Loan Packaging

I did a loan for an artist couple; they were successful and had each been in business for over 30 years, but they were having trouble getting the loan they needed.  

They wanted a particular kind of loan which is interest only. After they told me their story and what they were looking to achieve, it made perfect sense.

Interest rates were low, and they had been wanting to get this kind of loan for months. 

Lucky for me, their mortgage broker said that this type of loan could not be done!

Being artists with their own businesses, they were not the typical W2 employee. Despite their high income, they were having trouble qualifying for the loan they wanted.

I presented them several options, they decided on one.

Out of curiosity, the husband asked me what lender was able to do this impossible loan. 

I told him and he said "are you sure?" A strange question to me; before I present a proposal I usually triple-check everything. So I replied in the affirmative, and he told me that his broker said that the same lender I had chosen had said that the loan was not possible through them.

So, Broker One says Lender A won't do the loan, Broker Two says Lender A CAN do the loan! How come?

Welcome to Loan Packaging! 

Presenting the loan, paying attention to the Lender's guidelines and completing the correct paperwork makes all the difference! 

This is not as simple as this e-mail makes it look like. 

It requires way more time and attention to detail than a regular W2 employee loan, which we can close in record time (11 business days).

I decided to specialize in artists and entrepreneurs because I noticed that even though the mortgage programs for artists and entrepreneurs do exist, they are often not being used! 

If you are in this situation and would like to find out about your options, don't hesitate to give me a call. 

I am here to help.