• Ask about our bank statement program which eliminates the use of tax returns and we just use the deposits in your bank account to calculate income.
(800) 535-0270
Select Page
Bridge and Hard Money Loans

Bridge and Hard Money Loans

Having access to the right type of financing for your unique situation or loan request is critical, and MortgageDepot strives to carry a full line of financing options for traditional needs as well as for unusual or unique needs. While many will qualify for traditional loans through MortgageDepot traditional financing is not always the right solution. We also offer bridge and hard money loans for investor and non-investor properties alike, and we want to help you learn more about the financing solutions we offer to our valued customers.

Bridge and hard money mortgages are designed to be short-term financing solutions, and they provide you with funds that are useful for repositioning the property in an attractive, profitable way. Our bridge and hard money financing are available for a wide range of property types, and this includes:

  • Multifamily and condo units
  • Retail
  • Student housing
  • Senior housing
  • Office and medical office
  • Warehouse and light industrial
  • Mixed use
  • Flagged hotels and motels

Some of the loan terms available for the bridge and hard money financing include:

  • Up to 80 percent loan-to-value
  • 8 to 14 percent interest rate
  • Interest only
  • Flexible recourse
  • No exit fee
  • Extensions available with up to one point fee

Financing is rarely simple to find when you have a unique situation in front of you. You may simply need to find capital that can be used while you reposition the property through renovations, releasing the units and more, and our bridge or hard money mortgages may be exactly what you have been looking for. Through our financing, you can obtain the capital you need, and you can learn more about this program when you contact MortgageDepot for a pre qualification.

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

 

FIRPTA Withholdings Increase

FIRPTA Withholdings Increase

ATTENTION: Changes to the Foreign Investment in Real Property Tax Act (FIRPTA)
10% withholding becomes 15% withholding on February 16th!

Under FIRPTA, the current US federal statute in the stipulates that when a foreign person sells US real property, at the time of the sale the buyer of the real property is required to withhold 10% of the sales price from the seller and remit that to the IRS.

In 2015, the Protecting Americans from Tax Hikes (PATH) Act changed that requirement so that instead of remitting 10% to the IRS, the amount remitted to the IRS will increase to 15%.

This new 15% remittance begins on FEBRUARY 16th OF 2016!

The PATH Act states that for all real property closings in which a foreign person is selling real property in the US that occur on or following February 16th, 15% will be held back by the buyer and instead remitted to the IRS, EXCEPT UNDER THE FOLLOWING CONDITIONS:

  • If the sales price is between $300,001 and $1 Million, and the person buying the property is buying it with the intent of occupying it as a primary residence, in that case, the withholding will remain at 10%.

THIS MEANS THAT WHEN A FOREIGN PERSON SELLS US REAL PROPERTY, THE FOLLOWING RULES WILL APPLY STARTING ON FEBRUARY 16th, 2016:

  • When the sales price is $300K or lower and the person buying the property is using it as a primary residence, there will be NO WITHHOLDING REQUIRED.
  • When the sales price is in between $300,001 and $1 Million and the buyer is acquiring the property as a primary residence, 10% withholding will apply.
  • Regardless of the sales price, when the buyer is not acquiring the property as a primary residence, 15% withholding will be required.

If a foreign person is selling US real property, no withholding will be required when:

  • The buyer of the property intends the property to be a primary residence and the price is lower than $300K
  • The seller is able to provide a “Non-Foreign Affidavit.”
  • The seller is able to provide an IRS-provided “Withholding Certificate.”
  • The seller is realizing zero profit.
  • The US or a division thereof is acquiring the property.

Mortgage Depot is experienced in facilitating the acquisition of a loan for the purchase of the foreign owned real property. If you are interested in a loan to acquire this type of property, contact Mortgage Depot today!

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

 

Your First Stop for Home Finance

Your First Stop for Home Finance

In today’s economy, financial markets fluctuate constantly, and mortgage rates change often, sometimes 2 or 3 times a day! To get the most current rates, take a few moments to complete our questionnaire. Tell us about the type of loan you are looking for, and your current financial situation. Please answer each question as accurately as possible because the details you provide will ensure the most successful search results.

