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They are working with someone that is experienced in money handling and asking for what they have provided in the past. Private banking is typically for the top 10 - 20% in wealth. (Also, not subject to ATR, ability to repay, nor high interest rate loan restrictions).
They are working with someone that is experienced in money handling and asking for what they have provided in the past. Private banking is typically for the top 10 - 20% in wealth. (Also, not subject to ATR, ability to repay, nor high interest rate loan restrictions).
Condition - More detailed bio required
What's the key points they're looking for?
Without seeing what you have, it's a crapshoot. The first question that needs to be answered is the borrower using private money or private banking? Private money is a world of it's own.
Private banking is about who the person is and what's on deposit. There's a different lending standard for a non QM loan. What are they looking for? Is this borrower in a position to secure another job with comparable pay? Are there other potential streams of income? Where have they been, who do they know? Something is lacking on your borrower. Tell him to take his resume and expand on it. Is your guy is absent on social media? (sounds like it) Unlike a traditional lender, private banking looks for a way to lend to someone (with money), but the borrower falls short for traditional financing. Find out why.
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