Got Denied By the Big Banks?

PMC Can Help!

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes. Business Purpose & Commercial Financing Available in All 50 States: Investment Properties vested under LLC/Corp, Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

Follow our Mortgage on:

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NMLS 266371

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Down Payment Programs: Become a Homeowner in 2019

For many years, Platinum Mortgage Company has been in business to help people obtain the American Dream of owning their own home. In addition, we pride ourselves in our ability to help our clients make sound financial decisions regarding their mortgage and investment needs. Buying a home is one of the largest investments we make in our lifetime, which will one day become a future asset. Most people don’t know where to begin, as the process can seem daunting for people unfamiliar with it. We partner with our clients to help them develop a detailed, personalized plan so they know what preparatory steps are necessary to complete the transaction successfully. It is our responsibility to educate the clients about the documents they will be signing upfront and at closing, as well as to go over the terms of the loans to ensure they have no unanswered questions. The journey to homeownership takes time and we are there with our clients every step of the way. Our favorite part of each purchase transaction is the day our client receives the keys to his or her new home.
Everyone deserves to be a homeowner and it is essential for our nation’s economy. Buying a home is one of the largest purchases that we make in our lifetime and it is also one of the largest commodities. New jobs are created when housing and construction are up and the gross revenue for each new home built is estimated at about $60,000. Noted in the Urban Policy Brief, Number 2 – August 1995 the four fundamental National Homeownership Strategy benefits are:
• “Through homeownership, a family invests in an asset that can grow in value and generate financial security.”
• “Homeownership enables people to have greater control and exercise more responsibility over their living environment.”
• “Homeownership helps stabilize neighborhoods and strengthen communities.”
• “Homeownership helps generate jobs and stimulate economic growth.”
One main downfall is that the average uneducated homeowner will refinance their home on average three times and they will never pay off their mortgage. Part of our service to our clients is to educate them on the tax benefits of homeownership, which includes deductions for mortgage interest, real estate taxes, and private mortgage insurance as well as an exclusion on capital gains from the sale of a home. With the tax benefits, buying a home is another way of giving yourself a raise that your employer cannot give you. The potential refund each year can supplement your retirement savings while also building equity, which you wouldn’t receive as a renter. Who could live off of just $1,200 a month in social security income with no life savings? The goal for everyone is to be financially fit and debt free into retirement. Our goal is to help you achieve that and the best method is to arm you with the knowledge and resources that you will need in order to help you make an informed financial decision with your future and the future of your family.

Benefits of Homeownership
Forced Savings Benefits
One very important benefit of buying a home, but commonly overlooked is the forced savings benefit. Paying your mortgage payment every month and reducing the amount of your principal is a long term forced savings plan. As you make mortgage payments over time, you will also accumulate “equity”, which is the term used to refer to your net financial interest in the property. It is the difference between the amount still owed on the mortgage loan and the fair market value of the property. Each month you are building up more valuable equity in your home along with the appreciation in the value.
Appreciation of Your Investment
Property will increase in value over time, which is referred to as “appreciation”. This will depend on a few variables, including the property’s age and location. This may not always be guaranteed. Economy or deterioration in the property or location can also be a negative effect on the value of the home. Any increased worth is equity you may be able to borrow against or take as profit upon the sale of the property.
Tax Benefits
The tax deductions you are eligible to take for mortgage interest and property taxes will greatly increase the financial benefits of homeownership. Here is how it works.
Assume:
$9,877 = Mortgage Interest Paid
(A loan of $150,000 for 30 years, at 7 percent, using year-five interest)
$2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
$12,577 = Total Deduction
Then, multiply your total deduction by your tax rate.
For example, at a 28 percent tax rate: 12,577 x 0.28
= $3,521.56

Down Payment Assistance Programs
Many people think it is entirely impossible to own their own home.  There are programs created to make that dream come true, but it is your job to do the research to see what is available to you.  There are down payment programs available to first time homebuyers, those who previously owned a home and also those that currently own a home. The rate for these programs may be higher than conventional rates, which may allow the funding program/lender a way to re-coop the costs. Some programs may require a monthly payment and other may defer the interest. Some are forgiven as long as you don’t sell or refinance over a period of time.  There is typically a county income limit, debt to income ratio and purchase price maximum in each state.  It would be best to go over all of the options with the mortgage loan officer and also get pre-approved first before submitting purchase offers with your real estate agent. Down payment programs typically require a Home Buyer Education Certificate and the cost is estimated to be $50. Mid FICO credit scores need to be over 640+ and if your score is below that there are many great online sources to help you build your score.  Typically you need to have 4+ open lines of credit with $0 to 30% of the limit being used to build your score.  The older the account and the higher the limit can earn you additional points.  Try to keep your credit inquiries down to a bare minimum, which can negatively effect your credit along with late payment, collections, charge offs etc..

