O.K. I need some serious ADVISE. I have a customer that is intent on purchasing multiple properties to keep as rental properties. Which is O.K. I myself specialize in lending rehab money. These are not rehabs. My customer is a 650 mid, self employed and no liquid assets. He has presented every loan senario thinkable and I have not a clue if this is possible at any level. Can anyone help please.
It’s going to depend on what your customer wants to do. So basically you are saying he just wants a good old fashioned Non owner loan for an investment property? The 650 mid is good enough to get loans for. Does he make enough money to cover his properties? I mean there are true No Doc loans out there where you dont need to prove anything, but unless the customer can handle them, he/she is going to get foreclosed on. If you can give us a few more details we may be able to better help you. How long has he been self employed? Do his tax returns for the last two years show enough income to cover a second or third property?
The customer is self employed for the last 38 years and the tax returns are of no help. This is the old fashion Stated, non owner occ. investment property loan. If there is such a thing…The customer wants to purchase 4 properties 2 of which are on the same parcel and all 4 are next to door to each other. 11 units total and 8 occupied currently. Three separate sellers. One seller is willing to hold a 60k second.
There are only two problems I can see him running into. Total number of properties (a lot of lenders wont let you own more than 4 no more matter how much money you have), and his income if the tax returns are a mess. I would personally say his best bet would be to talk to a mortgage company, about what they can do, have them look at the credit score, and get in touch with their lenders. Mortgage companies have contacts with multiple different wholesale lenders, all of whom have their own niche, and with credit report and tax documents in hand, I would really hope that any Loan Officer at a mortgage comany he talked to would be able to figure out what could and could not be done.