Platinum Mortgage Company

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

When Banks Say No, PMC Says Yes!

Posted on March 6, 2018 by pmccanhelp

We have been a Premier CA, WA & OR Mortgage & Real Estate since 1989. Our broker platform provides direct access to a wide array of real estate financing programs offering expertise in every area of mortgage lending from purchase to refinancing. When banks say “No”, PMC says “Yes”!

Competitive Rates

Fast Loan Scenario Advice

Fast Pre-Quals

Fast Pre-Approval Letters

Seasoned Loan Processing

Free Credit Report Education

Free Credit Report Analysis

Home Buying Education

Superior Customer 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: Multi-Family 5+ Units / Apartment Buildings, Office, Retail, Industrial and Mixed-Use.

PMC has a wide array of conventional and unconventional loan program options 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 or Email Your Loan Scenario to processing@pmccanhelp.com.

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

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Foreign National – No FICO Score/SSN Required. Cash Out Up to $500k.

Posted on March 3, 2018 by pmccanhelp

This is one of the Foreign National Programs that we offer. Every client is a little different and may require other needs.

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.

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.

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

Self-Employed One-Month Bank Statement Program

Posted on February 18, 2018 by pmccanhelp

Self Employed Solutions

PMC offers 1, 12 & 24 Month Bank Statement Programs. Here are the Details for The One-Month Bank Statement Program:

Self-employed Borrowers (2) year history required by (i) CPA Letter or (ii) Business License) Income is ATTESTED to and DECLARED; Underwriter to confirm reasonable for job and compare to credit usage / history – deposits into account are not the determinant figure
Purchase Max LTV of 75%
Refinance Max LTV of 70% (rate and term or cash out)
Borrowers with a minimum Credit Score of 700
Borrowers with a minimum credit depth of one (1) account of five (5) years & minimum of two (2) accounts with a two (2) year history, each paid as agreed
No credit events within the last five (5) years including and mortgage (minimum twenty four (24) month recent mortgage history required)
No charge offs, collections, or tax liens in the last three (3) years
Maximum loan amount of $3,000,000
Minimum loan amount of $250,000
Owner-occupied transactions
SFR / Condo / Townhouse Property Types
Most recent personal account’s bank statement with no NSFs and positive ending statement
Closing Funds may come from the account provided for qualifying income and an Escrow Deposit Receipt is required
(only one month’s statement is required for assets)
Reserve funds are not required
7/23 or 30/30 programs
Cash out is unlimited, unless otherwise limited specific
Secondary Financing is not allowed
Property must be in good condition and conform to the area
No rural properties
No first-time homebuyers

CA, WA and OR – Apply Online and get pre-approved www.pmccanhelp.com. PMC has a wide array of conventional and unconventional 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.

Commercial Financing Available in All 50 States.

Visit Our Website: www.pmccanhelp.com or Email Your Loan Scenario to processing@pmccanhelp.com.

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

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

Got an AirBnB or Vacation Rental Property? Need to Refinance?

Posted on February 3, 2018 by pmccanhelp

Loan Program Highlights:

• Homes treated as Non-Owner, Stated or DSCR Available

• Up to 75% LTV on Purchase

• Up to 70% LTV on Cash Out or Refi

• Up to $2,000,000 loan amount

• 500 FICO or below Okay

• Non-Prime, ODF or NOO Business Purpose program available

• All income programs including Bank Statements and ATR-in-Full available

• Stated income or DSCR via a remittance statement for income accepted

NOT Required

• Evidence that short-term rental is legal in subject property’s jurisdiction

• Evidence of registrations, licences, permits and business tax certificates

• Evidence owner registered and paid any transient occupancy taxes

• Evidence of commercial liability insurance.

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

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

Commercial Financing Available in All 50 States.

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.

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https://twitter.com/pmcrealty
CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

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https://twitter.com/pmcrealty
CA, WA & OR NMLS 266371 | CA BRE 01183898 | WA RE 19823

Multi-Family & Apartment Financing(Available in All 50 States)

Posted on February 2, 2018 by pmccanhelp

Residential & Commercial Properties
Property Types: Residential 1-4, Multi-family 5+, Commercial
Lien Position: 1st & 2nd Trust Deeds (2nd in CA only)
Up to $5,000,000+
Approval Requirements: Equity, Loan Purpose, Exit Strategy
Closing Timeframe: 7 Business Days
Who We Lend To: Individuals, Entities, Trusts, Foreign Nationals
Occupancy: Owner-Occupied & Non-Owner Occupied
Purpose: Business / Commercial Use

