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Answers (5)
- Thomas Morgan, "tmortgan"
- Contributions:11
Several questions which define the answer: How long have you been in business? The self-employed income analysis looks to average income for a minimum of 24 months, but you can use a longer average, if it's beneficial. I would net out non-recurring investment from the cash flow average, if there were justification. The point is that you obviously are able to meet expenses from some sort of income. What type of business are you in? What is the debt structure? These and other questions regarding cash flow need to be answered to find a plan that address the actual problem - which is with your business, not your home... The kind of loan you are asking for - a home loan without verified income or ability to repay - was at the heart of the mortgage meltdown and is defacto illegal under the current regulatory scheme
- Marco Gomez, "marcogomez46137763"
- Contributions:55
- Clay Branch, "Georgia Loans"
- Contributions:7836
Wells Fargo offers asset dissipation loans so you may try them. The last time I used their calculation to convert an $800K asset to income I remember it didn't yield all that much but it's better to ask them directly. If you could yield enough income to qualify then borrowing on the 2nd home should be easy depending on how much money you are looking for. Your credit score is OK with an LTV under 60%. If you can not income qualify for a mortgage then you can leverage the stock and borrower against that.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
I think income is a bigger issue than his credit, anyway.
A bank, or credit union, that knows you, and knows a bit about your business, may be your best bet. It is still a long shot in my humble opinion. They would also potentially be able to loan against an assignment of your assets.
A bank, or credit union, that knows you, and knows a bit about your business, may be your best bet. It is still a long shot in my humble opinion. They would also potentially be able to loan against an assignment of your assets.
- Associated Real Estate, "teamriley"
- Contributions:217
You could try a small private bank, some of these banks will go off of your assets over your credit score. I heard that Mojave Desert Bank likes to look at assets. Good Luck!
Need a loan.. Fair-poor credit, low income (self employed) LARGE assets?
I am in need of a loan. I am self employed and my business has been going through a period where we needed to invest a lot of money to try and grow the business. Due to this our expenses have been huge and as a result our income shown is next to nothing.
Our credit at the time is fair (around 650)..
I do however have a large amount of assets. There is currently about $100,000 of equity in our primary residence. I also own a second home worth $750,000 free and clear. There is $0 mortgage payment. In other liquid assets (stocks, money markets, mutual funds, etc.) I have about $500,000.
So all said and done we are looking at about 1.3 million in assets.
Surely there must be some type of loan out there for someone in my position. I have read a small bit about "portfolio loans", "asset dissipation loans", etc. but I can not find any specific information on companies that fund these types of loans.
Any advice would be extremely helpful in pointing me in the proper direction.
Thank You,
SJ
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