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes. Business Purpose & Commercial Financing Available in All 50 States: Investment Properties vested under LLC/Corp, Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

Follow our Mortgage on:

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CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823


Buying a Home? Get A $500 Appraisal Fee Credit…

CONVENTIONAL/HIGH-BALANCE/GOVERNMENT

Get a credit of up to $500.00 on appraisal fees at closing for Conventional, High-Balance and Government Purchase Loans. Appraisal credit excludes any additional fees, such as a rush fee, 10004D, etc. A copy of a paid invoice is required. (Effective for Govt. loans submitted 10/1/2018 to 11/30/2018, and closed by 12/31/2018. Effective for Conventional and High-Balance loans submitted 11/1/2018 to 12/31/2018, and closed by 1/31/2019).

Got a Loan Scenario? Email scenario to info@pmccanhelp.com.

Apply Online and get pre-approved www.pmccanhelp.com.

PMC has over 50 loan programs and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our client’s unique needs, but this is just the beginning of our service.

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes. Business Purpose & Commercial Financing Available in All 50 States: Investment Properties vested under LLC/Corp, Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

Follow our Mortgage on:

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CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

No Income, No Assets, No Problem

NO INCOME NO ASSETS

This program allows for Purchase, Rate & Term reduction & Cash Out Refinance for 1-4 Unit investment properties including Airbnb’s.

  • Non-Owner Occupied Only
  • No DTI Calculation (No Income on 1003)
  • No DSCR Calculations (No Lease Required)
  • No 4506T
  • No Tax Returns
  • No Income listed on 1003
  • No Post Closing Reserve Requirement
  • 80% LTV with 700+ FICO’s – 5/1 and 7/1 ARM – Interest Only Option
  • Cash Out, Purchase & Rate/Term Up to $10 Million
  • 75% LTV with FICO’s as low as 640
  • Foreign Nationals Allowed
  • Unlimited Properties

Got a Loan Scenario? Email scenario to info@pmccanhelp.com.

Apply Online and get pre-approved www.pmccanhelp.com.

PMC has over 50 loan programs and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our client’s unique needs, but this is just the beginning of our service.

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes. Business Purpose & Commercial Financing Available in All 50 States: Investment Properties vested under LLC/Corp, Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Visit Our Website: www.pmccanhelp.com

 

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

 

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

 

Follow our Mortgage on:

 

http://www.facebook.com/pmccanhelp

http://twitter.com/pmccanhelp

http://www.linkedin.com/in/pmccanhelp

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http://www.facebook.com/pmcrealty

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CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

 

The Ultimate Non-QM Product

PMC Self Employed

Flexible, non-QM lending option that can help your hard-to-qualify clients get approved!

  • 12 or 24 months bank statements or 12 or 24 months full documents
  • No seasoning requirement on settled derogatory credit, such as deed-in-lieu, bankruptcy, foreclosures and short sales
  • Minimum of 2 months reserve on subject and 2 months reserve on each additional up to 12 months
  • Cash in hand may be used to meet reserve requirements (restrictions apply)
  • No reserve required on debt consolidation when new payment is lowered by 10% and closing costs are recouped within 60 months
  • Max DTI up to 55% (restrictions apply)
  • 1x120x12 mortgage late payments on Grade C
  • Non-occupant co-borrower allowed
  • Up to 20 financed properties (max 10 acres)
  • 5/1 & 7/1 ARM, 15- & 30-year fixed, with 30- and 40-year interest-only
  • Loan amounts $75K to $5M

Prime

  • Up to 95% LTV to $1.5M on Purchase and R&T
  • FICOs from 660

Credit Flex

  • Up to 90% LTV on Purchase and R&T
  • FICOS from 580
  • Pricing on Grade A, B, B-, C based on credit

Investment

  • Up to 80% LTV to $1M
  • FICOs from 580

Got a Loan Scenario? Email scenario to info@pmccanhelp.com.