Equity Participation Bridge Loans

90% Loan To Cost (LTC)
70% After Repair Value (ARV)
Unlimited Loan To Value (LTV)
Unlimited Loan To Purchase (LTP)
Most Non Judicial States, Judicial States are Case By Case
3 – 12 Month Terms (Case By Case Up to 18 Month Term)
$25,000 – $5,000,000
Fix & Flip | Add Value |Ground Up Construction
Residential, 2-4 Units, Condos, Developments
1st & 2nd Lien Positions
Bulk Transactions

Non-Owner Residential Bridge Loans

70% Loan To Value (LTV) (Case By Case up to 80%)
70% After Repair Value (ARV)
Seller Carry Backs Allowed!
Unlimited Cash Out
Most Non Judicial States, Judicial States are Case By Case
3 – 12 Month Terms (Case By Case Up to 24 Month Term)
$25,000 – $5,000,000
Fix & Flip | Restructure | Balloon Payoff | Business Buy Out
Residential, 2-4 Units, Commercial
1st & 2nd Lien Positions
Bulk Transactions

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.

Commercial Financing Available in All 50 States.

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.

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

Mortgage Lates? Foreclosure/BK/Short Sale? Had a Hiccup or Two? No Worries.

Posted on February 1, 2018 by pmccanhelp

Mortgage Lates in the Last 12 Months? Recent Bankruptcy, Deed in Lieu, Mortgage Charge Off, Short Sale or Foreclosure? Need 90% LTV with No PMI? Need Financing for a Non-Warrantable Condo?

CONVENTIONAL & UNCONVENTIONAL RESOURCE (1)

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We have many loan programs for those with mortgage lates or mortgage dergotary housing events. See the matrix above and here is another:

Smartrac Refinance Highlights:

Bankruptcy, Short Sale, Deed-in-Lieu: 12 months seasoning
Multiple 30 Day Lates Allowed
620 min. FICO – all occupancy types
$1M Cash Out at 80% LTV, $1M Cash in hand
Up to 15 Financed Properties
Up to 45% DTI; 50% with 3 months of additional reserves
Appraisal Transfers Permitted
Fixed 30; ARM 5/1, 7/1, 10/1 – all with optional Interest Only
No Pre-Payment Penalties
80% LTV Purchase/Rate Term; 75% Cash Out

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

CA, WA and OR – 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.

Commercial Financing Available in All 50 States.

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.

Follow our Mortgage on:

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

Self Employed Bank Statement Loan Programs

Posted on February 1, 2018 by pmccanhelp

Can’t Qualify with Traditional Financing?

PMC Can Help! Get Pre-Approved!

This is just one of our loan programs available for self-employed borrowers who have been in business for over 2 years and can’t qualify with traditional loan programs. Generally the first couple of years you may not show a substantial profit due to re-investing profit to build your business. We offer 1, 12 & 24 Month Business or Personal Bank Statement Programs. We also offer Business Purpose Loans for Self Employed Borrowers. The funds must strictly be used for business purpose and cannot be used for personal or household expenses. It can be for an owner occupied property if this is the case.

Conventional loans may still be an option for those borrowers who have been in business for over 5 years and may only show enough income on their last filed federal tax return using the at the net figure and adding back in depreciation, depletion, amortization and mileage. Assets, Good Credit and Loan to Value aid in getting an automated underwriting approval such as Fannie Mae’s Desktop Originator.

Keep in mind of another option to help the debt ratio qualifications; if needed, a family member may be able to cosign as a non-occupant co-borrower.

Most of these programs are available in 5/1 and 7/1 Year ARMS with no prepayment penalties. There are some programs that offer a 30 year fixed option. The rates are higher than conventional financing due to the risk and private investor lending sources. Generally, the higher your credit score is and the lower the loan to value is for your refinance or purchase loan the better the terms will be. Self-employed borrowers don’t worry as much about the higher interest rates since they have more write offs. Also, consider how long you plan to keep the home. Refinancing later will be a cost of about $5k. Make sure to weigh out your options.

Many of these low doc income loan programs require a CPA Letter and complete bank statements (all pages and nothing crossed out). Email info@pmccanhelp.com for a copy of Tips on a Successful Bank Statement Loan Approval.

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

Commercial Financing Available in All 50 States.

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.

Like us on Facebook www.facebook.com/pmccanhelp

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

What is a CPA Letter?

Posted on February 1, 2018 by pmccanhelp

A CPA Letter can also be referred to as a Comfort Letter. This may be required for low documented loans for self-employed borrowers.

CPA Letter for Verification of Self Employment

CPA Letter for Verification of Self Employment is a document issued by the loan applicant’s CPA or Tax Preparer who affirms that they prepared the applicant’s tax returns and that the applicant is self-employed. The primary purpose of the letter is to independently verify the self-employment status of the loan applicant(s).

