Here's What Some Satisfied Clients Have to Say
How Do You Borrow $462,000 On A Property With an Income of Only $2,992?
Our client wanted to expand her real estate portfolio. She currently owns a 9 unit multi-family property and wanted to use it as collateral to get as much cash-out as possible.
Her corporate tax returns showed a taxable income of less than $3,000. Therefore, she was rejected by several banks because they based her cash-flow on these tax returns and considered her unqualified by their standards.
We worked with a stated income lender that did not require tax returns. Instead, we were able to use P&L statements and business bank statements to prove her property's cash-flow. Since the property had cash-flow, the lender did not need to look at her other holdings.
She was approved for $462K to use to for new property purchases so she can create a little real estate empire for herself. With the added income, she was able to quit her job to manage her properties and focus on being a full-time parent. She is doing well and is excited for her future!
Here are the loan details:
- $462,000 loan amount
- 30-year amortization
- 5-year fixed rate
- 37 day turnaround