Miami Beach to San Marino, Aspen to Beacon Hill and Orange County. Stunning luxury homes permeate the market in these and other neighborhoods in the US. It’s where influential and successful people call home. For realtors, it represents an incredible opportunity to grow your business and develop wealthy clientele to set you apart from the rest of the agents out there. How can you become the go-to realtor for luxury real estate buyers?
As with every transaction in real estate, it begins with core values and business acumen that put you on the path to success. Honest, fast, and clear communication is essential, quick thinking that finds solutions is mandatory, and developing a unique brand and marketing it well is one of the most fundamental components. It also requires partnerships that differentiate you as an expert in luxury homes for sale and the needs associated with them from someone who just shows listings on the real estate market.
Mortgage products tailored to luxury properties are an area of specialty for MBANC. Products like bank statement mortgages cater to luxury mansion buyers and the like with creative ways to reach the approval stage. Here’s how realtors can get more luxury buyers by introducing MBANC’s bank statement mortgages.
Bank Statement loans cater to high-income earners
Whether self-employed, a CEO, or business owner, creative accounting for high-income earners often finds taxable income as lower than actual on a tax return. When a luxury real estate buyer tries to get a mortgage from a traditional bank or lender, it appears they don’t have the income to support it. Clearly that’s not the case, but that’s what W-2s and tax returns can prove.
Bank statements are often a better representation of cash flow for clients that earn well above average. MBANC’s deep dive into bank statements verifies the property’s affordability without needing the common income verification and employment documents most banks require.
MBANC mortgages can close quickly
Most lenders can be ready to close on a mortgage in around 50 days. While that’s acceptable for the vast majority of borrowers, luxury real estate buyers tend to demand faster service. A typical real estate agent doesn’t have the resources or connections to satisfy their needs, but a realtor can differentiate themselves by offering MBANC mortgages that close weeks faster, including bank statement mortgages.
With MBANC, most mortgages close within 30 days or less. For the discerning luxury home buyer, realtors can position themselves as experts in luxury properties that close quickly – as many do – with MBANC in their toolbag as a preferred luxury home lender.
What makes MBANC different
Borrowers can qualify for a bank statement-only mortgage with just 12 to 24 months of bank statements, and for loan values up to $5M. Criteria are accommodating with minimum credit scores for purchases at 660, and DTI ratios up to 50% with just 6 to 12 months reserves in many cases.
What sets MBANC apart from other lenders? It’s the personal service including our underwriting that’s all performed in-house, allowing us to see the true financial picture rather than just what tax returns show.
Find out how partnering with MBANC can help you grow your real estate business. Click or call today to learn more.