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Eric Mitchell Senior Vice-President [email protected] (888) 696-1344 Ext. 729  PHONE & FAX. WWW.ERIC-MITCHELL.COM. In order to meet the needs of our sophisticated luxury real estate clientele, we now provide a unique collection of high-end, super jumbo loan programs….

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Eric mitchell senior vice president emitchell eric mitchell

Eric Mitchell

Senior Vice-President

[email protected]

(888) 696-1344 Ext. 729  PHONE & FAX

WWW.ERIC-MITCHELL.COM


Introducing private mortgage banking with priority financial network

In order to meet the needs of our sophisticated luxury real estate clientele, we now provide a unique collection of high-end, super jumbo loan programs…

…for the wealthy and sophisticated investor.

Introducing

Private Mortgage Banking

with Priority Financial Network

Presented by Eric Mitchell | www.eric-mitchell.com


Super jumbo mortgage services

Super Jumbo Mortgage Services

Minimum loan amount is $1,500,000

  • No maximum loan amounts

  • No pricing adjustment

    (upto $10,000,000)

  • No pre-pay penalties

  • No cash-out limits

  • Portfolio lending

  • Relationship-based pricing

  • Lending in all 50 United States

Presented by Eric Mitchell | www.eric-mitchell.com


Super jumbo programs

Super Jumbo programs

Adjustable Rate Mortgages (ARMs)

Fixed Rate Mortgages

Interest Only Mortgages

Construction Loans (Land & Temp-to-perm)

Co-Op Lending

Bridge Loans

1031 and Reverse 1031

Primary and Investment Properties

Commercial Lending (case by case basis)

Presented by Eric Mitchell | www.eric-mitchell.com


Super jumbo rates sample rates quoted from the week of may 17 2010

Super Jumbo RatesSample rates quoted from the week of May 17, 2010

  • 1 MONTH LIBOR2.250%(2.375% APR)

  • 6 MONTH LIBOR2.875%(3.000% APR)

  • 3/1 INTEREST ONLY3.375%(3.500% APR)

  • 5/1 INTEREST ONLY4.250%(4.375% APR)

  • 7/1 INTEREST ONLY4.750%(4.875% APR)

  • 10/1 INTEREST ONLY5.125%(5.250% APR)

  • 15/305.500%(5.625% APR)

  • 30 YEAR FIXED5.750% (6.000% APR)

No rate adjustments on loans up to $10Million

Equal Housing Lender – Priority Financial Network: 5016 N. Parkway Calabasas, CA 91403. This is not a commitment to enter into a rate lock agreement or a commitment to lend under California law. Information is subject to change without notice. Restrictions apply, ask for details.

Presented by Eric Mitchell | www.eric-mitchell.com


What makes us so different

What makes us so different?

  • Cash flow and asset based lending

    • Asset depletion qualifiers

    • Can lend without traditional income criteria

  • Up to 100% LTV dual-collateral programs

    (use securities to maximize leverage)

  • Foreign currency programs available

  • Up to 60% debt-to-income on purchases

  • Ladder financing via dual 1st trust deed structuring

  • Custom title and vesting options

    • Partnerships

    • Trusts

    • LLCs

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Presented by Eric Mitchell | www.eric-mitchell.com


D ual collateral advantages

dual collateral advantages

  • Up to 100% financing (Can be used in lieu of a cash down payment)

    • No need to liquidate securities

    • No need to transfer assets to another firm

    • Investment portfolios stay intact

  • The borrower continues to benefit from their portfolio

  • The borrower’s investment firm continues to manage the wealth building strategies and retains 100% of the business

  • Eligible securities are NYSE, AMEX, NASDAQ, corporate and government bonds

  • A blanket lien is placed on the assets in a segregated account

  • As the mortgage is paid down or the property appreciates, securities are released

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Presented by Eric Mitchell | www.eric-mitchell.com


Asset depletion

Asset Depletion

  • Method 2: Total Debt (including personal debt and PITI) x 180 months; resulting amount must be less than total verified liquidity.

  • Method 3: Balloon loan → Total debt x number of balloon term months; resulting amount must be less than total verified liquidity.

Forecasting of post close liquidity for qualification.

  • Method 1: Divide post close liquidity by 120 months. Add the quotient to additionally documented income to get the new monthly earnings (used to offset debt ratios).

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Presented by Eric Mitchell | www.eric-mitchell.com


Sample scenarios

Sample Scenarios

Pledged Assets

Asset Depletion

  • $8,500,000 Purchase

    The borrower has a $19,000,000 stock portfolio performing at 14%, held at the financial planning firm which referred me their client.

