ALERT – Changes in Lending Policy at CHB

by | Jul 12, 2021 | Business Resources, Owner Operators | 0 comments

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 kwest@chbef.com