Residential
We can help with residential rental loans. This means we assist with non-owner occupied 1-4 units used for long term rentals or vacation rentals (see below)
Single Property Rentals
Property Types
Single Family/2-4 Units/Townhomes/PUD/ Warrantable Condos/Eligible mixed Use
Loan Amounts
$100,000 – $2,000,000
Loan Types
30-Yr Fixed Rate Mortgage (Fully Amortizing) 5/1, 7/1 and 10/1 Hybrid ARMs (Partial IO or Fully Amortizing)
Term Length
30 Years
Maximum Loan To Cost
If Owned <3 months, 80% of Total Cost Basis
If Owned between 3 and 6 months, additional 5% haircut on Max Eligible LTV
Maximum Loan To As-Is Value (Subject To Qualifying FICO)
Purchase/Rate Term Refinance: 80% Cash Out Refinance: 75%
Minimum Debt Service Coverage Ratio
1.20x (Net Operating Income/Debt Service)
Recourse
Full Recourse
Lease/Rent Requirements
Leased Units: Lower Of In-Place Rent and Market Rent. Unleased Units: 90% Of Market Rent
Short Term Rental financed
Multifamily Term (Small Balance)
Property Types
Residential (5+ Units)
Loan Amounts
$500,000+
Loan Types
Interest Only | Fixed/Adjustable Rate Mortgage Options
Term Length
Up To 24 Months + Two 6-Month Extensions
Maximum Loan To Cost
Purchase Loans: 80% Of Purchase/As-Is Value + 100% Of Rehab Costs
Refinance Loans: 75% Of As-Is Value + 100% Of Rehab Costs
Maximum Loan To As-Is Value (Subject To Qualifying FICO)
75%
Recourse
-Loans<=$2MM: Full Recourse
Loans > $2MM: Full Recourse Or
Limited Recourse With Bad-Boy Carveouts
Completion Guaranty/Reserve Replenishment Guaranty When Applicable
Rental Portfolios
Property Types
Single Family/2-4 Units/Townhomes/PUD/ Warrantable Condos, 5-20 Unit Properties allowed up to 15% of Loan Amount
Loan Amounts
$150,000 – $ 50,000,000
Loan Types
5, 10 & 30 -Yr Fixed Rate Mortgage 5/1, 7/1 and 10/1 Hybrid ARMs (Partial IO or Fully Amortizing)
Term Length
5, 10 & 30 Years
Maximum Loan To Cost
If Owned <3 months, 80% of Total Cost Basis
If owned between 3 and 6 months, additional 5% haircut on Max eligible lTV
Maximum Loan To As-Is Value (Subject To Qualifying FICO)
Purchase/Rate Term Refinance: 80%
Cash Out Refinance: 75%
Minimum Debt Service Coverage Ratio
1.20x (Net Cash Flow/Debt Service)
Recourse
Non-Recourse With Bad Boy Carveouts & Pledge Of Equity
Lease/Rent Requirements
Minimum Occupancy Rate Of 90% By Unit Count
Find Out More About The HELOC Option
01 Alabama 02 Alaska 03 Arkansas 04 Colorado
05 Connecticut 06 Delaware 07 Florida 08 Georgia
09 Illinois 10 Indiana 11 Kentucky 12 Louisiana
13 Maine 14 Maryland 15 Massachusetts 16 Mississippi
17 Missouri 18 Montana 19 Nebraska 20 New Hampshire
21 New Mexico 22 New York 23 North Carolina 24 Oklahoma
25 Pennsylvania 26 South Carolina 27 Tennessee 28 Texas
29 Washington 30 West Virginia 31 Wisconsin 32 Wyoming
Vacation & Short Term Rental Properties
Full 30-year term (no balloons), No tax return requirements. Simple, loan solutions. Also protect your identity and other assets by borrowing in a corporate entity. Similar qualifications as Single Property Rentals program.