Hello everyone! I have a unique scenario for anyone that can help. I am not quite certain if this is more residential or commercial, so I am trying both sides. The main issue I am having is that the property is on 83 acres with a working farm. The borrower trains, sells and breeds horses. He does not have any other animals on the farm. His main goal is to refinance his current mortgage to beat a rate of 6.25 that is about to become a variable. He would like to take out an additional $79,000 to pay off a horse trailer or wrap it in the new loan. If he cannot do that, then he will refinance the trailer at his local bank and just refinance his first mortgage. So the loan could be ran in two different scenarios. Either way, he needs to go stated as he cannot prove his income. He writes everything off on his tax returns (as most self employed people do) and has done so for the last 3 years. The specifics are as follows:
Scenario #1: (including the trailer):
Loan amount $395,000, O/O, SFR, DTI 45%, LTV 90%, credit score 733
Scenario #2: (just refinancing the property)
Loan amount $303,000, O/O, SFR, DTI 34%, LTV 70% , credit score 733
I hope this is enough info to give you a general idea of what I am trying to do. Please let me know if you know of a lender that can help. I welcome any suggestions you might have!