Apply Online and get pre-approved www.pmccanhelp.com.

PMC has over 50 loan programs and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our client’s unique needs, but this is just the beginning of our service.

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes. Business Purpose & Commercial Financing Available in All 50 States: Investment Properties vested under LLC/Corp, Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

Follow our Mortgage on:

http://www.facebook.com/pmccanhelp

http://twitter.com/pmccanhelp

http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:

http://www.facebook.com/pmcrealty

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CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

#bankstatementloan #selfemployedloan #lowdocloan #notaxreturnloan #no4506tloan #noincomeloan

Rental Property, Fix ‘N Flip and Construction Financing

PMC Fix & Flip (back).jpg

We offer both Single and Portfolio Rental Property Loans. We help beginning rental property investors purchase their first property, and help seasoned investors unlock equity from established portfolios so they can grow.

Key Facts About Our Rental Property Loans1

  • Commercial loan underwritten on property cash flow
  • No personal income verification
  • Option to borrow as an LLC
  • Designed for buy-and-hold investors
Single Rental Loan Portfolio Rental Loan
Loan Purpose
  • Purchase a single property, or
  • Refinance a single property, with option to take cash-out3
  • Take cash out of an existing portfolio to buy more properties, or
  • Refinance or consolidate multiple rental loans
Interest Rate1 6.50 – 9.00% 5.50% – 7.50%
Loan Amount $75K – $1.5MM15 $700K+
Minimum Property Value $100,000
  • Multi-family 5-20 units: $30,000 per unit
  • Other property types: $50,000 per unit5
Term 30-year fixed, full amortization
  • 5 years or 10 years with balloon due at end of term
  • Option to amortize up to 30 years, with interest-only option available6
Borrower Type LLC or Individual LLC
Maximum Loan-to-Value (LTV)7 Time Owned : Constraint

  • ≤ 90 days : 80% LTC
  • > 90 days : Full appraised value
  • 75% LTV for a fully amortized loan
  • 70% LTV for an interest-only loan16
Maximum Loan-to-Cost (LTC)
Cost is purchase price amount8
Time Owned : Constraint

  • ≤ 90 days : 80% LTC
  • > 90 days : Full appraised value
Time Owned : Constraint

  • ≤ 90 days : 80% LTC
  • > 90 days : Full appraised value
When do we use LTV vs LTC?
  • Purchase: Use lesser of LTV or LTC calculation
  • Refinance: Use LTC until property has seasoned for 90 days, then use LTV
  • Purchase: Use lesser of LTV or LTC calculation
  • Refinance: Use LTC until property has seasoned for 90 days, then use LTV
Cash Flow Requirement
  • <$150K value: Max 70% Property Debt-to-Income Ratio (PDTI)
  • ≥$150K value: Max 85% PDTI
  • Fully Amortized Loan: Debt Service Coverage Ratio (DSRC) of 1.15x
  • Interest Only Loan: DSCR of 1.20x
Property Type Non-Owner Occupied:

  • Single Family Residences (SFR)
  • 2-4 unit properties
  • Condos
  • Townhomes
Non-Owner Occupied:

  • Single Family Residences (SFR)
  • 2-4 unit properties
  • Condos
  • Townhomes
  • Multi-family 5-20 unit properties

Our Fix & Flip Line of Credit14 offers experienced investors a line of credit they can use to acquire and/or renovate multiple properties. Our Fix & Flip Single Loan requires no experience and is available to first-time investors.

Key Facts About Our Fix & Flip Loans

  • Rates as low as 6.99%1
  • Lines of credit up to $10MM with individual loan amounts from $50K to $2.5MM
  • Financing for up to 90% of acquisition costs and 95% of renovation expenses, up to 75% After Repair Value10
  • Single property loans available for borrowers with no real estate investment experience

 

Fix & Flip Line of Credit
Loan Purpose4
  • Exposure line14 up to $10MM for experienced investors (1+ completed flip in past 2 years)
  • Single property loan available with no experience required
Interest Rate1 6.99% and up
Loan Amount $50K – $2.5MM
Term 12 months (standard), with optional extensions
Borrower Type LLC, Individual, LLP, or Corporation
Maximum Loan-to-Value (LTV)7 75% of After Repair Value (ARV)
Maximum Loan-to-Cost (LTC)
Cost is purchase price amount8
90%
When do we use LTV vs LTC? Generally, we use the lesser of LTV or LTC calculation
Rehab/Construction Financing Funding up to 95% of rehab budget, max 75% ARV
PROPERTY TYPES Non-Owner Occupied:

  • Single Family Residences (SFR)
  • 2-4 unit properties
  • Condos
  • Townhomes
  • Multi-family 5-20 unit properties

Our Construction Loans provide builders and investors the financing they need for ground-up construction and land acquisition.

