|
Single Rental Loan |
Portfolio Rental Loan |
Fix & Flip Loans |
New Construction Loans |
| Loan Purpose |
- Purchase a single property, or
- Refinance a single property, with option to take cash-out3
|
- Take cash out of an existing portfolio to buy more properties, or
- Refinance or consolidate multiple rental loans
|
- Exposure line14 up to $10MM for experienced investors (1+ completed flip in past 2 years)4
- Single property loan available with no experience required
|
- Ground-up construction loans for developers and investors building 1-5 properties at a time
- Lot financing can be included, if lots are in build-ready condition
- Program includes exposure line of credit for experienced large volume investors, or single loan option
|
| Interest Rate1 |
6.50 – 9.00%
|
5.50% – 7.50%
|
6.99% and up
|
6.99% and up
|
| Minimum Property Value |
$100,000
|
- Multi-family 5-20 units: $30,000 per unit
- Other property types: $50,000 per unit5
|
N/A
|
N/A
|
| Term |
30-year fixed, full amortization
|
- 5 years or 10 years with balloon due at end of term
- Option to amortize up to 30 years, with interest-only option available6
|
12 months (standard), with optional extensions
|
12 months (standard), with optional extensions
|
| Borrower Type |
LLC or Individual
|
LLC
|
LLC, Individual, Limited Partnership, or Corporation
|
LLC, Individual, Limited Partnership, or Corporation
|
| Maximum Loan-to-Value (LTV)7 |
- 80% LTV for Purchase
- 75% LTV for Refinance
|
- 75% LTV for a fully amortized loan
- 70% LTV for an interest-only loan16
|
75% of After Repair Value (ARV)
|
75% of ARV
|
| Maximum Loan-to-Cost (LTC), Cost is purchase price amount8 |
Time Owned : Constraint
- ≤ 90 days : 80% LTC
- > 90 days : Full appraised value
|
Time Owned : Constraint
- ≤ 90 days : 80% LTC
- > 90 days : Full appraised value
|
90%
|
95%
|
| When do we use LTV vs LTC? |
- Purchase: Use lesser of LTV or LTC calculation
- Refinance: Use LTC until property has seasoned for 90 days, then use LTV
|
- Purchase: Use lesser of LTV or LTC calculation
- Refinance: Use LTC until property has seasoned for 90 days, then use LTV
|
Generally, we use the lesser of LTV or LTC calculation
|
Generally, we use the lesser of LTV or LTC calculation
|
| Cash Flow Requirement |
- <$150K value: Max 70% Property Debt-to-Income Ratio (PDTI)
- ≥$150K value: Max 85% PDTI
|
- Fully Amortized Loan: Debt Service Coverage Ratio (DSRC) of 1.15x
- Interest Only Loan: DSCR of 1.20x
|
N/A
|
N/A
|
| Rehab/Construction Financing |
N/A
|
N/A
|
Funding up to 95% of rehab budget, max 75% ARV
|
Funding up to 95% of construction budget, up to 75% of land value
|
| Property Type |
Non-Owner Occupied: Single family residences, 2-4 family units, Condos, and Townhomes
|
Non-Owner Occupied: Single family residences, 2-4 family units, Condos, Townhomes, and Multi-family properties 5 to 20 units
|
Non-Owner Occupied: Single family residences, 2-4 family units, Condos, Townhomes, and Multi-family properties up to 20 units
|
Non-Owner Occupied: Single family residences, 2-4 family units, Townhomes, and Multi-family properties up to 20 units
|
| Loan Amount |
$75K – $1.5MM15
|
$700K+
|
$50K – $2.5MM
|
$150K – $2.5MM
|
