A No-Doc Loan Got Made, And It Was Sweet Music To His Ears

A No-Doc Loan Got Made, And It Was Sweet Music To His Ears

Name: Christopher Picone

Job Title: Owner/Originator

Business: PRS Capital Group, Bohemia, NY

How much was your best deal for?

It was a $1.75M deal, charged 1 up front and got 1 in the back, plus a $500 app fee, with a $400 processing fee.

What made it your best deal?

The house was in the Hamtpons and worth around $3M. The borrower worked seasonal, needed a noincome check, but didn’t have great credit, maybe mid-600s. This was around 2007/2008, right before the collapse.

IndyMac had great no-income programs, but not with those scores. At the time, Emigrant was doing some real wild deals and I spoke to my rep about the details. See below why it was a unique story...

What else?

They had a stated deal, but only had to state the borrower had a job, with no reference to income ... but was told it had to make sense for the size loan she was taking out.

Turned out the client was a consultant for Rod Stewart!! So, on the 1003, I literally put in Rod Stewart consultant! Emigrant was able to do the deal at 50 LTV, no income, no assets ... only an application working for Rod Stewart.

This was over 10 years ago, and is still my go-story for mortgages!

WIN a $100 Amazon gift card

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