Archive for the ‘alternative real estate financing’ Tag

Funded Loan Scenario Bank Statement Loan

This is a pretty cool loan scenario that we recently funded. Thank the lenders that are for unconventional mortgage loan programs.

Bank Statement Loans for Good Borrower

So he is a self employed borrower that wanted to buy a second home/vacation home in St. George Utah but didn’t want to produce his tax returns. I didn’t ask him why, but I’m assumed it was because he knew it didn’t show enough income to produce an acceptable debt to income ratio. Our typical client borrower is proactive and knows what he or she wants and what their particular issue is. Like all self employed borrowers, he writes any and all business expenses off and therefore had an adjusted gross income that was way too low to qualify for a conventional loan program. He was frustrated because he was recently declined through a mortgage broker that only had traditional lenders with traditional loan programs. Shame shame. I feel sorry for borrowers like this and for average Loan Officers that decline perfectly good borrowers. This guy is rock solid in every qualifying way and deserves to buy a home, he just simply needed and alternative income documentation loan. He said he needed an unconventional mortgage because he was self employed and couldn’t use his tax returns to qualify. Inside of a 15 minute conversation with this guy, I knew we could help him. He knew the answers to all of my questions and had already picked out a home and was in contract.

Self Employed People Deserve to Buy a Home, Too

Like most of our clients, he knew he was a worthy borrower and chose not take “no” as an acceptable answer, so he went online and found us.  He owns a window installation company and he employs 18 people.  Most of our clients are very intelligent and proactive people. He joked that the people he employs have no problem qualifying for a mortgage and at the same time, the person that employs them did not. In 2013, he grossed $2,000,000 and $1,500,000 in 2014 and had already grossed $800,000 here in 2015. I assigned him to a Loan Officer that I knew could fund his loan.

He had all of his documents in line and had his secretary fax and email to me the same day. Every time I emailed or called him, he got back to in a very timely fashion. The guy is a pro and it was certainly a pleasure to work with him. His unconventional income documentation loan funded in 28 days and he is now making memories with his family in his new vacation home.