Key Facts about our New Construction Loans1

  • Construction loans offer funding up to 95% of construction costs with multiple draws available11
  • Land advances available up to 75% of land value12
  • Individual loan amounts $150K – $2.5MM
  • Loans available for single family and multi-family properties, including properties up to 20 units
  • Single property loans available for borrowers with no real estate investment experience
New Construction Loan
Loan Purpose
  • Ground-up construction loans for developers and investors building 1-5 properties at a time
  • Lot financing can be included, if lots are in build-ready condition
  • Program includes exposure line of credit for experienced large volume investors, or single loan option
Interest Rate1 6.99% and up
Loan Amount $150K – $2.5MM
Term 12 months (standard), with optional extensions
Borrower Type Individual, LLP, or LLC
MAXIMUM LOAN-TO-VALUE (LTV)7 75% of ARV
MAXIMUM LOAN-TO-COST (LTC)
COST IS PURCHASE PRICE AMOUNT8
95%
WHEN DO WE USE LTV VS LTC? Generally, we use the lesser of LTV or LTC calculation
REHAB/CONSTRUCTION FINANCING11 Funding up to 95% of construction budget, up to 75% of land value
PROPERTY TYPES Non-Owner Occupied:

  • Single Family Residences (SFR)
  • 2-4 unit properties
  • Townhomes
  • Multi-family 5-20 unit properties

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes. Business Purpose & Commercial Financing Available in All 50 States: Investment Properties vested under LLC/Corp, Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Got a Loan Scenario? Email scenario to info@pmccanhelp.com.

Apply Online and get pre-approved www.pmccanhelp.com.

PMC has over 50 loan programs and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our client’s unique needs, but this is just the beginning of our service.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

Follow our Mortgage on:

http://www.facebook.com/pmccanhelp

http://twitter.com/pmccanhelp

http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:

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https://twitter.com/pmcrealty

CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

#multifamilyhousing #smallbalanceloan #debtservicecoverage #DCR #DSCR #constuctionloan #selfbuildconstruction #rentalpropertyfinancing #rehabloan #fixandfliploan

 

 

Small Balance Multifamily 5+ Unit Financing

PMC Multi-Family 5+ Unit Financing300Multi-Family Financing: The Small Balance Loan Program (SBL) for properties with 5+ residential units extends financing for purchases and refinancing of small balance loans using hybrid or fixed rate loan products (Acquisition or refinance of conventional multifamily housing, including conventional housing with tax abatements and Section 8 vouchers).

  • LOAN AMOUNTS $1M – $6M (and up to $7.5M in top markets)
  • LOAN TERMS 5, 7, or 10 year fixed-rate loan
  • 20-year hybrid ARM with initial 5, 7, or 10 year fixed-rate period
  • AMORTIZATION up to 30 years
  • RECOURSE Non-recourse and assumable loans
  • OPTIONS Cash-out options
  • No underwriting floors in top markets
  • Declining prepayment options
  • 60-120 day rate lock period available
  • CREDIT Minimum FICO score of 650
  • SPONSOR FINANCIALS Net worth equal to loan amount
  • Liquidity equal to nine months of payments

Debt Coverage Ratio and LTV:

  • Top SBL Markets 1.20X 80%
  • Standard SBL Markets 1.25X 80%
  • Small SBL Markets 1.30X 70%
  • Very Small SBL Markets 1.40X 70%
  • Maximum 75% LTV for Acquisitions

Here is the link to HUDs Programs: https://www.hud.gov/program_offices/housing/mfh/progdesc

Descriptions of Multifamily Programs

Federal Housing Administration (FHA) Mortgage Insurance Origination

·         Rental Housing: Section 207

·         Manufactured Home Parks: Section 207

·         Cooperative Units: Section 213

·         Rental Housing for Urban Renewal and Concentrated Development Areas: Section 220

