Where have all the No Doc's gone?

Financing, Hard Money Lenders, Private Money
1

I’ve got a primary residence with a recent Wells Fargo fixed 30 yr for$400k and an apprasial of $975k.

I’m working with my broker to find a $300k to $400k line of credit limited documentation loan and so far the best we can do is $190k. (I’ve got a 740 fico, self employed general contractror/rehab/flipper).

Any banks still doing these loans or should I take the $190 and wait for things to loosen up in the future?

Purpose of line is for construction costs during rehab. I buy the properties with aconvential loan. The other purpose would be that between the line and my cash I can play the auction game and also get those badly damaged properties that won’t qualify for conventional.

I’m allergic to hard money :rolleyes

2

If you have a 2 year history of owning the same company than why would you need a no doc. How about no ratio instead?

What’s the rate on your first. may be achievable by doing complete refinance of first too.