    We collateralize a portion of the portfolio and fund a 100% LTV $8,500,000 loan for the purchase.

    Borrower takes a 7/1 Interest Only ARM at 4.875%.

    The pledged assets are kept with the referring brokerage firm and trading is allowed to continue within the segregated account.

    The borrower defers capital gains tax on the $8,500,000 by keeping the investment active, and continues to benefit from interest, dividends and other investment appreciation .

    Net annual yield equals 9.125%

    (14% performance – 4.875% loan = 9.125%)

  • $6,200,000 Refinance

    The self-employed borrower has a personal S-corp to protect large annual earnings from various taxes, and to implement assorted wealth building strategies.

    Pass through income is negligible and insufficient for normal qualification, but liquid assets total $11,000,000 so we use the liquid asset portfolio to bolster income .

    The $11,000,000 in assets is divided by 120 month depletion schedule = $91,000 per month income.

    Borrower wants a 5/1 interest only ARM at 4.375%, and the new payment will be $22,604 / month.

    New debt-to-income ratio: $22,604 / $91,000 = 24.8%

    The borrower now qualifies.

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Presented by Eric Mitchell | www.eric-mitchell.com


Who are our clients

Who are our clients?

Wealthy individuals

Business owners

Professional athletes

Entertainment professionals

Foreign nationals

Corporate entities

Partnerships

Trusts

  • Privacy assurance: Our exclusive concierge-style lending service assures your privacy is always respected.

Presented by Eric Mitchell | www.eric-mitchell.com


Who are our business associates

Who are our business associates?

  • Business Managers

  • Financial Planners

  • Accountants

  • Realtors

  • Builders

  • Developers

  • Experts specialized in serving the needs of affluent clientele

  • Firms and management teams focused on long-term relationships

Presented by Eric Mitchell | www.eric-mitchell.com


Frequently asked questions

Frequently Asked Questions

  • Q: What is the fee for this service?

    A: The borrower will be charged 1% of the loan amount as a fee for the service and will need to sign a fee agreement prior to submitting the file to underwriting.

  • Q: Who is the best candidate for this loan?

    A: Someone who is financially stable. Liquid net worth is critical for this type of lending. Rates and terms are very aggressive and reserved for those that need the money the least. If your client is in trouble and needs a bailout, this is probably not the program for them unless there is a really great story or clearly defined exit strategy.

  • Q: What if I am a Financial Planner and I refer a borrower...will another Wealth Advisory Firm try to take the business?

    A: On the loan submission form, we are noting where the referral came from. This is to ensure that another wealth advisory firm or lending institution will not do anything that would harm our working referral relationship.

  • Q: How long does a transaction take?

    A: Typically, these transactions will close in 30-40 days.

  • Q: How do we get rate quotes?

    A: Call me (888) 696-1344 or email: [email protected] with scenarios.

Click here for contact information page


Eric mitchell senior vice president emitchell eric mitchell

We also have…

STATED INCOME LOANS

Presented by Eric Mitchell | www.eric-mitchell.com

  • No Tax Returns Required

  • No Debt Ratio Requirements

  • California Purchase Transactions Only

  • Loans Up To $3Million

  • Primary Residence, Second Home or Investment

  • Single Family, Condos, Multi-Units

  • Foreign Nationals Allowed

  • Deposit Relationship Not Required

  • Non-Occupant Co-Borrowers Allowed

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Traditional mortgage services

Traditional Mortgage Services

We also have…

Presented by Eric Mitchell | www.eric-mitchell.com

  • Direct correspondent lender

  • In-house underwriting, processing and funding

  • Broker to more than 30 additional lenders

  • Cash-out and interest only

  • Purchases and refinances

  • Fixed rate mortgages

  • Adjustable rate mortgages (ARMs)

  • Terms from 6 months to 40 years

  • FHA Approved

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Eric mitchell senior vice president emitchell eric mitchell

For more information, please contact:

ERIC MITCHELL

SENIOR VICE-PRESIDENT

[email protected]

888.696.1344 EXT. 729

888.696.1344 FAX

WWW.ERIC-MITCHELL.COM

Click here to return to FAQs

Equal Housing Lender – Priority Financial Network: 5016 N. Parkway Calabasas, CA 91403. This is not a commitment to enter into a rate lock agreement or a commitment to lend under California law. Information is subject to change without notice. Restrictions apply, ask for details.


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