Since 2009 Dan Cassel and The Trinity Mortgage Team have been committed to helping Self Employed Borrowers and business owners use alternative “Lite Documentation” and other loan solutions to achieve their Real Estate Ownership Dreams, as we navigate the often “confusing” and “shifting” world of Real Estate Loans.
Investors, Builders, Families, and Realtors rely on my Lending Teams Loan sources, experience, and our “Lending Platform Technology” research system to deliver solid Lite Documentation Loan Solutions for the Self Employed that are not typically not offered by the local “Full-Service” Banks.
One common question we are asked is how does a self-employed worker begin and actually get qualified for a real good Real Estate Loan? How can they Document the income? What paperwork is needed? Tax Returns? Can I use out of the country earnings? Stock sales? The list can go on! To begin just initially consider this. How could I qualify?
Here are a few ways the Self Employed Real Estate Borrower can document income to get Real Estate Financing:
- Fixed Expense Ratio – This is the quickest and easiest calculation. Simply add up the total business deposits and apply a fixed expense ratio, based on the type and size of the borrowers business. The net figure, after the expense ratio is applied, will be used for qualifying income.
- Borrower Prepared P&L – Borrower provides an un-audited P&L covering the same time period as the bank statements being used to qualify. The gross income on the P&L should be supported by the business deposits. The net income on the P&L will be used for qualifying income.
- Or Personal Bank Statements - Generally you take deposits x 12 months with no expenses on our products, typically.
Highlights Of Our California Self Employed Borrower Loans
- Make-sense underwriting with risk-based guideline exceptions
- 40 yr fixed rate with 10 yr IO, 30 yr fixed, and ARM terms available
- 95% LTV to $1 million – 90% LTV to $1.5 million – 75% LTV to $2.5 million
- Non-owner occupied up to 80% LTV to $1.5 million
- Expanded DTI up to 55% for owner occupied purchases and R&T refi’s
- 1 year tax return or W-2 documentation
- 12 or 24 month personal bank statement qualification with no expenses!
- Temporary rental income OK (Air Bnb, VRBO)
- No title seasoning on cash out refi’s with reduced LTV
- Non-warrantable condo’s considered
- No minimum trade line requirement with 3 credit scores and reduced LTV
- Only 3 years from foreclosure, BK, short sale or DIL
- More flexible Non Arms-Length guidelines