• 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.
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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 here.

*This product is not regulated by the New York State Department of Financial Services

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.

Purchasing a home with a 203(k) loan

Purchasing a home with a 203(k) loan

The challenge for buyers searching for the perfect home is usually the price tag that comes with it. We might have the solution for someone willing to see potential in a home in need of a little love and some rehabilitation. Our FHA 203(k) loans offer the convenience of a loan providing the money a buyer needs to purchase the property and the funds required for the repairs. The entire process from finding a home to completion of its rehabilitation is a simple one.

Find the home and make an offer

FHA 203(k) loans make it easier to find a home because it allows buyers access to homes that might be out of their price range were they not fixer-uppers. Once a home is located, the following steps take place:

  • Buyers make an offer through their real estate broker or agent.
  • Contracts are signed with the seller containing a contingency clause making the purchase subject to the buyers being approved for an FHA 203(k) loan in the amount needed to complete the purchase and any repairs required by the mortgage lender or by the FHA.
  • Buyers meet with a representative from MortgageDepot to complete an application through an FHA 203(k)-approved lender. The application includes a proposal and detailed estimate of the scope and cost of the repairs.
  • The lender arranges for an appraisal to establish the projected value of the property after the repairs.

Our trained loan officers work closely with the lender and the buyers throughout the underwriting process that ends with a loan approval covering the cost of the purchase, the repair work and a contingency reserve to cover additional costs not covered by the original proposal and estimate of costs. For buyers who will not be occupying the home during construction, we can arrange to have up to six mortgage payments included in the cost of repairs.

Closing on the loan and the purchase

The closing is when title passes to the buyers after the seller is paid. The funds remaining from the FHA 203(k) loan are held in escrow to pay for the repairs. Money is released from escrow to a contractor at the completion of predetermined stages of work with 10 percent of each payment held until the lender checks to ensure no liens were filed by contractors or subcontractors.

MortgageDepot has the solution

We  take the challenge out of financing the purchase of a home in need of some work with FHA 203(k) loans.

Contact us today for more information at (800) 535-0270 or email us by clicking here.

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Related Information:
  1. 2016 Qualifying Income
  2. 203K Loans
  3. 3.5% Down Payment for First Time Home Buyers
  4. 5% Down All Gifts Funds Allowed
  5. Apartment Lending*
Working Capital Financing

Working Capital Financing

MortgageDepot has creative financing programs for business owners to obtain the capital they need to expand their business. Working capital financing is an unbelievably simple, affordable, and fast way to finance your business. Thousands of businesses are approved for working capital financing every day. The following are just a few reasons why business owners choose working capital over other forms of financing.

  • Any FICO scores are accepted
  • No credit or collateral required
  • Easy application process
  • Funding typically in 24-72 hours after approval
  • High approval rate. Approved 95 percent of the time
  • No restrictions on how the funds can be used
  • Business owners can get up to a million dollars
  • Repayment options can be very flexible

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

Fix and Flip Financing

Fix and Flip Financing

MortgageDepot is leading the way in finding smarter ways for you and your clients to finance fix and flip properties or rental properties. We offer cost-effective and innovative lending solutions specifically for these borrowers.

We provide direct equity-based funding for residential, 2-4 units, multifamily and commercial borrowers who are unable to attain financing through a bank or need capital quick. We offer unbeatable service, very generous broker compensation, low rates, and flexible terms. This is all we do, we’re committed to continually finding faster, easier and more affordable ways for you to get the funding your clients need.

We have created a simple loan closing process designed to meet your needs as an investor.

We have many fix and flip programs (LTP) and 1 (ARV) Program:

Why MortgageDepot

• 2 hour Approvals
• 4 to 5 day Closings
• We Are Broker Friendly
• 24 Years Experience In The Lending Industry
• Make Sense Underwriting
• No FICO Requirements
• No Prepayment Penalties
• Very Competitive Rates
• No Junk Fees
• No Commitment / Up Front Fees
• Fast Flexible Underwriting
• 100K to $2M
• CA Properties Only
• No Fund Control for Repairs

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

Residential Properties-Fix and Lease

Residential Properties-Fix and Lease

We’re experts in assisting real estate investors who specialize in Fix & Lease rehab projects. Have you identified a property that’s in need of a rehab in order to make it a cash-flowing rental property? Have you had difficulty obtaining the finances necessary to purchase and rehab the property? We have the perfect program for you.

Our innovative Fix & Lease program offers professional real estate developers and rehabbers the opportunity to acquire the finances to purchase and rehab rental properties. We can facilitate with loans for as low as $50K and as high as $2.5 Million. This program is only available for single-family or multi-family residential properties, which are intended to be used as rental properties. We offer loan terms for up to 18 months, and we offer negotiable loan origination fees.

Our Fix & Lease program can assist with finances to buy and rehab a rental property nationwide. We offer loans with a loan to value ratio of up to 80% on the purchase and rehab of a property, and for up to 50% on a cash-out refinance of an existing property. We also offer the opportunity to utilize existing real estate assets as collateral on these loans. That collateral can be in the form of any type of non-owner occupied real estate, including single-family or multi-family real estate, commercial real estate or mixed use real estate. We can close in as few as 10 business days, so why wait?

We are the leading expert in providing financing for Fix & Lease property rehabs. If you need assistance with your next Fix & Lease project, we have brokers ready to serve you.

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

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