Who is the best candidate for SBCs “No Income Jumbo” loan program?
A. Borrowers who are looking for financing on an income producing or commercial property, but who can’t qualify for traditional bank financing because they prefer not to show verifiable income such as: • Applicants whose source of income can not be verified • Applicants who may have had some credit problems • Business owners who desire to take cash out of their property • Entrepreneurs and self-employed people wanting to purchase a location for their business Q. What type of income verification do you require? A. NONE. Q. Can you finance properties that have a high environmental risk such as gas stations, auto repair or dry cleaners?. A. When these loans are pre-approved SBC requires the borrower and/or seller to complete an environmental questionnaire which is submitted to an environmental insurance company. They review the information provided and issue a policy based on the environmental risk of the property. The premiums usually range anywhere from $500 to $2600, saving borrowers m
