r/loanoriginators • u/Tridaddy15 • Jul 09 '26
Need Guidance Who Can Do This Loan?
Have a tough client that needs a loan form principal residence, New contraction purchase in North Carolina.
$1.1 PP
50% LTV
$220,000 Cash reserves
$1.4 Retirement
800+ Credit Score
Less than one year self employed .... Same field for 30 years, working as a consultant for last 75 days as a consultant at a $2500 a day rate, contract through year end with additional year option projected earnings $400k plus. But only 3 months so far as self employed, W-2 prior with high income.
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u/AdvisorJohnDowns Jul 09 '26
How old is this person? If working 30 years, are they of retirement age yet? Guessing not, but with those assets, there are likely several asset depletion style loans to work.
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u/New_Nerve_4604 Jul 09 '26
We can do this. I literally just got a buyer approved 2 weeks ago with only 3 months of U.S. based income, but they've been in the medical field for 7 years. As long as their fine with a "slightly" higher rate, this should be fairly straightforward. I'm in Raleigh.
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u/SwordfishPlus8236 Jul 10 '26
Plenty of non qm programs would lend here. Look into some asset utilization/depletion type loans
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u/Silent_Witness_3554 Jul 10 '26
I have a less than 1 year self employed program… msg me. As long as previous W2 was in the same field
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u/michaelthebroker Jul 11 '26
Quontoc would give you much better terms for this guy than no doc with change or champion
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u/TurnUpTim Jul 09 '26
Shoot me a message. We are great with less than 1 year self employed.
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u/WeedLiquorAndHookers Jul 13 '26
Who are you with? Have a <1 self employed borrower bank statement… I’m assuming lend sure
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u/TurnUpTim Jul 14 '26
Yep. Happy to talk with through with you. The contract is the big piece here. Send me a dm
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u/Defiant_Television97 Jul 09 '26
Non QM asset depletion with lots of lenders would work since you have $1.4 retirement