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Do I Need to
Provide Personal Tax Returns?
Yes. We require the most recent two years tax returns.
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My income tax returns
show ZERO or negative income because of deprecation expense,
can I still qualify?
Yes. The property
is the primary source of collateral, thus we are more concerned
with the property's income than the borrowers personal income.
However, reoccurring losses due to non property related expenses
will be reason to decline a request.
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This is my
first multifamily purchase. I have no experience, managing a
property, can I still get approved?
Yes-No. For
smaller properties, yes you can still qualify for a Banc-Series
apartment loan with no previous ownership or management
experience. Loan sizes above $1,000,000, or properties with
greater than 12 units, direct or related experience is required.
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Can I get
100% financing with Banc-Series?
No. Banc-Series
is a conforming apartment loan program providing the absolute
best apartment financing available. Thus, the level of risk must
be mitigated by requiring a 15% cash borrower contribution,
among other factors.
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My credit is 600, your minimum credit score is 660. Can I still
get approved?
Yes-No. Banc-Series
is a portfolio apartment loan program, we have the ability to
make exceptions for credit on a case by case basis. If your
credit score is low due to derogatory credit, slow pays, charge
offs, etc., then no we will not make an exception. Should you
have a low score due to high balances, errors, accounts paid not
showing paid, etc., then yes, most likely we will make an
exception.
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