·         New Construction or Substantial Rehabilitation of Rental Housing: Section 221(d)(4)

·         Purchase or Refinancing of Existing Multifamily Housing Projects: Section 207 / 223(f)

·         Refinancing of Existing Multifamily Rental Housing: Section 223(a)(7)

·         Rental Housing for the Elderly: Section 231

·         Mortgage Insurance for Construction or Substantial Rehabilitation of Condominium Projects: Section 234(d)

·         Supplemental Loan Insurance for Multifamily Rental Housing: Section 241(a)

·         Qualified Participating Entities Risk-Sharing Program: Section 542(b)

·         Housing Finance Agency Risk-Sharing Program: Section 542(c)

·         Mortgage Insurance for Nursing Homes, Intermediate Care, Board & Care and Assisted-living Facilities: Section 232 and Section 232/223(f)

Special Needs

·         Section 202 Supportive Housing for the Elderly

·         Section 811 Supportive Housing for Persons with Disabilities

·         Assisted-Living Conversion Program (ALCP)

·         Demonstration Program for Elderly Housing for Intergenerational Families

·         Emergency Capital Repair Program (ECRP)

Supportive Services

·         Multifamily Housing Service Coordinators

·         Congregate Housing Services Program (CHSP)

·         Multifamily Family Self-Sufficiency Program

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes. Business Purpose & Commercial Financing Available in All 50 States: Investment Properties vested under LLC/Corp, Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Got a Loan Scenario? Email scenario to info@pmccanhelp.com.

Apply Online and get pre-approved www.pmccanhelp.com.

PMC has over 50 loan programs and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our client’s unique needs, but this is just the beginning of our service.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

Follow our Mortgage on:

http://www.facebook.com/pmccanhelp

http://twitter.com/pmccanhelp

http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:

http://www.facebook.com/pmcrealty

https://twitter.com/pmcrealty

CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

#multifamilyhousing #apartmentsfinancing #smallbalanceloan #debtservicecoverage #DCR #DSCR

 

Trending: New Construction Financing

Housing project

 

The trend is in new construction right now.  There are tear downs going on all over the country.  We get a lot of requests for construction financing.  Older homes are being renovated into dream homes.  It takes a lot more work and patience, but the results are rewarding.  Older homes typically have larger lots and builders are building multi family homes on the lots or subdividing them into smaller single lots.

Lenders like to see “some skin in the game” from serious developer and builders to outweigh any risk of default.  20% down is what lenders usually require.  Some lenders allow the borrower to cross collateralize on other owned properties for larger loan amounts.  Keep in mind that land financing may be included.  Purchasing land prior to the build-out typically requires a larger down payment.  The rule of thumb, is the larger the down payment, the better the terms will be.  The higher the mid FICO score the better the terms.  One key point, is that the borrowers have the option of acting as their own general contractor or hiring a licensed builder.  Loan approvals can take up to 7 days for larger projects.  

PMC can fund construction/commercial loans in all 50 states ranging from $100,000 to $50M.  We try to simplify the loan process for our clients. Here is some good information to get you started in the right direction. Email info@pmccanhelp.com any loan scenario questions to get you started in the right direction.

What is a construction loan and how do they work?

A construction loan is a short-term loan that is used to pay for the cost of building a new home or remodeling an older one.  The loan terms can range from six months to a year.  The builder will issue a cost breakdown and outline the required phases of the build-out in order to request draw intervals.  Typically these are done every 30 days after the lender verifies that the work has been completed.

During the construction, some construction lenders require that you make interest-only payments based on the funds that have been disbursed and others may allow the loan payments may be deferred until the project is completed.  When the project is complete, you’ll make a large balloon payment to pay off the loan. If you are going to build and hold the property you will need to refinance into a longer term loan.  Some lenders have a construction-to-permanent loan program to avoid additional costs, which is always the best option.  Understand that the rates may be higher than conventional conforming loan terms and not every lender offers them.

Documentation for a quick (LOI) Letter of Intent/Term Sheet Use this guide to save time, close more deals and give your client’s loan the best chance for approval. A well-organized loan summary should include the following essential information:  

Executive Summary A concise, but thorough, overview that includes:  

• Property Address

• Description of Property & its Estimated or Appraised Value, Square Footage, Number of Units and What Improvements have been done so far

• Legal Owner of the Property – if entity, list company name and when established and in what state.  Note how many partners and who will be the primary partner.

