For Real Estate Investors
We offer Rental Loans for the real estate investor to purchase, refinancing or take cash out of individual rental properties as well as entire portfolios. This program is perfect for the professional investor looking to grow their portfolio of single-family rental properties, it’s an excellent way to convert a fix and flip into a long-term income-producing asset. It’s easy to get started, just fill out our loan inquiry and a loan officer will reach out to you with all the information you need to make a smart decision.
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RENTAL LOAN DETAILS
- PURCHASE – REFINANCE – CASH OUT OPTIONS
- RATES AS LOW AS 5.75%
- NO INCOME REQUIREMENTS
- FULLY AMORTIZING
- 3, 5, AND 7 YEAR ARMS OR 30 YEAR FIXED RATE OPTIONS
- LOAN AMOUNTS BETWEEN $50K AND $2M
- MINIMUM PROPERTY VALUE $75K
- SFR, 2-4 UNIT, CONDOS, TOWNHOMES
- 640 MINIMUM FICO
- AS LITTLE AS 30 DAY SEASONING REQUIREMENTS
RENTAL LOAN FAQs
We have a few different options for rental loans – this information is about rental loans in general we will let you know the specific requirements for any programs you qualify for.
What type of properties are eligible for rental loans
- Single Family Residence (SFR)
- 2-4 Unit Properties
- Warrantable condos
What is the minimum and maximum loan amounts for rental loans
- Minimum Loan Amount is $50k
- Maximum Loan Amount is $2M
What is the minimum Fico score for a rental Loan
- You must have a minimum fico of 640
What type of documentation is required for a rental loan
- Bank Statement
- Business Entity Information
- Driver’s License
- Leases – If currently rented
- A schedule of Real Estate Owned
*other documents may be required.
What is Debt Service Coverage Ratio
- This is a calculation to determine if the income collected through the monthly rental payments is sufficient to make the loan payments.
- The DSCR is calculated by dividing the monthly rent by the monthly principal, interest, property taxes, insurance and association dues, if any (PITIA).
Does my rental property have to be leased before closing?
- Not Necessarily, it is possible to use the figures contained on the rent schedule, which is part of the appraisal.
Is there a prepayment penalty?
- Yes there are prepayment penalties depending on the type of loan you are taking.
Can I live in one of my rental properties or rent it to a family member?
- No. Rental loans are commercial only loans that are exclusively for non-owner occupied (investment) properties which includes family members
Is an appraisal required
- Yes an appraisal is required on all rental loans.
Let us help fund your growth and create more profits, we have loans for every real estate investment. With flexible guidelines and make sense underwriting we can approve you quickly.
FOR FASTER CLOSING…GET PRE-APPROVED
CURRENTLY LENDING AND/OR BROKERING LOANS