Successful Business Owner – Use a Bank Statement Mortgage For Your Loan!

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Equity Prime - Mike NelsonBank Statement Loans: Great Product for Successful Business Owners

I received a call last week from a wonderful realtor who does a great job for her clients.  Her client owns a very successful small business and he wants to purchase a house for his family.  This certainly seems like a reasonable idea.

 

19530687_s-300x200Successful Business Owners Don’t Fit in the Fannie/Freddie Universe

Successful business owners use CPA’s to run their books, keep track of revenue, account for cost, and properly file taxes each year.  As with all good CPA’s, they follow the rules and file tax returns according to the laws and financial regulations.  For businesses owners this will include accounting for expense to reduce their income tax.

The problem is the Fannie & Freddie world of conforming mortgages does not deal well with the successful business owner who has plenty of assets and cash flow but not a lot of taxable income.  I can tell you, I have spoken to many wealthy people who want to buy a house, have the necessary assets, but can’t get a conforming loan.

What is the solution?

BANK-STATEMENT-LOANS

Equity Prime Bank Statement Loan Program

  • 24 mo personal statements
  • DTI up to 50%
  • Credit scores to 660
  • 80% LTV considered
  • Multiple property types
    • SFR
    • Condo
    • Investment/2nd home

 

 

Equity Prime - Mike NelsonBank Statement Loans Can Qualify Business Owners for a Mortgage

Back to the realtor who called me last week.  I was able to work with her client, review his P&L’s for the business, and look at his bank statements.  This particular customer will qualify for a nice mortgage and is now looking for his home.  He was frustrated when I first spoke to him; frustrated because he was told no by several lenders.  Now,  he is encouraged because apartment living will be a thing of the past.

Please continue the dialog.  Feel free to text, call, e-mail, or tweet me a message.  I love to help if I can.

Happy House Hunting!

Mike
720.213.6260 (voice & text)
mnelson@equityprime.com
@michaelfnelson2
NMLS: 1314188

Michael Nelson - Equity Prime
California
Michael Nelson - Equity Prime, LLC
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Michael Nelson - Equity Prime, LLC
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Michael Nelson - Equity Prime

 

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