Multifamily 5+ Units – Purchase & Rehab!
$250,000.00 – $3,000,000.00!
650+ Minimum Credit Score To Qualify!
Multi-family 5+ Units – “Purchase And Rehab” Funding Highlights
– Purchase & Rehab: Up To 70% of the purchase price + 100% of renovation cost, max loan amount of 65% of ARV!
– Stabalized Purchase: Up To 65% of Purchase Price/As-Is Value! For higher loan amounts – CLICK HERE
– Stabalized Refinance: Up To 60% of As-Is Value! For higher loan amounts – CLICK HERE
– Stabalized Cash Out Refinance: Up To 55% of As-Is Value! For higher loan amounts – CLICK HERE
– Minimum 650+ Credit Score Required For Qualification!
– Mixed Use Buildings Allowed with residential space greater than 50% of square footage!
– Loan Amounts From $250,000.00 – $5,000,000.00!
– 1 Year Term With 6 Month Optional Extension!
– No As-Is Occupancy Requirements!
– No As-Is Debt Service Coverage Requirements!
– No Employment Verification Required!
– No Income Verification Required!
– No Tax Returns Required!
– No Pay Stubs Required!
MULTI-FAMILY 5+ UNITS FUNDING PROGRAM
Nationwide Funding Available, except in the following states:
Funding is available nationwide (including Hawaii), except in the following states: Nevada, Oregon, Minnesota, North Dakota, South Dakota and Vermont.
For Baltimore, Cleveland, Detroit and Memphis markets: Minimum purchase loan amount is $250,000.00 with minimum As-Is per door value of $50,000.00.
You must close in the name of a business entity.
General Qualification Criteria
– Minimum credit score of 650 required for funding approval.
– Minimum loan amount is $250,000.00.
– Maximum loan amount is $3,000,000.00.
– Subject property must be located in major metropolitan area or sub metro area. Smaller market areas will be considered on a case by case basis.
No Credit Pull – 24 Hour Pre-qualification – Click Here
Purchase & Rehab Funding Guidelines
We fund up to 70% of the purchase price and 100% of renovation cost, not to exceed 65% of ARV.
Refinance With Rehab Funding Guidelines
We fund up to 60% of the As-Is Value + 100% of renovation cost, not to exceed 65% of ARV.
Geographical Acceptable Location
The subject property must be located in or around major metropolitan area, sub-metro area and small market areas are considered on a case by case basis.
Loan term is for 12 months with optional 6 month extension.
Purchase & Rehab: Interest rates range from 8.99% – 11% depending on credit score and prior experience.
Purchase Only: Interest rates range from 7.50% – 8.99% depending on credit score and prior experience.
Purchase & Rehab: No prepay penalty.
Purchase Only: 5% within the first six (6) months.
Escrow Of Taxes and Insurance
Escrow of taxes and insurance is NOT required.
Loan Origination Fees
2.99% of total loan amount
Legal Fee – $995.00
Processing Fee – $1195.00
Days To Close
We can normally close in about 15-18 business days (with a rush appraisal) from the time of receipt of all required funding documents.
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. Payment for the property appraisal is required prior to submission of loan file into underwriting.
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.
REQUIRED DOCUMENTATION FOR UNDERWRITING APPROVAL
– Clear and legible copy of government issued ID (all members of business entity)
– Copy of executed purchase and sales agreement (if applicable)
– Executed authorization to run credit report and background check
– Copy of 2 months of personal OR business bank statements (all pages)
– 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 Purchase & Rehab: Scope Of Repair Work/Construction Budget (Excel template provided)