Rental Portfolios
For experienced investors, we finance up to 10 rental properties as a single loan. These loans are often more cost effective than
closing each loan individually.
Lending Criteria
| LOAN AMOUNT | $150,000 to $5 million. Loan amounts outside of this range considered. |
| LOAN TERM | 30-year term; fully amortizing entire term, or I/O for 10 years with rate fixed for 5 years then adjustable every 6 months |
| LOAN TO VALUE | Up to 75%; 70% for cash-out refinances with low seasoning |
| DEBT COVERAGE | Minimum 1.15 DSCR |
| PREPAYMENT PENALTY | Multiple PPP options available, including No PPP (depending on the state) |
| CLOSING TIMELINE | 4-8 weeks |
Additional Guidelines
| FICO | 680 min hard credit assessment |
| REVENUE VERIFICATION | Long-term rental revenue is verified through a lease agreement. Short-term (Airbnb/VRBO) revenue is verified through 12 months of rental income. |
| PROPERTY VALUATION | Appraisal with market rents |
| ELIGIBLE PROPERTIES | Single-family, townhomes, warrantable condos, 2-4 units, and 5-10 units |
| ELIGIBLE STATES | Nationwide except ND, NV, SD, VT and WV |
| BORROWER | Entities only. A personal guarantee is required. Nonrecourse is not allowed. |
| PROPERTY MINIMUM | 3 properties |
| MORTGAGE PAYMENTS | Taxes and insurance are escrowed. Mortgage payments are collected by ACH. |