MULTI-FAMILY 5+ UNITS FUNDING GUIDELINES

Nationwide Funding Available, except in the following states:

ID, HI, MI, MT, ND, NV, SD, TN, VT, WY

You must close in the name of a business entity.

PURCHASE OR REFINANCE 30 Year Financing General Funding Criteria (See Purchase & Rehab Guidelines Section Below)

– Minimum credit score of 650 required for funding approval.

– Minimum loan amount is $250,000.00.

– Maximum loan amount is $5,000,000.00.

No Credit Pull For 24-48 Hour Written Pre-qual Term Sheet – Click Here

Term Of Loan Options

30 fixed rate

5/1 ARM – 30 Year Term

For Rehab Loans: 12 month term with 6 month extension option

Interest Rates

Interest rates range from 6.50% – 9.99% depending on credit score, debt service coverage ratio, LTV and prior experience.

Prepayment Penalty

Declining prepay penalty; 5% 1st year, 4% 2nd year, 3% 3rd year, 2% 4th year, 1% 5th year.

Escrow Of Taxes and Insurance

Escrow of taxes and insurance is required.

Loan Origination Fees

Loan origination fees range 3 – 4% of total loan amount.

Other Lender Related Fees

Underwriting Fee – $695.00 (payment required at time of full fill submission to underwriting)

Legal Fee – $1,500.00

Processing Fee – $895.00

Days To Close

We can normally close in about 45 days from the time of receipt of all required funding documents.

Property Appraisal

A full property appraisal will be ordered by the underwriter after a full loan package has been received and a preliminary review has been completed. Approximate cost of appraisal is $2,000.00 and varies by market area.

No Verification Of Income Required

No verification or documentation of personal or business income is required.

No Verification Of Employment Required

No verification or documentation of your current or past employment status is required.

PURCHASE & REHAB Basic Funding Criteria

– Up To 75% of Purchase Price!

– Up To 100% Of Rehab Budget!

– Maximum 65% Of After Repair Value!

– Pay no interest on unused rehab budget funds until drawn!

– Loans amounts from $200,000.00 to $5,000,000.00!

– Interest rate average 8.99% – 10.99% (interest only payment)

– 12 Month Term with No Prepayment Penalty!

– Minimum As-Is Value is $250,000.00!

– Loan Origination Fee 3-4% of total loan amount!

REQUIRED DOCUMENTATION FOR UNDERWRITING APPROVAL

For Purchase Transactions

– Clear and legible copy of government issued ID (all members of business entity)

– Copy of executed purchase and sales agreement (if applicable)

– Executed application and authorization to run credit report and background check

– Copy of 2 months of personal OR business bank statements (all pages)

– Track record form (template provided)

– Copy of IRS EIN letter for business entity

– Copy of Articles Of Organization for LLC or Incorporation for a Corporation

– Copy Of Operating Agreement for LLC or Corporate Charter/Bylaws for Corporation

For Refinance Transactions:

– Copy Of HUD Settlement Statement from purchase/acquisition