This is my standard email to borrowers. These are very simple . You have either cash flowing loan (based on rent) or not.
so we need 1.2 DSCR or break-even (Net rent vs Principle and interest payment) if your negative every month you need a “no ratio – no DSCR ” loan, we do those. Many times thats for the Accidental landlord (you purchased and rehabbed and cant sell for enough to make a profit or you may have inherited or moved out of a homestead)
We welcome calls but please be ready, the first questions should NOT be “whats your rate”? thats for amateurs , tell us about your deal, the value, the net rent why you need the loan.
1. Application (if you have not already completed) – lets get Full 1003(online https://texasinvestorloan.com/apply_full_1003_Rental_Property_Loan.html ***
1. full doc loans
2. alt documentation/ bank statement / property must cash flow
3 Stated – No income loans & no rental analysis / (easiest loan and good for borrowers who have good to great credit and may have become the accidental landlord.
CHECKLISTS FOR OUR 3 BASIC LOANS 3 bank statements(will need 24 if going with bank statement program)any other info you have (survey, old appraisal)
current photos (in and out) can help also. copy of lease
copy of drivers license proof of insurance Prelim title if available (we typically request title report) explanation for negative credit summary of loan (reason for loan, funds are for business, expanding your portofolio,, repairs, etc..) closing statement if purchased less than 12 monthsif major improvements in last 2 years, list those with amounts.
If we discuss full doc or alt doc loan, 12-24 months bank statements__2 years tax return__repair list if owned less than year
If you need rehab or bridge loan (12 month loan) -repair budget -experience rehabbing