Recently, on a forum, a young man expressed his interest in buying high-quality real estate for investment. However, due to the large loan amount and past credit issues, a traditional loan was not an option.
Some have suggested a hard money loan, often called a "high-interest loan." With interest rates reaching double digits, investment returns have plummeted.
Many borrowers face this type of challenge, especially those focused on flipping homes or a BRRRR (buy, renovate, rent, refinance, repeat) strategy. They often resort to hard money loans to obtain cash flow. But we provide simple and practical loan products without high interest rates and risks.
Introducing our star product: the No Document No Credit Plan. Minimal documentation and fast closing times, ideal for investors with large amounts of money but unstable income or credit issues. A true no-check investment property loan!
Plan overview:
The No Doc No Credit program is a 4-year loan for the purchase of an investment property without income verification.
No credit report, bank statement or proof of income required.
Borrow up to $7.5 million with loan-to-value ratios up to 70%.
Borrowers need to pay a down payment + fees + 36 months of reserves (P&I). Open an account at a prescribed bank and deposit 3 years of P&I reserves for subsequent repayment.
One year PPP (Prepayment Penalty). Very suitable for foreigners.
There is no minimum rent requirement, which means the debt service coverage ratio (DSCR) is not limited.
Q&A:
Do I need to prove any funds?
No, just declare the assets on the application form. Funds can be remitted directly to custody and designated deposit banks. No bank statements or income checks.
What does a 36-month P&I reserve mean?
P&I stands for principal and interest. The repayments for the first three years will be automatically deducted. If the PPP loan is paid off after one year, the remaining amount can be withdrawn. If you do not repay early, please deposit funds again after the 3rd year.
How much do I need to apply for?
For a $1 million property, the down payment is 30% and prepare about 45% of the property price. During the first 3 years of repayment, 15% is deposited in an investment bank.
What is a one-year PPP?
The prepayment penalty means you can't sell, liquidate or refinance for a year or you'll be hit with a 1% penalty on the loan balance.
Are there any nationality restrictions?
Both individuals and companies (including foreign investors) can apply. U.S. citizens, green card holders, EADs and foreign nationals are eligible.
Which states can apply?
California, Washington and Oregon.
Who should apply?
1. If you have bad credit, have experienced bankruptcy or have a very low credit score, you cannot get a normal loan. In this case, you can apply for No Doc No Credit and wait until your credit score is high before refinancing;
2. Those who want to buy a million or even tens of millions of luxury houses but don鈥檛 have enough down payment. Generally, this kind of house requires a high down payment ratio (generally about 50%). If you apply for the No Doc No Credit project, you only need about 45% of the money. It is enough to apply;
3. For non-green cards, citizens, or foreign guests investing in U.S. real estate, it generally takes a certain amount of time to transfer funds from abroad, and you need to wait several months after the funds are transferred to the United States. However, the No Doc No Credit project does not check the source of large assets at all. , there will be no impact if all the gift money is used;
4. In the process of grabbing a house, if you need to wait 30-45 days to get a loan from an ordinary bank, you will miss the opportunity to grab a good house; or if the ordinary loan fails and you cannot close it in time, you may lose a huge amount of money. In this case, if you apply for the No Doc No Credit project, you can close it within three weeks, and the loan process is also extremely simple.
If you have any needs or questions, please contact me through the following methods!
