In some ways working with a MIC is the exact opposite of an ‘A’ lender. Where the ‘A’ lender wants all sorts of income information, the appraisal almost seems secondary. For MIC lenders, it’s all about the property. When phoning or emailing potential MIC’s about your deal, the best thing to do is lead with the property.
- Where is it?
- What kind of property is it? (residential, commercial, acreage etc)
- How much do they think it’s worth and what is the loan amount requested?
Credit scores are important, employment is important, exit strategy is important. But these questions are asked after we know that the property is one that fits our underwriting. If we have the answer to those 3 questions above, we’ll already be able to give you a good (and really quick) indication about whether it’s a deal that will be a fit for us or not.