Rental Property Financing Program for Landlords

Are you in need of a long term mortgage for your rental property?

 

 

                                   Or maybe you just finished rehabbing a property, but would like a short term refinance to pay off the rehab loan  loan lender , giving you time to stabilize your property with tenants.

 

                                                  Or maybe you need a longer, short term loan to pay off a lien holder, or pull cash out for other purposes. Whatever the need, we have you covered with the following options.

 

Rental Property Financing breakline



30 Year Rental Property Financing Program

Rental Property Financing

  • Only 6 month’s seasoning requirement for full appraised value for refinances and Cash Outs

  • Purchase money, Cash out and rate/term refinances
  • Loan to Values up to 80% of appraised value if owned 6 mos. or more(10% reduction for vacant properties…For credit scores of 620-639(65%LTV)…..  640-659(70%LTV)……  660-719(75%LTV)
    …… 720+ up to 80%LTV
  • Rates from 5.99%
  • Minimum credit scores 620
  • Closing times 20-25 days
  • Loan term 30 year fixed, 5year and 7 year arms
  • Pre payment penalty only 80% of 6 months of payments
  • Eligible property types 1-4 unit residential investment and condos
  • Stated income (Loan qualified off of the property debt service, not your personal income)
  • Foreign nationals eligible (to 70% loan to value max)
  • 6 month’s of liquid reserves( Plus proof of investment funds if purchase)

  • Must close as an entity(LLC,corp,partnership,etc)

  • No Tax Returns

Documentation Needed 
  • A completed application
  • Valid ID –
  • The current lease agreement for all properties tenanted –
  • Two months of payment verification (not needed for vacant properties)
  • Two months of most recent Bank Statements or 1 quarterly 401K/Long term savings account

  • – Proof of current insurance on the properties
  • Sales contract(if purchase) or HUD-1 if refinancing
  • All Entity Documents(including articles/operating agreement OR bylaws
  • Real Estate ownership history form

Financial ,Credit Guidelines

Property must not be owner-occupied, no bankruptcies, foreclosures, short-sales, within the past 36 months, and no late payments on other mortgages. Loan must be closed in the name of the LLC or Corporation.

Must show 6 month’s of liquid reserves, ( Plus proof of investment funds if purchase)

Minimum FICO score of 620

Points: 2.49 to 3.99 depending on credit ,loan size and LTV needed or used

 

For the 30 year Rental Property Financing program   or Call 312-235-1728

Available in ALL  states except: Alaska, Arizona, Hawaii, Minnesota, Nevada, North Dakota, Oregon, South Dakota, Utah, and Vermont)



Pure Line Cash Out Refinance Loan Program

 

 

This is perfect if just finished rehabbing a property, but need a short term refinance to pay off the rehab loan  lender . This will give you time to stabilize your property with tenants.

  •   1-4 residential units (incl condos, townhomes & PUD
  • As low as 7% (varies based on LTV & experience)
  • $75K minimum loan amount, up to 1 mil…exceptions up to $3M)
  •  Up to 65% LTV  on seasoning of 6 mos. or more
  • 90%  of purchase price base(75% of that amount) if owned less than 6 months
  • No fixed cash out maximum
  •  No minimum credit score for entity applicants-550 minimum credit score for individual applicants**
  • Soft pull credit check for entities-regular hard pull for individual applicants
  • Can apply as individual/sole proprietor *
  • Full appraisal required
  • 2.25 to 3.5  points  or ($4,200 minimum flat fee), depending on loan size
  •  12 mo. term
  • No pre-payment penalty

** 550 minimum Fico. Must pass back ground check. No Bankruptcies or foreclosures within the last 2 years.

  • Must apply as an entity(LLC,corp) in Fla, Ohio, W.Va,Va

 

Documentation Needed

 

  • A completed application by the guarantor______
  • Payment of $450 property full appraisal cost_______
  • Name,address,D.O.B, SSN, email of all other entity members,if any____
  • Access instructions(a contact person and number the inspector can call to access property for appraisal evaluation. It can be yourself) …________
  • Name,phone number and email of your hazard insurance agent for the subject property…_____
  • Name,phone number and email of your escrow/title agent for the subject property (title company, usually the sellers title /closing agent)…_____
  • 3 months of bank statements showing a minimum of 6 mos. of loan payments in reserve. If 3 business bank statements are not available,the guarantor of the entities personal bank statements can make up the difference________
  • A voided check for same bank account…________
  • Copy of the HUD1 or settlement statement from the purchase of the subject property
  • Signed disclosure form______________

If applying as an entity you will also need:

  • Borrowing Authority Form_____
  • Operating agreement or by laws of your LLC or other entity (they usually come with the articles of organization…_________
  • Articles of Organization(Your LLC or entity documents)…_________

 

 

For the Pure line cash out refinance program or Call 312-235-1728

 

This loan is only available in the following states: CO , CT,FL, GA, IL, MI, MD, MO,  OH, PA, SC, TN, WA , WVA, VA


Best Flex Cash Out Refinance Loans (Investment)

 

Perfect if you need a longer, short term loan to pay off a lien holder. Also a great for  cash out for other purposes. 

  • 1-4 residential units (incl condos, townhomes & PUD
  • As low as 9% – 11% interest rate (varies based on LTV ,credit & experience)
  • $90K minimum loan amount, up to 2 mil
  •  Up to 65% LTV  on seasoning of 6 mos. or more
  • Up to 75% LTV for rate/term only refinances
  • 601 or above credit score required
  • A 660 mid score will get a rate cap at 8.1% (must close as a corp or LLC for this rate)
  • No fixed cash out maximum
  • Can apply as individual/sole proprietor
  • Full appraisal required
  • 3.49% -5.99%  points  depending on LTV,credit and experience
  • 24-36 month loan Term
  • No pre-payment penalty

Documentation Needed…

 

  • Fully completed loan application

  • Sales Contract or if the Borrower already owns the property 

  • Settlement statement from the original purchase and the title policy

  • For refinance deals provide the most recent mortgage statement available

  • Photos of the property if not available online

  • Any prior appraisals or BPOs obtained on the property

  • Credit Authorization and Background Check Form.  Tri-merge report that has no credit score impact.

  • List of current real estate owned (we will provide a form for this)

  • Proof of funds to close

  • Clear copy of a valid drivers license or passport for each borrower or guarantor

  • Corporate documents if closing in an entity 

  • Copies of any leases in place for the property

 

 

For the Best Flex  cash out refinance program  or Call 312-235-1728

 

 

Only available in Alabama, Georgia, North Carolina,South Carolina and Illinois for now.