Contents of the Letter

Content: The letter should contain:

- Applicant’s name
- Applicant’s business name, address, and phone number
- Nature of business
- Number of years the applicant has been in this business
- Percentage of ownership
- Time since when the CPA has prepared the applicant’s tax returns
- Fact that the applicant reviewed the tax returns prior to their filing by the CPA
- Signature: The letter should be signed by the CPA.
- CPA Active License Number Listed (this will be verified by the lender)
- Letterhead: The letter should be on the CPA’s letterhead.

Considerations for the Loan Applicant

The applicants should obtain a copy of the letter and ensure that it contains the elements listed above and any additional information required by the lender. Also, ensure the accuracy of the information in the letter.

Considerations for the Lender

Document Review

The review of the letter is generally performed by the processing or the underwriting department of the lender. The lender’s review of the letter may include the following.

1. Content: The letter contains information listed above and any other information that the lender requires.

2. Independent Verification: Verify the CPA License for the State in which the CPA is licensed.

3. Comparison with Tax Returns: The CPA’s information in the letter should be compared to the information in the tax returns that were provided by the loan applicant. Ideally, the CPA’s information on the two documents should match.

4. Delivery: The letter should be received directly from the CPA. Do not accept letters forwarded by the broker or the loan applicant(s).

Considerations for CPAs and Tax Preparers

Prior to issuing any letters, tax preparers and CPAs must consider the scope of their relationship with the borrower. Only affirm factual information and do not provide any forward looking statements, projections, or opinions. It is advisable to make it clear in the letter that the CPA is not providing any assurance as to the creditworthiness of the borrower. The lender assumes has to perform its own due diligence and the letter does not create any legal relationship or obligation of the CPA.

Tax Preparers and CPAs are recommended to check their professional code of conduct and standards before issuing such letters.

Read this article regarding concerns: http://www.journalofaccountancy.com/news/2009/mar/20091528.html

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

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

Commercial Financing Available in All 50 States.

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.

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

Need a Stated, Low Doc or No Income Home Loan Program?

Posted on August 3, 2015 by pmccanhelp

* NO 1040 * NO 4506T * INCOME FROM P&L ONLY * 2 – 12 MOS BANK STATEMENTS *

* NO BORROWER INCOME OR DEBT TO QUAL*

* $100K – $2.5 MIL*

Prime Portfolio 7/1 ARM

No 1040, No 4506, Wage-earner ok with VOE only

For self-employed- P&L signed by borrower only for income

2 months bank statement to verify asset only. $1.5 MIL Cash Out to 50% LTV

Portfolio Reduced Doc

85% LTV Reduced Doc to $2.5 MIL No MI

No limit on Cash Out

12 month Bank Statement – PERSONAL ACCOUNTS ONLY

<600 fico to 70% LTV

Portfolio 5/1 ARM

Interest Only available

12 Months seasoning on BK/Foreclosures/Short Sale

3 Months Bank Statement, 620+ FICO, 55%DTI 70% LTV

Cash Out to $1 MIL

Non-Owner Cash Out to 50% LTV to $2.5 MIL

<620 FICO Lower LTV

Alt Doc Jumbo 5/1 ARM

3 Months Bank Statement

70% LTV Purch

Cash Out to $1 MIL loan amount

Investor Express 30 YR Fixed

** NO INCOME FROM BORROWER TO QUALIFY **

Cash Out on Non-Owner, 2-4 units

65% DTI (calculated by PITIA/Rental income)

620+ FICO

Unlimited # of properties owned

3 years seasoning on Foreclosure/BK/Short Sale _________________________________________

FULL DOC JUMBO PROGRAMS

Choice Portfolio Full doc

90% LTV to Full Doc to $2.5 MIL

Cash Out Limit: 5% less max LTV

Non-Owner to 75% LTV Cash Out

Platinum Jumbo & Core Jumbo

Platinum – 85% LTV No MI

Core Jumbo – 89.9% LTV No MI

85% LTV No MI to 2 Mil. Cash out to 75% LTV 80% LTV R/T $1 MIL 660+ FICO 70% LTV to $1.5 MIL on Purchase

MAX $ Cash Out to $1 MIL TO 50% LTV

Express Jumbo

15 & 30 Fixed & ARM

Non-warrantable Condo Projects

80% to $1 MIL

Cash Out to $2 MIL to 55% LTV

Get Pre-Approved Today! Apply Online for Fast Pre-Approvals http://www.pmccanhelp.com.

PMC has a wide array of conventional and unconventional 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.

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

Visit Our Website: www.pmccanhelp.com or Email Your Loan Scenario to processing@pmccanhelp.com.

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