• Loan Amount & Use of Funds  –  Debt owed/Liens on the property/Cash Out – Itemized Breakdown of Costs

• Date of Purchase & Price  –  How much cash has the borrower invested including improvements

• Debt Service  –  How will the borrower make monthly loan payments and will it produce income or is an interest reserve needed

• Loan Term Requested  –  bridge loans are typically interest only payments over the loan term of 1 to 2 years.

• Exit Strategy  –  Refinancing or Selling

• Equity  –  Borrowers are required to have a minimum 20% equity in their projects.  Some secondary financing may be allowed and cross collateralization is possible.

• Liquid Assets are Helpful – list all assets

• The Story  –  Is this a purchase or refinance? What specifics does the lender need to know about the project in order to provide you with a quick, reliable answer?  

Color Photos of the Property and/or Appraisal At least three shots each of interior, exterior and the neighborhood. The most recent appraisal will be helpful.  

Operating Income (P & L) Most recent 2 years on the subject property; summary of lease agreements and rent roll. If owner occupied, provide operating statement from the business.  

1003 Loan Application or Personal Financial Statement on the Borrower/ Guarantor. Include approximate  mid-FICO credit score.

FHA One Time Close

FHA has a One Time Close loan program, which is a construction to permanent loans for new manufactured and modular homes that will be owner occupied. 

Overview 

  • Reduction in total cost due to only one closing
  • Reduces interest rate risk
  • FHA 96.5 LTV financing allowed
  • Only one closing prior to the start of construction
  • No payments due from borrower during construction
  • Borrower’s first payment begins once construction is complete
  • No credit, document or appraisal expiration once the loan closes
  • No re-qualification of borrower once construction is complete
  • Builder/Retailer is allowed staged funding draws during construction based on line-item percentage completion 

FHA has strict requirements in order for the builder to be pre-approved. 

Completed Builder Package Requirements

  • Contractor’s Performance Agreement
  • Disbursement Instructions
  • A copy of the contractor’s/dealer’s state license
  • Evidence of General Liability Insurance (or signed and notarized Indemnity Agreement between Borrower(s) and Retail)
  • Evidence of Worker’s Compensation Insurance
  • Evidence of Dealer’s Open Lot Policy or an individual Builder’s Rick Policy will be required on each deal

To begin the processing of your loan application to receive a LOI, submit the following documents:

1.    Fully completed and signed application.

2.    Credit Report

3.    If Purchase, fully executed Purchase and Sale Contract with all Amendments, Schedules, and Signatures.   

4.    Current Rent Roll certified by the Borrowers/Seller for the subject property.

5.    Certified Operating Statements by the Borrower for the subject property for the past 2 years and year to date.

6.    All applicable personal and business tax return and schedules for the borrower(s) (including all related business entities) for the past 2 years.

 

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes.  Business Purpose & Commercial Financing Available in All 50 States: Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Got a Loan Scenario? Email scenario to info@pmccanhelp.com.

Apply Online and get pre-approved www.pmccanhelp.com.

PMC has over 50 loan programs and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our client’s unique needs, but this is just the beginning of our service.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

 

Follow our Mortgage on:

http://www.facebook.com/pmccanhelp

http://twitter.com/pmccanhelp

http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:

http://www.facebook.com/pmcrealty

https://twitter.com/pmcrealty

 

CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

 

 

Yes! Stated Income Loan Programs & HELOC Option.

0

SISA (Stated Income/Stated Assets)

LOAN PROGRAMS

All Transaction Types

  60% to $1M. 50% to Unlimited**
  O/O + N/O/O (Owner Occupied or Non-Owner Occupied)
  SFR 1-4, Condos, PUDs (Warrantable Only-based on Freddie-Mac Guidelines)
  County (ask PMC rep for list)
  Income is not verified by any means
  No Minimum Fico Required
  Foreign National Borrower’s OK – Passport Only
  Minimum 1 Year out of Bankruptcy/Foreclosure/Short Sale
  1×60 Allowed in Past 12 Months
  Collections over $5K + All Tax Liens + Charge-Offs must be paid at closing
  AVM Possible (No Appraisal – ask PMC rep)
  1 Day on Title Seasoning OK
  Assets are to be Stated on application
  No Max Properties Owned/Financed

