Portfolio Loans California – Lending Outside the Box!
I. Work VISA / Expatriate / Immigrant Program
a. 80% to $1,500,000
b. SSN/ITIN Required by Closing Date
c. No US Credit Required
d. Approvals with Valid Work VISA
II. Non-Warrantable Condos
a. 80% LTV up to $1,000,000 (primary/2nd home)
b. Loan amounts up to $3,000,000
c. NOO up to 60% LTV
d. Work Visa/Expatriate/Immigrant Eligibility Yes
a. 75% LTV up to 1.5 Mil (primary/2nd home)
b. Cash out up to 75 LTV (primary/2nd home)
c. 60% LTV up to 1.5 Mil (Investment) – Cash out Available
d. Loan Sizes up to $3,000,000
IV. Asset Depletion Program
a. Minimum Credit Score 680
b. Zero Pledged Funds Required
c. Qualify with Fixed or Wage Income
d. Available on SFD, 2nd /Vacation Home, Investment & 1-4 Units
V. Equity Only Loan Program
a. We will lend up to 75% up to $1,500,000
b. Loan sizes up to $3,000,000
c. Rates from 12.5% on 2nd TD’s
d. SFR | 1-4 | High Rise Condo | Condo | Condotel | Co-op | Acreage | Hobby Farm | Second Home | NOO
e. Foreign National Yes
f. Work Visa/Expatriate/Immigrant Eligibility Yes
g. Cash Out to $1,000,000
h. No seasoning requirements
i. All loans approved prior to ordering appraisal
VI. Work Visa/No US Credit
This program is specifically designed for Individuals who are entering the US for the first time OR who are being transferred to the US by their employer, and does Not have US Credit.
As long as your Borrower is working for a US Company and plans to reside in the US, our Expatriate Program can assist and allow the following :
- Minimum Down Payment 20%
- Loan Amounts up to $3 Mil
- Valid Work VISA
- No US Credit Required
- Foreign Assets can be used as Reserves
- Pre-Approvals allowed on a To Be Determine Address
- Pricing is based as if the Borrower (s) has a 740 credit score
- Allowable financing on unique properties such as, Non Warrantable Condos / Condo-Tel’s / Co-Ops
- Our Credit Union is able to offer Auto Loans / Credit Cards to help establish US Credit after close
VII. Foreign National Program
a. 50% LTV up to $3,000,000 Expanded LTVs allowed with International Credit Report
b. SFR | 1-4 | High Rise Condo | Condo | Condotel | Co-op | Acreage | Hobby Farm | Second Home | NOO
c. Pay stub or Income Letter must be in English – CPA Summary letter may be accepted
d. SSN/ITIN Required – Cash Out up to $1,000,000 No seasoning required
Call us today at 424 225 2167 for help. One of our mortgage professionals will help you get one of our best Portfolio Loans for your situation. We’ll be with you every step of the process and not hand you off to someone else.
Understanding Portfolio Loans
Investor strategies often depend on the existence of a portfolio lender as they regularly lend on multiple investment opportunities. For example, you could have a portfolio lender whom allows you to finance as many properties as you like as long as you continue to qualify as well as having sufficient reserves. It would be increasingly difficult to develop a property investment portfolio without having an adequate portfolio lender on hand to help finance properties.
Why are portfolio loans important?
Portfolio loans in California come for your help at specific situations. You’ll discover that many banks will not provide you with another mortgage if you’ve already got four properties – you’ll also find that some banks will be able to finance up to ten properties, however, this will typically come with restrictions.
The restrictions, for example, could involve:
– A considerable down payment, up to 25% in many cases – High credit scores
However, as we rise even further, very few banks will provide you with a mortgage if you’ve got greater than ten properties. Most banks have restrictions on the amount of mortgages they will give to one person, because they sell their loans to institutional investors and the investors only buy loans that conform to Fannie Mae guidelines.
In portfolio loans California, The purpose of the portfolio lender is to provide their money; however, they do not sell their loans to institutional investors. Given that these lenders won’t have to fit in with Fannie Mae guidelines, they are more likely to lend on a substantial amount of properties. In addition, they may also provide cash out refinance and other flexible finance options
What type of Portfolio Loans do they provide?
This flexibility we described must be put into perspective. For example, a portfolio lender is unlikely to offer a 30 year fixed mortgage and instead may only offer a 15 year fixed, 5/39 or 7/30 ARM. You should discuss with your adviser what interest rate would be most appropriate in these situations. Each portfolio lender will harbor different terms and conditions and you need to be cognizant of these factors before you choose a particular program.
Before opting for portfolio loans in California, You need to know exactly what you’re getting yourself into. The lender you choose will probably want you to have your accounts and money in their own bank. Given the competitive nature of most of their programs and products, this usually isn’t much of a big deal for many people. You need to be able to establish a solid working relationship with the portfolio lender of your choice as you may be able to achieve better loans.
Finding a Portfolio Lender
The first way to find a portfolio lender is to ask everyone you know if they know of a portfolio lender. Some people may not know what a portfolio lender is; ask them if they know a lender that likes to loan to investors. Who can you ask?
You’ll find that many Real Estate agents will have a ready access to lenders and are a great source to find a potential portfolio lender.
- Once you’ve established yourself within this type of fiscal community, other lenders will be able to refer you to an adequate portfolio lender. This can be particularly true if they themselves cannot complete the loan for you but they have the contacts of who can.
- You’ll find that local investors will also know portfolio lenders. But, you might be asking, how do I meet these contacts? Your best bet is to look into attending Real Estate investor meetings that are held regularly and offer you a fantastic opportunity to meet investors, obtain information, and more importantly, retain contacts.
- You might be surprised to learn that your local bank may in fact be an established portfolio lender. If so, organise a meeting and be sure to discover what types of lending programs are available and which are most suitable to your given circumstances.
- Ask title companies who local investors use to finance their rental properties.
- Always try to do some of the research yourself. For example, try to get involved and ask title companies what companies the local investors use to access loans for their properties. You’ll often find that they’re more than likely help you in these matters.
- Call your city of commerce department up and ask if they know who the most investor friendly banks are in town.
- Additionally, one of the simpler methods is to ring up your local commerce department and find out where the investor banks are located in town. They may also provide you with additional information, such as recommending which you should go and see.
If you are looking for portfolio loans in California, we can guide you in taking the right decision. Be it portfolio loans in California or not, it is not for everyone, and you need to choose whether it fits for you or not. We are here to help you find the best portfolio loans California. Get in touch with us now.
Call us today at 424 225 2167 for help. One of our mortgage professionals will help you get one of our best Portfolio Loans California for your situation. We’ll be with you every step of the process and not hand you off to someone else.