“Getting Mortgages for Clients that Own Numerous Properties”

In the last few years, obtaining mortgages for clients that own numerous properties has been a challenge. Most of the time tax returns have offered the biggest challenge. It just seems like most of these referrals come from other lenders.

Most lenders have guidelines that will not do a mortgage for anyone that owns more than 4 properties. We are fortunate that we have a number of lenders that will do mortgages for folks that own 10 properties.

Creative accounting, and I don’t mean that in a bad way, in many cases show losses on these other properties that affect what the lenders see on the tax returns. So, that means we need to rip apart the returns and add certain items back into income, such as depreciation. Normally the depreciation numbers within the tax return end up being some serious dollars and can take someone from not being able to get a mortgage to someone that qualifies with very little difficulty.