Santa Clarita Valley Real Estate Lending

I have to give it to Mike Meena at Augusta Financial and his staff – Here is something that you might find very useful depending on your position in life. Check it out and if you are wanting to get a further explanation or set up a meeting – Give us a call at RE/MAX of Santa Clarita with The Paris911 Team. We can have you over here with us so we can kill two birds with one stone, getting the financing in order then looking for properties.

Think about this way – A Self Directed Individual Retirement Account? If you can squeeze a little savings together this might just be that the “Lender/Realtor” ordered.

Either way – We will make a plan and way for your future. Thanks for your Loyalty and We would like to comment and give praise to you helping us at The Paris911 Team: We are Local!!! Achieve such Standing in the Real Estate Profession in the Santa Clarita Valley, Ventura County, Greater Los Angeles and the Antelope Valley. We are honored to have such loyal Clients and the referral Generator that is in each and every one of you – Deserves a huge {{{{{{{{{{{HUG}}}}}}}}}}}}!

Here is the Latest by Mike Meena at Augusta Financial!

AUGUSTA FINANCIAL – SELF DIRECTED IRA

Your Self-Directed IRA can purchase investment real estate as another form of a tax-sheltered retirement investment (consult your tax advisor). Using debt non recourse financing to purchase these real estate IRA investments allows for diversification without tying up all of your IRA funds.

The IRS requires a non-recourse loan for all real estate purchases that use leverage with a self-directed IRA. North American Savings Bank is America’s IRA Non-Recourse Lender that specializes in helping you obtain debt non recourse loans which are used with a Self-Directed IRA.

Augusta Financial offers a unique financing program for the purchase of rental property with a real estate IRA. Loan approval is generally within 48 hours of receipt of a full and complete Augusta Financial application. Non recourse financing is subject to a satisfactory appraisal, intention of property, and verification of self-directed IRA funds for closing.

                                   1-4 Fixed                        Multifamily
Product                              5/1 ARM and 30 Year Fixed       5/1 ARM and 30 Year Fixed
Max LTV                            70%                                            65%
Max Term                         30 years                                     25 years
Min. Loan Amt.               $50,000                                     $50,000

Ineligible Properties: Speculative purchases, residential with large acreage, raw land, farms, manufactured or log homes, non-warrant-able condos, Condo-Hotels, Co-ops, Time Shares, hotels, senior or assisted living facilities, non-franchise restaurants, entertainment properties, mini-storage, and commercial property. Square footage must be 750+ (per unit) for Condos and 900+ (per unit) for all other properties.
*Condominiums: Loan to Value for Condos will be between 50%-60% and the net operating income must exceed the annual debt service (annual principal and interest mortgage payment) by 20%. Condos must meet the following minimum criteria to be considered Warrant-able. The project building must be 100% complete, including common areas. The units within the building must be 60% sold and 33% of all building units must be owner occupied or 2nd homes (versus tenant occupied). Condos not meeting these criteria are not eligible under our non-recourse program. IRA Condo Questionnaire Please complete before signing purchase contract.

Requirements for IRA Debt Financing:

1. Purchase transactions for investment property only;
2. IRA assets to be managed by a custodian in a self directed IRA or SEP.
3. IRA assets must be verified for purchase and reserves. IRA reserve requirement may be up to 20% of the loan amount, to be available in the event of insufficient cash flow to pay operating expenses and mortgage payments;
4. No employment or income verification required;

Documentation Required for Loan Approval:

1. Completed Augusta Financial loan application
2. Current detailed Rent Roll or copies of signed leases;
3. Most recent asset statement verifying IRA assets for purchase and reserves;
4. Purchase/Sale contract, signed by the IRA account holder and the custodian. The contract must show the buyer to be in the name of the IRA;
5. Appraisal fee required at the time of loan application for 1-4 family;

For more information contact:

Mike Meena
Office 661-260-2970
Direct 661-291-2222
Cell 661-714-6258

Here is one thing that Paris and I know for sure – If it can be done Mike is a fantastic asset for you and all your lending needs. We have sworn allegiance to our Clients above and beyond anyone else that has any standing in this industry. Mike has proven himself to be a man of HONOR time after time.

We do Watch our Clients throughout every part of the Real Estate Process so nothing is left uncovered or protected – Why – We are Paris911 at RE/MAX of Santa Clarita.