97 Victory Ave, Buffalo, NY 14218

1-4 Unit Rental Property Loan Program

Here we have an example of a great no doc loan program for 1- 4 unit apartment buildings. Purchase or Refinance.

Many lenders today do not want new investors and here is one of them. The loan program requires that you own your primary residence and maybe another investment property.

Most lenders offer fixed for 3-5 years 30 am. Here we have a lender who can offer 3/1 ARM, 7/1 ARM or Fixed for 30 years,

7-8% 3/1 Arm 30 am

Rates; 7.125, 7.375,7.625

Lending area: Nationwide

Credit Score Minimum: 650

Occupancy : Investor Only- No Owner Occupied

Cash Out: Up to 70ltv

Prepayment: 321

Underwriting 1.20 D.C.R

Cost: PAR plus $2,995 Underwriting fee

Broker. 2 points under 500k 1 point over 500k

Here is an example of a recent deal using this loan program.

Regarding refinance of 3 Unit in NJ

Objective:

Refinance current hard money loan of $108,000 at a rate of 14% and attain cash out at of 70ltv with a current value of $350,00.

Address: 10 St Newark NJ

(In order to protect my customer I did not provide the exact address:

Purchased 1 and half years ago Date? 4/15/2015

Purchase Price  38,000

Entire 3 unit was renovated

Current Value $350,000

Renovation Amount  $135,000

No lien or judgments

Rate  15%

Current Mortgage Amount   108,000

My client requested a new loan a 70ltv of the current value of $350,000t

Recently rented all three renovated units for $1300 each apartment

Rents

$1300

$1300

$1300

$3900

Expenses

Tax……………yearly ………..$5500

Water and sewer……………$2400

Insurance    …………………. $1100

Gas………………………….tenants pays…meter

Electric……………………tenants pay  meter

Expenses……………………….$9000

Gross                  …………..$46,800

Net……………………………….$37,800 net

The client ended up with a loan of $245,000 with a rate of :

7.62 % 3/1 arm 30 am 70ltv

If you are interested in this loan program or just know that you need a no tax returns required loan program I can help. Please email me your loan scenario?