30 Year Fixed Rate – Rental Property Financing!
Interest Rates Starting At 6.99%
Loan Amounts $75,000.00 – $2,000,000.00!
Refinance Or Purchase!
VACATION PROPERTY RENTAL LOANS: See paragraph 3 below for guidelines
Platinum 30 Year Investor Financing Program Highlights:
– Cash Out Refinance – Up To 70% LTV (with qualifying credit)!
– Rate & Term Refinance – Up To 75% LTV (with qualifying credit)!
– Minimum 660+ Credit Score Required For Lowest LTV!
– Interest Rates From 6.99% for well qualified borrowers!
– For Purchase Transactions – Up To 75% of As-Is Value Or 75% Purchase Price (whichever is less)!
– Portfolio/Blank Loans Available – requires minimum 3+ properties to be included in portfolio loan (see paragraph 6 below)
– Loan Amounts from $75,000.00 – $2,000,000.00!
– Recently Completed Renovations OK – Use Current Appraised Value After 180 Days On Title!
– No Income Docs and No Employment Verification Required!
– Vacant Properties OK On Purchase Transactions!
– First Time Investors OK!
– Foreign Nationals OK with reduced LTV!
No credit report pull required for fast 24 hour pre-qualification! Click Here
30 YEAR INVESTOR FINANCING
PURCHASE & REFINANCE PROGRAM
Funding Available NATIONWIDE, except in the following states:
Minnesota, Nevada, North Dakota, Oregon, South Dakota and Vermont.
Minimum Property Value:
$100,000.00 is the minimum As-Is value for all properties in all areas. Some specific market areas may have a higher minimum value requirement.
Important Note: All transactions must close in the name of a business entity.
30 YEAR INVESTOR LOAN FUNDING GUIDELINES
1. Credit Score Requirement
Minimum 660+ Credit Score Required For Underwriting Approval.
2. Borrower Qualifying Requirements:
– Minimum credit score of 660+ required for funding approval. Minimum of 2 credit scores required to qualify for funding approval.
– No foreclosures, short sales or deed in lieu in past 2 years.
– No bankruptcies in past 36 months.
– No unpaid tax liens. Any unpaid tax liens must be paid prior to or at closing.
– No prior criminal convictions at any time.
– Most recent month bank statement.
_ Documented nine (9) months reserve payments (PITIA).
– For Purchase Transactions: Proof of down-payment required for purchase transactions. No seasoning of funds to close required.
3. Vacation & Short Term Rentals Guidelines
– 680+ minimum credit score required.
– Loan amounts from $200,000.00 – $2,000,000.00.
– 30 year financing available for refinance and purchase.
– Up to 80% LTV for purchase and rate/term refinance.
– Cash out refinance up to 75% LTV.
– 6 months reserve payments required.
– No Personal DTI calculations.
– Vacant properties OK for purchase and refinance.
– Can close in personal name or in name of business entity.
– For vacant properties planed to be used for Airbnb/VRBO vacation rentals we will use a short term rental income estimator to determine market rent.
3.1 Seller Contributions Towards Buyers Closing Cost
Seller contributions of up to a maximum of $3,500.00 is allowed towards buyers non-recurring closing cost.
4. Qualifying Types Of Properties
Single Family residences, town-homes, condo’s and 2-4 units. Non owner-occupied only.
5. Ownership/Seasoning On Title Requirement
– Property Purchased With Financing and Has An Existing Mortgage: 90 days seasoning on title if property purchased with financing and has an existing mortgage balance.
– Property Purchased With Cash: 180 days seasoning on title if property purchased with cash.
– Property Renovated Within Last 12 Months: Provide copy of the original scope of work/list of repairs
6. Portfolio/Blanket Loans
– We can provide portfolio loans consisting of a minimum of 3+ properties.
– Refinance and purchase option available for portfolio loan
– For refinances, subject properties must be currently rented. For purchases, the subject properties can be vacant. We will use market rent as determined by the property appraisal to determine basis for rental income.
– Minimum property value for “each individual property” is $100,000.00. See paragraph 7 below for minimum property value exceptions.
– Minimum loan amount for a portfolio loan is $150,000.00.
– Appraisal requirements are exactly the same for each individual property within a portfolio as if financing one single property.
7. Maximum Loan To Values (LTV) – Based On Credit Score
– up to 75% of Rate & Term Refinance
– up to 70% LTV Cash Out Refinance
– up to 75% of Purchase Price or As-Is Value (whichever is less)
8. Interest Rates
Interest rates range on average from a low of 6.99% depending on the following factors: Credit Score, Final LTV and Debt Service Coverage Ratio (DSCR Calculation).
9. Amortization Term
– 30 Year Fixed Rate Amortized Loan with fixed rate principal and interest payment for 30 years.
– 5/1 ARM Interest Only Payment is also available.
10. Prepayment Penalty
Prepayment penalty of 5% for the 1st year, 4% the 2nd year, 3% the 3rd year, 2% the 4th year and 1% the 5th year.
11. Property Requirements To Qualify for Funding Approval
– Must not be owner occupied.
– Must be less than 10 acres in size.
– Must be gross living area of minimum 750 square feet.
– Warrantable Condominiums Allowed.
12. Escrow For Taxes and Property Insurance
Escrow of property taxes and property hazard insurance is required.
13 9 Months PITIA Cash Reserves Required
Borrower must document a minimum of nine (9) months principal, interest, taxes, insurance and HOA (PITIA) cash reserves for funding approval. Cash reserve requirement applies even if borrower is receiving cash out proceeds at closing.
14. Days To Close
On average we can close in approximately 30 days from the time of ordering the property appraisal.
15. Full Property Appraisal Required
Full property appraisal is required on all purchase and refinance transactions. Appraisal fee varies by state. On average $475.00 – $650.00. Cost of appraisal is paid directly to 3rd party appraisal company and is due at time of full file submission. Cost of appraisal can be higher depending on complexity of the property and/or availability of qualified appraisers in the respective local market.
16. No Verification Of Income Or Employment Required
No verification or documentation of personal or business income is required. Personal or business income is NOT used as bases for qualifying.
17. REQUIRED DOCUMENTATION – Must Close In Name On A Business Entity
__ Copy of valid identification (all members of business entity)
__ For Purchase Transactions: Copy of purchase and sales agreement (all pages, signed by all parties)
__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation
__ Operating Agreement or Corporate Charter/Bylaws
__ Copy of IRS Issued EIN Letter For Business Entity
__ Copy of last 2 months months bank statement (all pages)
__ Copy of last 2 months statements for all other assets (non real estate)
__ Copy of lease agreement(s) if applicable
__ Documentation of receipt of last 2 months rents for subject property
For Recently Renovated Properties: Scope Of work for completed repairs OR List of repairs completed
Note: All above terms are subject to change without prior written notice.
Note: Terms are subject to change. Final terms vary depending on the property and borrowing entity