Loan Types

2nd’s Stated / Stated Loan

A second mortgage allows you to use the equity in your real estate as security for a Business Purpose or Investment Loan. The second mortgage falls behind your original mortgage (the 1st), making it the 2nd. Due to it’s position, 2nd’s will have a higher rate than a 1st, but still can be better than other credit options.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Mortgage Statement or Note to Prove No Balloon Payment​

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Bridge Loan

A Bridge Loan is a short term-loan that provides financing while an individual or a company secures permanent financing. These loans are often seen when one is buying a house and selling the other. A Bridge Loan provides the immediate Cash Flow needed by the borrower.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Bank Statements

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Mortgage Statement for Payoff Information

  • Purchase Agreement (Contract)​

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Business Loan

A Business Loan is a loan taken out with the intention of being used for a specific business purpose. Business Loans are either secure or unsecured. Secured loans require the borrower to pledge an asset against the debt. An unsecured loan does not require collateral.

Typical Items Needed:

  • Loan Application

  • Borrower Disclosure

  • Bank Statements

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Certificate of Business Purpose

  • Mortgage Statement for Payoff Information

  • Purchase Agreement (Contract)​

If Property Lease/Rented:

  • Lease Agreement

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Cash-Out Refinance

A Cash-Out Refinance is a refinancing of an existing mortgage loan where the new loan is larger than the existing loan. The difference between the loans is paid out to the homeowner in cash. Cash-Out Refinance Loans do require homeowners to pay closing costs and interest.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Bank Statements

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Certificate of Business Purpose

  • Mortgage Statement for Payoff Information

If Property Lease/Rented:

  • Lease Agreement

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Construction Loan

A Construction Loan is a short term loan that is used to help finance the cost of a building or real estate project. The loan is designed to cover the costs associated with the project before obtaining more long-term funding. Once construction is completed, many people refinance this loan into a permanent mortgage.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Bank Statements

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Mortgage Statement for Payoff Information

  • Purchase Agreement (Contract)

  • Construction Budgets & Plan

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Fix and Flip Loan

A Fix and Flip Loan assists shorter term real estate investors in leveraging a purchase of a property. These investors purchase property with the intention of renovating and reselling it for a quick profit. The sale of the property is usually completed within a year of the loan date.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Bank Statements

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Mortgage Statement for Payoff Information

  • Purchase Agreement (Contract)

  • Construction Budgets & Plan

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Foreign National Loan

A Foreign National Loan exists to help non-residents take out a mortgage loan. Foreign nationals who are not residents, but still seek to own real estate are eligible for this loan. These loans can also help aid with building or renovating a home.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Bank Statements

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Mortgage Statement for Payoff Information

  • Purchase Agreement (Contract)

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Lot Loan

A Lot Loan is simply financing that allows one to buy a piece of land. Similar to a home mortgage, a Lot Loan can be obtained through a lender or a bank. They will then evaluate the value of the estate and review you to determine if you’re an eligible buyer.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Bank Statements

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Mortgage Statement for Payoff Information

  • Purchase Agreement (Contract)

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Probate Loan

A Probate Loan is a loan on inherited property. The estate is either in probate or in the process of going through a trust administration process. Heirs utilize this loan for many reasons, including getting early access to an asset since the probate process can take months.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Bank Statements

  • Picture ID

  • Loan Submission Form

  • Home Owners Insurance

  • Mortgage Statement for Payoff Information

  • Probate Documents from Attorney

If Property is Leased/Rented:

  • Lease agreement

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

Stated Income Loan

A Stated Income Loan is given when a mortgage lender does not verify the borrower’s income and instead takes them at their word. These loans are a step above hard money loans and offer a quick loan process.

Typical Items Needed:

  • Loan Application

  • Borrower Authorization

  • Bank Statements

  • Picture ID

  • Proof of Income Form W2

  • Income Tax

  • Loan Submission Form

  • Home Owners Insurance

  • Mortgage Statement for Payoff Information

  • Purchase Agreement (Contract)

If Property is Leased/Rented:

  • Lease agreement

If Corporation:

  • Articles of Incorporation

  • Bylaws

  • Statement of Information

  • Form W9

If LLC:

  • Articles of Organization

  • Statement of Information

  • Form W9

 

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Costa Mesa CA 92626

License #

CALBRE: 01081469
NMLS: 7757

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Tel: (949) 236-6600

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