** CA & WA **

SIVA (Stated Income/Verified Assets)LOAN PROGRAMS

Purchase

  O/O – 70% LTV to $2M.  50% LTV to Unlimited**.
  N/O/O – 60% LTV to $2M.  50% LTV to Unlimited**.
  SFR 1-4, Condos + PUDs (Warrantable Only- Based on Freddie-Mac Guidelines).
  700 Mid Fico Score.
  No history of BK, FC, SS, Charge-Offs, Tax Liens.
  Max 1×30 in past 12 months.
  With qualifying Reserves DTI will not be calculated and no Seasoning of Employment
   is Required.

alt-doc reserves Reserves:
6 months reserves Sourced and Seasoned for 2 months with qualifying Income Documentation (CPA Letter). *On N/O/O transactions, borrower must also possess 2 months reserves Sourced and Seasoned for 2 months on each additional property owned/financed in addition.

18 months reserves Sourced and Seasoned for 2 months when Borrower owns at least 1 other property than Subject and then qualifies with NO DTI REQUIREMENT.

36 months reserves Sourced and Seasoned for 2 months when  Borrower does not own any other properties than Subject and then qualifies with NO DTI REQUIREMENT.

  Self-Employed and Wage Earner borrowers accepted.
  No Pre-Payment Penalties.
  Gift Funds allowed.  Minimum 5% of Purchase Price + Reserves must be Borrower’s own funds
  Sourced and Seasoned for 2 months.
  No max properties owned/financed.

** CA & WA **

** Unlimited Loan Amounts are taken on a case-by-case basis and decision will be based upon compensating factors of Borrower’s strengths such as High Reserves, Excellent Credit, etc.

Refinance

  O/O

alt-doc reserves R/T – 65% LTV to $2M.  50% LTV to Unlimited**.
alt-doc reservesC/O – 50% LTV to Unlimited**.

  N/O/O

alt-doc reserves  R/T – 60% LTV to $1M.  50% LTV to Unlimited**.
alt-doc reserves  C/O – 50% LTV to Unlimited**.

  SFR 1-4, Condos + PUDs (Warrantable Only-based on Freddie-Mac Guidelines).
  700 Mid Fico Score.
  No history of BK, FC, SS, Charge-Offs, Tax Liens.
  Max 1×30 in past 12 months.
  No Max Cash-Out.
  With qualifying Reserves DTI will not be calculated and no Seasoning of Employment
   is Required.

alt-doc reserves Reserves (Based on PITIA):

6 months reserves Sourced and Seasoned for 2 months with qualifying Income Documentation (CPA Letter).  *On N/O/O transactions, borrower must also possess 2 months reserves Sourced and Seasoned for 2 months on each additional property owned/financed in addition.

18 months reserves Sourced and Seasoned for 2 months when Borrower owns at least 1 other property than Subject and then qualifies with NO DTI REQUIREMENT.

36 months reserves Sourced and Seasoned for 2 months when  Borrower does not own any other properties than Subject and then qualifies with NO DTI REQUIREMENT.

  Self-Employed and Wage Earner borrowers accepted.
  No Pre-Payment Penalties.
  No max properties owned/financed (N/O/O Max Properties Financed is 8 including
   Subject Property).

** CA & WA **

** Unlimited Loan Amounts are taken on a case-by-case basis and decision will be based upon compensating factors of Borrower’s strengths such as High Reserves, Excellent Credit, etc.

HELOC

  No Appraisals up to $500K.
  O/O

alt-doc reserves  70% LTV to $1M as a 1st T/D.
alt-doc reserves  65% LTV to $1M as a 2nd T/D.

  N/O/O

alt-doc reserves  65% LTV to $1M as a 1st T/D.
alt-doc reserves  60% LTV to $1M as a 2nd T/D.

  SFR 1-4, Condos + PUDs (Warrantable Only ((Freddie-Mac Guidelines)).
  No Seasoning of Ownership.

alt-doc reserves < 6 Months Purchase Price
alt-doc reserves > 6 Months Appraised Value

  700 Mid Fico Score.
  Foreign National Borrowers OK – Passport Only.
  No history of BK, FC, SS, Charge-Offs, Tax Liens.
  Max 1×30 in past 12 months.
  No Max Cash-Out.
  With qualifying Reserves DTI will not be calculated and no Seasoning of Employment
   is Required.

alt-doc reserves Reserves (Based on PITIA):

6 months reserves Sourced and Seasoned for 2 months (Based upon initial minimum draw of $50K + All Payoffs ((if any)) with qualifying Income Documentation (CPA Letter).

