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