Or better yet, call us today at 800-535-0270 for a complimentary in-depth quote and overview of current market conditions affecting the mortgage market from one of our friendly professional mortgage consultants.

And, remember, your privacy is our first priority. MortgageDepot.com is protected with state-of-the-art security, so the information you submit is completely confidential. It will only be shared with our participating lenders we identify as the most appropriate match for you.

No credit apps are submitted or credit reports obtained until you find the rate you like, therefore your credit history is not affected by multiple applications. Once you complete our questionnaire, you will receive a reply by phone or by e-mail — along with a current rate bid — within just 24 hours! Talk to you soon!!!!

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

 

Rates Have Dropped January 2016

Rates Have Dropped January 2016

The stock market had one of its worst days in 2016 dropping 249 points causing the interest rates to drop even lower than they already are. We are advising everyone who has not yet had a chance to refinance their property which is located in New York, (we are licensed in New York only for residential primary residence properties only), now is the best time to do so, interest rates for a 30 year mortgage dropped below 3.75% today. So once again, DO NOT hesitate and contact us immediately to start the refinance process. We have 10 licensed originators who are ready to help you achieve your goals. We are local, located in Queens.

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

 

Conforming Loan Limits

Conforming Loan Limits

For those looking to achieve a home loan in 2015, they should know nothing has changed for the upcoming year as the Federal Home Finance Agency has decided to leave the mortgage loan limit alone for the tenth straight year. It remains set at $417,000 for a single-family. By not touching this rate, it helps those who already have a loan refinance, giving people an opportunity to find a low rate.

 

Now You Can Get a Mortgage Without a FICO Score

Now You Can Get a Mortgage Without a FICO Score

If you have tried to get a mortgage recently, you may be aware that one of the first things a lender or mortgage broker will do is to pull your credit report. Your FICO credit score and credit history are critical to qualifying for most loan programs. In fact, if you do not have a minimum credit score required for most loan programs, your loan request will not be considered. There typically are no exceptions made, and lenders do not want to hear stories about why your FICO score may be low or why you may otherwise be a strong borrower. At MortgageDepot.com, we have loan programs available that do not rely on FICO scores for pricing or for loan approval, and these may be the loan programs that you are searching for at the present time.

The Problem With Relying on FICO Scores

In some cases, a strong FICO score does indicate that a person is financially strong and fiscally responsible, but a lower FICO score does not necessarily indicate otherwise. The reality is that life situations, such as divorce, the death of a loved one, unexpected job loss and more, can all have a negative impact on a credit rating. These are rough situations that ultimately could stress your finances in a number of ways, and such events can and do happen to most people at some point. These do not mean that the person was not responsible with their finances, but it means that life has thrown a series of curve balls at the person. In some cases, a lower FICO with a very long history of delinquency can indicate fiscal irresponsibility. However, if the delinquencies are focused within a short period of time and no blemishes were present before or after, this may be a sign that the borrower is otherwise strong.

Taking a More Comprehensive Approach

Some lenders will review all aspects of your financial situation before making a decision about how to proceed with your financing request. For example, they may look at your net worth and your available liquid assets. They may also look at how much debt you are currently carrying. If you have a bankruptcy or a foreclosure, they may take a closer look at the story behind these damaging credit events, giving you a chance to explain the situation. A low FICO score in itself may not be a reason for a loan request denial. If your credit and financial situation are otherwise strong, you may still be able to get approved for a loan.

Applying for a loan when you have a lower FICO rating is rarely something that is done without stress and anxiety, but MortgageDepot.com can help you to take the hassle and uncertainty out of the situation. We have a no FICO score loan program available that will look at other factors related to your finances during pre qualification and underwriting. If you are interested in this loan program or in other creative and flexible financing options we offer, contact MortgageDepot.com today.

To contact us by phone call 800-535-0270

© 2019 www.mortgagedepot.com. All Rights Reserved.
Licensed By The Following State Regulatory Agencies:
New York State Department Of Financial Services
Florida Office Of Financial Regulation.
Website Authorization By The New York State Department Of Financial Services Is Approved.
*Registered Mortgage Broker — New York State Department Of Financial Services – All Mortgage Loans Are Arranged Through Third (3rd) Party Providers’ NMLS # 1133788