People, homes, and loans are all unique
You shouldn’t settle for a lender that treats you like a statistic. That’s why we offer loan programs for all kinds of scenarios that life may throw at you AND why we have loan experts like Jon Rowland. He has decades of experience with loans that don’t fit in the typical box that big banks limit their customers to. Jon is ready to jump in and help navigate non traditional mortgages across dozens of non bank mortgage lenders.
Using Home Equity For Cash
“I have equity but need to quickly free up some cash”
Often our clients have significant equity in their property, but just need a loan fast. We have dozens of institutional and private lenders set up to fund these loans quickly…typically in 10-14 days. Best of all, the approval is based on equity in the property and not credit and income – so it’s a hassle free loan process. These loans work for residential, commercial and apartment buildings beyond $10MM too so it’s a popular option for developers and corporations that have properties listed on the market and are ready to get going on the next project.
“I write off a lot of my revenue on my taxes”
Many of our clients have very healthy businesses grossing millions of dollars per year in sales but when it comes to reporting taxable income on their personal income tax return that income is often very low or a negative amount – because of all the write offs. We have creative loan programs at great rates that allow us to get these deals done quickly. As an example, we had an Australia client who had a consulting business that grossed about 3.5 million dollars per year. However, his tax return reported only about $70,000 in taxable income. This amount of income would qualify him for only about a $400,000 loan. However we were able to get him a loan based off the cash flow of his business in the amount of $2.5 million and at a great interest-rate.
Low Income / High Assets
“I don’t have much income but I’ve got a lot in assets”
Sometimes our clients don’t earn a lot of traditional income at a job. As an example, we did a loan for a client that was retired. She earned a modest amount of Social Security and had no other income…BUT she had about $2 million in her bank account from an inheritance. We were able to use her assets to derive a monthly income of about 16,000 per month and qualify her for a loan of $850,000.
Foreign National Borrowers
“I spend much of my time in the US and want to buy a home”
We offer a variety of home loans to clients that are not citizens or residents of the United States, these loans require no credit, no FICO score, no social security number, no US address and no green card. It happens more than you think and we get it! We have programs that can help.
Non Warrantable Condo
“The condo was having some legal trouble”
Most of the big banks and lenders have a set of strict guidelines for condominium projects. If a condominium is deemed non-warrantable, it will be very difficult to find a bank to do the loan. We recently had a client purchase a condo in the Ritz building at LA Live in downtown Los Angeles. The project was deemed non-warrantable by all of the big banks for a very minor reason on the insurance policy. It just shows how little common sense and independent reasoning is involved when banks approve loans; obviously a building owned by the Ritz definitely has reliable insurance that has gone through scrutiny by their insurance companies underwriters. This client was turned down by every big bank…and almost lost the property. At the last minute, we were able to come in and not only close the deal, but also get a great rate by using a non traditional mortgage lender.
“I have tax liens that need to be paid off”
Tax liens can greatly complicate mortgage financing for clients. When the IRS puts a lien against a potential buyer’s property, most lending institutions won’t go near their loan. Similarly, the IRS can impose a lien on the buyers credit report which damages their FICO score. We had a client in Newport Beach who was a very successful attorney that owed several hundred thousand dollars in back taxes to the IRS. There was a lien against his property and it was also on his credit report – this resulted in his credit score going down to 622. None of the big banks would touch the loan even though he had 40% equity in the property. We were able to do a $2 million cash out refinance loan for the client at a great rate AND pay off his IRS lien for $400,000.
Do any of these scenarios sound like you? Have you been turned away by a bank for another reason? Call Jon. Best case…you’ll get your home loan without any fuss. Worst case, he’ll break the news to you in his soothing public radio voice.