I'll never qualify for TTS without the 720 trades.
Trying to get mortgage loan as full-time trader
- Thread starter turkeyneck
- Start date
I'll never qualify for TTS without the 720 trades.
Trader status, which is an issue with the IRS, has nothing to do with creating an entity, such as an LLC. You're lost in the weeds here.
good point, but there must be a reason why he's looking to buy a property in the first place...
besides, by financing he is able to keep his investment capital high.
2-3 years
You could call a ‘we buy houses’ guy. One’s that have been in the business a while can set you up with a lease-option/owner finance from their inventory.
As a contract purchaser,
price will be higher but low downs and no banks for negotiatable terms. Down the road, banks are more willing to loan on properties having good LTV, been occupied and show good payment for a couple of years as a refinance which is easier to underwrite than a new purchase.
The initial terms will create the path of options after the fact.
Going to say Nope. One of the first bigger money oddball loans I got like this was someone who showed $980k in net income from some odd sort of asset sales, but showed -20 or -40k the prior few years. I asked the underwriter if I can average the amount and she said something along the line that an asset was sold, how are they going to sell it again and show that income.
You will not be able to get a hard money loan and refinance either as conventional mortgages do not care about how you never missed a payment (only care if you miss payments), how you have 9million dollars in your bank account (excluding certain retirement, trust, etc stuff), 14 houses, or anything logical. That is not how it works.
The only thing I can think of is bank statement loans. These will usually require 12-24 months of bank statements from your business showing deposits into a business account and you can use that. I have no idea how to set that up, but i'm sure there is a way. The rates seemed to be like 2.5-4% higher than what a conv loan would be. The issue will be getting someone to help you even if you study the bank statement program as if your not buying a house in the millions an LO doesn't make more off those loans (and they have to convince their boss, underwriter, etc to help them unless you encountered someone that has done one in the last year.)
Your best bet which you should do is walk into chase or something and tell them you want to be preapproved. They legally have to deny you. They cannot be like nope later. Once they deny you, you will see why and while there are overlays at banks, they source of your income isn't one of them.
You will not be able to get a hard money loan and refinance either as conventional mortgages do not care about how you never missed a payment (only care if you miss payments), how you have 9million dollars in your bank account (excluding certain retirement, trust, etc stuff), 14 houses, or anything logical. That is not how it works.
The only thing I can think of is bank statement loans. These will usually require 12-24 months of bank statements from your business showing deposits into a business account and you can use that. I have no idea how to set that up, but i'm sure there is a way. The rates seemed to be like 2.5-4% higher than what a conv loan would be. The issue will be getting someone to help you even if you study the bank statement program as if your not buying a house in the millions an LO doesn't make more off those loans (and they have to convince their boss, underwriter, etc to help them unless you encountered someone that has done one in the last year.)
Your best bet which you should do is walk into chase or something and tell them you want to be preapproved. They legally have to deny you. They cannot be like nope later. Once they deny you, you will see why and while there are overlays at banks, they source of your income isn't one of them.
Seems to me most people learning trading are well focused on consistent profits, but when you have a working system and become sustainable, it would seem you need something to maintain a normal life. . . credit. This is a good post because I have these sorts of questions myself, and to date haven't seen a satisfactory answer. There seems to be some inside knowledge that is hard to obtain. Money circulators have been around a very long time in the trading industry, just reference Adam Smith. Since Money is a commodity just like any tradable asset, it would almost seem as if there would be a banking or lending market out there for traders. Or at least with some financial mechanism, it could be invented with some imagination. Any ideas?
It all depends if you already own a property. For example, if you already have a purchased home, then you can use it as collateral to buy another home. Also, you can not necessarily use your property. For example, my sister took out a mortgage on my house 5 years ago in order to buy a house for herself. I trust her completely, so I agreed. If you can find someone who trusts you as much as I trust my sister, then you won't have any problems. You may have problems if your losses are officially recorded, the bank may have questions ... You can also turn to services such as Mortgage Advisor Manchester. I am sure they will help you solve your problem. I hope you will be fine. Good luck!