18 months reserves Sourced and Seasoned for 2 months (Based upon initial minimum draw of $50K + All Payoffs ((if any)) when Borrower owns at least 1 other property than Subject and then qualifies with NO DTI REQUIREMENT (Based upon initial minimum draw of $50K + All Payoffs (if any).

36 months reserves Sourced and Seasoned for 2 months (Based upon initial minimum draw of $50K + All Payoffs ((if any)) when  Borrower does not own any other properties than Subject and then qualifies with NO DTI REQUIREMENT.

  Self-Employed and Wage Earner borrowers accepted.
  No Pre-Payment Penalties.
  No max properties owned/financed.

** CA & WA **

Introductory Rate Offer – 1st 6 months

Prime + 1 for 1st T/D’s

Prime + 2 for 2nd T/D’s

Borrower will receive 50bps discount off the final margin’s with a depository relationship equivalent to 1 month PITIA on ACH for the life of the loan.

Draw period – 10 Years.

On the 121st month the loan will convert to a 20 Year ARM for the Due and Payable period with a Note Rate equivalent to that of the 121st month.

PMC Business Card 2018 back

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes.

Business Purpose & Commercial Financing Available in All 50 States: Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Got a Loan Scenario? Email scenario to info@pmccanhelp.com.

Apply Online and get pre-approved www.pmccanhelp.com.

PMC has over 50 loan programs and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our client’s unique needs, but this is just the beginning of our service.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

Follow our Mortgage on:

http://www.facebook.com/pmccanhelp

http://twitter.com/pmccanhelp

http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:

http://www.facebook.com/pmcrealty

https://twitter.com/pmcrealty

CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

Jumbo Loans Made EZ

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Jumbo Loan Products

JUMBO 90% LTV

Jumbo 90% LTV with no PMI gives your borrowers the option of making a lower down payment or the ability to increase their buying power. It’s a great way to grow your Jumbo business and build a highly valuable referral network.

  • 30-year fixed
  • 720+ FICO
  • Up to 90% LTV
  • No mortgage insurance
  • Primary homes
  • 43% maximum DTI

Jumbo Elite

Give your Jumbo clients the pricing and turn times they deserve. Jumbo Elite loans not only allow you to offer competitive pricing to your clients, but they also allow you to close in an impressive 25 days or less.

  • Loan amounts up to $2 million
  • Exclusive rate incentives for borrowers with 700+ FICO
  • Eligible for primary and second homes
  • ARM and fixed-rate options available
  • Same-day closings

Jumbo

The only true Jumbo loan that is easy to close! Among the most competitive 30-year fixed rates in the industry, offering incentives on all purchase transactions. From primary homes to investment properties, providing jumbo loans with clear, hassle-free guidelines.

  • Eligible for primary, secondary and investment properties
  • FICOs as low as 680
  • Loan amounts up to $3 million
  • Fixed rate and ARM loans available

CA, WA & OR Residential Properties: Single Family Residences, Multi-Family 2-4 Units, Condos & Townhomes.

Business Purpose & Commercial Financing Available in All 50 States: Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

Got a Loan Scenario? Email scenario to info@pmccanhelp.com.

Apply Online and get pre-approved www.pmccanhelp.com.

PMC has over 50 loan programs and all of our lending specialists are dedicated to finding the right loan with the best rates, terms and costs to meet our client’s unique needs, but this is just the beginning of our service.

Visit Our Website: www.pmccanhelp.com

FOR A FAST PRE-APPROVAL: Complete a loan application APPLY NOW on our website and follow Steps 1 and 2.

Job Opportunities? Now is the time to see how PMC Can Help You earn what you deserve! Now hiring NMLS MLOs, Real Estate Agents, Account Executive, Business Development Managers and Branch Managers. Visit our Website and Download Our New Hire Application Today!

Follow our Mortgage on:

http://www.facebook.com/pmccanhelp

http://twitter.com/pmccanhelp

http://www.linkedin.com/in/pmccanhelp

Follow our Realty on:

http://www.facebook.com/pmcrealty

https://twitter.com/pmcrealty

CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

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