The federal-contractor file
A scientist consulting to NIH through an LLC, a cleared engineer billing corp-to-corp around Fort Meade, a two-person firm with a subcontract at an agency in Rockville — Maryland has more of these households than almost any state, and they share a pattern: high deposits on the government's payment schedule, an S-corp paying a modest salary, and a personal return that shows a fraction of the business after retirement contributions and expenses. A bank lends on the return. This program reads 12 months of deposits from the contracting entity into the business account and sizes the line from those.
What is specific to a Maryland file
- County recordation tax. Maryland counties charge a recordation tax when a deed of trust is recorded, based on the amount secured, at rates each county sets. Some counties exempt a portion of the debt on a principal residence. It is a tax disclosed on the closing statement, not a lender fee.
- Ground rent. Many Baltimore City rowhouses sit on a ground-rent lease — you own the house and pay a small annual rent on the land. It is a title item the review handles routinely; if you have redeemed the ground rent, the redemption shows on title.
- Rowhouses, condos and HOAs. A Baltimore or Silver Spring rowhouse is fee-simple property like any other. Condominiums include a look at the association; the planned communities of Columbia, Howard and Montgomery counties carry HOA dues counted as an obligation.
- Chesapeake and coastal property. On the Eastern Shore, Annapolis and the bay's tidal creeks, flood coverage is confirmed as part of the property review.
- Valuation. The Baltimore–Washington corridor has deep automated-valuation data; lines to $400,000 usually close without an appraiser. The lower Shore and western Maryland are thinner.
Beyond the Beltway
- Annapolis and the marine trades — riggers, yacht services, sailmakers, brokers on commission, seasonal deposits peaking around the boat shows.
- Eastern Shore watermen and tourism operators with income tied to the crab, oyster and visitor seasons.
- Baltimore practices and trades — physicians around Hopkins and the University of Maryland systems, contractors working the city's rowhouse stock.
Common questions
How does Maryland recordation tax apply to a home equity line?
It is charged by the county when the deed of trust is recorded, based on the amount secured. Some counties exempt part of the debt on a principal residence. It is disclosed on your closing statement and is not a lender fee.
My Baltimore rowhouse has a ground rent. Does that block the line?
No. Ground rent is a title item handled routinely in the property review.
I'm a cleared contractor billing corp-to-corp. What income do you use?
The 12 months of deposits into the account that receives your contract payments. Your clearance, the contract vehicle and the salary you pay yourself are irrelevant to it.
Are you in Maryland?
No office. Korbin Spangenthal is licensed in Maryland and originates from Fort Lauderdale; the process is electronic end to end.