Who it is for
Independent professionals paid on 1099: consultants and advisors, physicians and specialists under contract, sales professionals on commission, and executives engaged as contractors. You are paid well for what you produce, and your deductions are legitimate. A conventional lender reads the net figure after those deductions and treats it as the whole story.
The Operator Loan reads the gross: what your clients actually paid you.
How your income is read
We qualify you on one or two years of 1099s, averaging the gross receipts. Depending on the investor guideline for your file, a set expense factor may be applied in place of your actual deductions, and recent evidence that the receipts continue may be asked for. Mayer tells you on the first call which applies to you.
What the file asks for
Your 1099s for the period, and the usual property and identity documents. Neither tax returns nor employment verification is used to qualify your income.
Never required to qualify
- Personal tax returns
- Business tax returns
- W-2 forms
- IRS transcripts
- Employment verification
- Liquidation of any position
None of these is used to qualify your income, and nothing has to be sold to qualify. Underwriting still runs a full file: credit, assets to close, the property and title.
Interest-only, if you want it
An initial interest-only period on a long-term structure is available on every program. The payment increases when the balance begins to amortize, which we say at the outset, and Mayer walks you through the exact structure for your file, in writing. How interest-only works.
Where Mbanc lends
Primary residences and second homes in 22 states: Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Maryland, Michigan, Nevada, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Washington. Investment property in those 22, in Alabama, Alaska, Arkansas, Delaware, Hawaii, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Mississippi, Montana, Nebraska, New Hampshire, New Mexico, New York, Oklahoma, Rhode Island, Vermont, West Virginia, Wisconsin, Wyoming, and in the District of Columbia: 46 states and D.C. in all.
How it begins
- 1
A conversation
Fifteen minutes on Mayer's direct line. No application and no credit pull. You describe how you earn and what you are buying; he tells you whether the program fits.
- 2
What your file would take
If it fits, you receive a short list of exactly what your file needs, and nothing more. If it does not, you hear that on the same call.
- 3
Terms, in writing
Once the documents are in, the terms are presented in writing, including the full structure of the loan, before anything is signed.
