REAL ESTATE NEWS (Los Angeles, CA) — Real estate investing can be an excellent way to build wealth and generate passive income. However, obtaining financing for investment properties can be a significant hurdle for many investors. Traditional lenders often require extensive documentation, including credit reports, employment verification, and income verification. These requirements can be a significant barrier for many investors who don’t have the necessary credit or employment history.
Fortunately, a new program is now available that can help investors purchase investment properties with less documentation and hassle. The program is called the Reserve Deposit program and is an excellent option for those who have privacy concerns, complicated taxes or multiple property owners.
The Reserve Deposit program is unique in that it requires no credit report or FICO score, no employment verification, no income verification, no DTI, no DSCR and no TRID. Instead, the program is based on a reserve deposit, which acts as collateral for the loan. The reserve deposit is held in a separate account and is used to make the mortgage payments if the borrower is unable to do so. As a result, the lender is taking on less risk, which allows them to offer more favorable terms.
To qualify for the Reserve Deposit program, borrowers must provide a 30% down payment. In return, they will receive a note rate of 6.875% (7.7% APR) on a five-year loan. This rate is better than most non-QM loans currently available, making the program an attractive option for investors looking to finance investment properties.
The Reserve Deposit program is available for both purchases and refinances of 1-4 unit investment properties. The program is designed to help investors who may not qualify for traditional financing due to their credit or employment history. Instead, the program focuses on the borrower’s ability to make the required down payment and hold the necessary reserves.
The program is an excellent option for borrowers who have privacy concerns, as it requires minimal documentation. Unlike traditional lenders who may require extensive financial documentation, the Reserve Deposit program only requires proof of funds for the down payment and reserves. This can be a significant benefit for borrowers who don’t want to disclose their financial history or provide extensive documentation.
Another benefit of the Reserve Deposit program is that it is a quick closing option. Because the program requires minimal documentation and is based on a reserve deposit, the approval process can be expedited, allowing borrowers to close on their investment properties quickly.
The program is also an excellent option for borrowers with complicated taxes or multiple property owners. Because the program is based on the reserve deposit, it is less focused on the borrower’s income or DTI ratio. This can be a significant benefit for borrowers with complicated tax situations, such as those who are self-employed or have income from multiple sources.
The Reserve Deposit program is an excellent option for borrowers looking to purchase or refinance investment properties with minimal documentation and hassle. With no credit report or employment verification required, the program is an attractive option for borrowers who may not qualify for traditional financing. Additionally, the program’s quick closing and minimal documentation requirements make it an excellent option for borrowers with privacy concerns or complicated tax situations.
If you’re looking to purchase or refinance an investment property, the Reserve Deposit program is an excellent option to consider. With minimal documentation requirements and favorable terms, the program is an attractive option for borrowers who may not qualify for traditional financing. For more information on the Reserve Deposit program, please contact 213-880-9910.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Broker CalDRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.