Lender Needed

[micheal1949]

I am in need of a lender for our investor program. Our investors have credit scores above 700. We are looking for a construction to permanent loan based on loan to value. The project is in Kentucky.

Let me know if you have such a product.

[Investment Loans]

Are you looking for construction loans made on residential 1-4 unit properties?

Would this be a stated income or full doc loan?

How much in liquid assets?

Any money down?

[micheal1949]

These are single family residences. We are looking for a stated/no doc loan for our investors. The product must be loan to value, not loan to cost. LTV of 95%. Contact me at micheal@oureleganthomes.com.

[Investment Loans]

Just to be clear -

A stated loan requires the client to be on their job for at least 2 years or self employed with the same company for at least 2 years. This part must be verified but the income portion is only stated, can be gross income. The income cannot be inflated in order to make the debt to income ratios work. In addition, assets must be verified. Usually 6 months of the expected mortgage payment must be verified in a liquid account with funds being there over the last 60 days.

If the income does work for ratios but assets are available then some lenders offer a "no ratio" loan.

If the assets are not available then more than likely a true no doc loan will be needed even if employment history and income is ok.