Archive for December, 2019

Business Purpose Loans for an Owner-Occupied Property

Business Purpose Loans for an Owner-Occupied Property •51% or more is for business purposes only •Must be for a business use •Borrower must sign business purposes affidavit  •Pre-Existing 1st Mortgage is not more then 29% Collateralized  •Mixed-Use propertiesSale Lease-Back •Max Loan 60% LTV “Personal use restrictions”•Refinancing the house is considered personal use •Paying off personal credit cards is personal use  •Payingread more