by Mayer Dallal
The short term rental market is booming. In the post-pandemic era, many prefer homes to hotels, because there is less shared space. Guests also tend to stay longer and are willing to pay more for an entire house than they are for a room in a hotel.
You can be a real estate investor.
Many people who may have thought becoming a real estate investor was out of reach will be pleasantly surprised to learn that it’s possible to qualify for a loan based not on money you have made, but based on money you will make as a property owner.
You do not need income to qualify.
With an Investor Cash Flow loan, you can qualify based on the property’s projected rental income, not based on your income. Your tax returns or bank statements are NOT needed.
This program is an ideal fit for investors seeking to purchase or refinance an investment property, without providing tax returns or bank statements to qualify.
- No bank statements or tax returns needed
- Mortgage amounts up to $4 million for purchases
- Up to $3 million for cash-out refinances
- Borrow up to is 80% of purchase price
- Cash out refi up to 75% of assessed value
- 40-year and 30-year interest-only options available
- Minimum credit score 660
- Minimum of 6 months reserves required
- Single family homes, condominiums, and 2-4 unit homes all eligible for financing
- Non-warrantable condo financing available on a case-by-case basis
- Gift funds eligible, borrower must have at least 5% of their own money in the transaction
With the Fed promising they’re going to raise interest rates again later this year, it doesn’t pay to wait.
Visit mbanc.com and get started today.