RENTAL PROPERTY LOANS

 

PROPERTY TYPES: Single-family detached residences, 2-4 unit residences, condominiums, and townhomes

LENDING AREA: Northeastern and Mid-Atlantic USA focused, but will consider all major cities nationally

LOAN SIZE: From $150,000 to $1,500,000

LOAN TERM: 2 Years

AMORTIZATION: None, Interest-only

INTEREST RATE: 6.99% – 10.99%

LOAN-TO-VALUE: Up to 65%

ORIGINATION FEE: 1% – 2% of the loan amount

PREPAYMENT PENALTY: 1% in year 1

DSCR REQUIREMENT: > 1.25

DEBT TO INCOME: NONE

MIN FICO: 660

RECOURSE: Typically, there will be recourse to Sponsors

EXPENSE DEPOSIT: Adequate to cover third-party reports, legal fees, and customary expenses

CLOSING TIME: Typically within 14 business days