Real Estate Ownership Rule – MODIFIED/RELAXED
Get More Deals Funded.
You the Brokers spoke – and CHB Listened.
The real estate ownership requirement was too strict and GOOD deals were not getting done.
Owner/Operators (buying their 2nd & 3rd or more – sleeper trucks (OTR)), If they have lived at the same residence (per CBR) for 3 years or more, we can take a look at their deal. They still need to have a Net Worth of $100,000 or more, but they are NOT required to own real estate.
Break down of requirements.
- Must have lived at the same address for the last 3 years (per the CBR)
- The same address can be a rental, relatives, or lease.
- This will help when buying the 2nd and 3rd truck for their growing trucking company.
- $100,000 minimum net worth.
- Start-ups: We are still going to require that they own some sort of real estate.
Vocational Trucks – NO Real estate ownership or address requirements for these trucks including Start-Ups
- Box Trucks
- Tow Trucks
- Concrete Pumpers
- Bucket Trucks
- Crane Trucks
- Welder Trucks
- Any Truck that does NOT have a sleeper.
- Day Cabs
- Last Mile delivery Vans and Trucks
(**Green Card Holders/Permanent Residents, applying for credit – must own real estate)
Your client** does not own real estate – that is ok. We have changed our requirements and as long as they have lived in the same place for 3 or more years – we will work to get the deal funded. (w.a.c)
Call Kit – as he will help to find solutions…
307.241.7005 or firstname.lastname@example.org