deposits should support income levels or other documentation provided
  • Need 3 months bank statements for both personal and business accounts
  • Self Employed ONLY
  • Minimum of two open and active trade lines with a min 24-month history
  • See the liquidity section – based on loan size
  • Qualify as you would expect at the greater of the note rate or the fully indexed rate **Max 33/43 ratios

Thank you for your business and if you want more information about our reduced documentation program, contact us TODAY.

To contact us by phone call 800-535-0270