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New closed deal - $6,175,000 Mortgage
The art of this deal,
MVP Mortgage, just financed a $9.5 million Mansion in Chicago that was owned by a famous celebrity.
To qualify for a full documentation loan, tax returns are needed to qualify, and a client would have to earn $120,000 per month. Their adjustable gross income would have to be $1.5 million a year, to qualify for $6,175,000 MVP Mortgage.
The next MVP Mortgage option is to determine if a client could get a debt service coverage ratio loan where we take the monthly comparable rents in the area and find 3 homes that rent for $50,000 in the area. We would use the $50,000 monthly rental income, to have the borrower qualify and pay the $45,000 mortgage payment.
The third option for MVP mortgage, would be to select the best bridge lender that would do this loan. The borrower would need to show 35% liquid assets in the bank, have a good credit score and prove that the borrower owned real estate in the last few years. MVP Mortgage was able to secure a $6,175,000 mortgage that would close the $9.5 Million sales price.
We received two appraisals. The terms of the loan were as follows: a $6,175,000 mortgage, with no prepayment, and no interest payment for reserves.
My Client was rejected by 5 other lenders, but we found him a bank that closed with acceptables terms, on time, for my client.
At MVP mortgage, it is our creativity and experience that enables us to find the correct financing for each transaction, as we have 27 years lending experience. With so much experience in the mortgage industry we are able to quickly determine what is possible, and what is not possible, on any transaction for residential or commercial mortgages, in the USA.
We look forward to speaking and working with you at MVP mortgage
Warren M Factor
Tel : 561 577 1882
Email : warrenfactor@gmail.com
Our team
High Net Worth Mortgages
At MVP Mortgage, we specialize in doing mortgages for wealthy clients, and can even get them a mortgage with limited documentation.
Professional Athletes Mortgages
At MVP Mortgage, we are able to assist Professional athletes purchase their first home, before they sign their contract with team.
Foreign National Mortgages
At MVP Mortgage, International clients will be able to purchase a home, with no permanent USA visa and no documentation, except a passport picture
and proof of funds to close.
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Frequently asked questions
A mortgage broker is a licensed professional who acts as a middleman between borrowers and lenders. They compare loan options from multiple lenders to find the best terms for you, saving time and potentially money.
A fixed-rate mortgage has the same interest rate throughout the loan term, providing consistent monthly payments. An adjustable-rate mortgage starts with a fixed rate for a certain period, then adjusts periodically based on market rates.
PMI protects the lender if you default on your loan. It’s usually required if your down payment is less than 20% of the home’s value.
Contact a mortgage broker or lender to discuss your needs. Gather financial documents like pay stubs, tax returns, and bank statements to submit with your application.
Rates are influenced by factors like your credit score, loan amount, down payment, and the current economic climate.
Points are upfront fees paid to reduce your interest rate. Paying points makes sense if you plan to stay in the home long enough to recoup the cost through lower monthly payments.
Yes, brokers often work with lenders specializing in jumbo loans for high-value properties.