Sean Baker's Discussions
NON QM LENDER
Started Jan 24, 2018 0 Replies 0 Likes
NON QM LENDER in between hard money and Conventional Lending for NON OWNER SFR, CONDO, MULTI…Continue
Tags: non, owner, money, hard, alternative
Sean Baker's Page
Profile Information
- Company name and description
- Velocity Mortgage Capital
We are Investment Financing lender for Non Owner Occupied, Mixed Use and Multi Family residential and Commercial products. All our loan products are FICO Driven (simple documentation loans) with a minimum 620 fico on traditional product Floor rates as low 6.75% and a NO FICO minimum on Quick Fix product. The Quick Fix program for investor properties 1-4 units (12 month IO programs) NO FICO MINIMUM (simple documentation loans) * 4 month prepayment premium.
• Nationwide lending except (ND, SD, TN, VT,NH, Chicago ) Perm product NO POINTS CHARGED
• Broker agreement has a no buyback clause
• Loan amount up to 5 million can charge up to 5 points
• Quick fix program 12 month i/o with 4 month prepayment premium 75% LTV NO FICO MINIMUM and simple documentation loans.
• Simple documentation Loans Fico Driven (stated) no personal income documentation
• Commercial Deals NO DCR UP to 1 million – Flat appraisal fee $1395.00
WHY VELOCITY vs HARD MONEY?
• NO INCOME or EMPLOYMENT VERIFICATION
• NO TAX RETURNS
• NO PAY STUBS
• NO YTD PROFIT & LOSS
• NO 4506 / CPA LETTER
• NO 12-24 MONTHS BUSINESS BANK STATEMENTS
• NO BALLOON PAYMENT
• NO CASH OUT RESTRICTIONS
• NO RESERVE REQUIREMENTS
• NO EXIT STRATEGY, PERSONAL FINANCIALS or EXECUTIVE SUMMARY
• PROGRAMS FOR FOREIGN NATIONALS
• OKAY FOR WAGE EARNERS & FIRST TIME INVESTORS
• CAN FINANCE UP TO 12 PROPERTIES PER BORROWER
• CAN VEST AS INDIVIDUAL OR LLC/CORP
• 1ST TD’s ONLY / PURCHASES & REFINANCES
• LOAN AMOUNTS FROM 75k-5MM
• NO MAXIMUM NUMBER OF PROPERTIES OWNED
• FAST BROKER APPROVAL WITH NO BUYBACK CLAUSE
• NO DCR ON SFR’s or COMMERCIAL LOANS UNDER $500k
• 6.75% Floor Rate, No Upfront Points, Fully Amortized Terms
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