We require two forms of ID, credit report, insurance, title policy, voided check and the down payment (for purchases), copy of lease (if property is occupied), and last two months bank statements. Unlike many of our competitors, we don’t require income verification, tax returns or 4506 documentation. This keeps our process fast, simple and dependable.
Yes, we lend to LLCs, corporations, and limited partnerships. In addition to borrower requirements listed above, entities must provide corporate documentation.
We close in weeks, not months. Once your appraisal is ordered, we typically close within 21 business days. Loans are generally funded within 48 hours of closing.
Your rate is determined by your credit score, Debt Service Coverage Ratio (DSCR) and Loan-to-Value (LTV). For credit score, we use a tri-score merged report that we pull when you apply for a loan, taking the middle of the three scores. To identify the right loan for you and receive personalized rate information, call (888) 521-0353 to speak to one of our Account Executives.
The DSCR is calculated by dividing the monthly rent b y the monthly principal, interest, property taxes, insurance and association dues, if any.
No, our loans are structured around the rental value and "as-is" condition of the property. We lend to landlords with rent ready properties with no deferred maintenance.
Unlike most lenders that require you to own your property for 6 months before offering refinance options (seasoning), we offer cash-out refi loans with only 30-day seasoning. Many of our customers use our cash-out refi loans to pull cash out of one property to fund the improvements of another property, or even to buy another property.
For most of our loans, the minimum property value is $60K, with the exception of our Portfolio+ loan which requires an $80K minimum property value for each property. In Cook and Cuyahoga Counties, the minimum property value for a one unit single family property is $125K and $75K per unit for 2-4 unit multifamily properties.
We lend in 36 states and Washington, D.C., including: AL, AR, CA, CO, CT, FL, GA, IA, IL, IN, KY, LA, MA, MD, ME, MI, MO, MS, MT, NC, NH, NJ, NM, NY, OH, OK, PA, SC, TN, TX, UT, VA, WA, WI, WV & WY. We do not lend in Detroit & Flint, MI.
We lend on rent ready residential properties, up to four units, with no deferred maintenance (other than normal wear and tear). We do not lend on manufactured homes, mobile homes, log homes, commercial, multi-family (greater than four units) or vacant land.
No, we only make loans to investors purchasing or refinancing investment properties. Under no circumstances do we lend to owner-occupiers. We also do not lend on second homes or to investors if the intended use of the property or proceeds is primarily for personal, family or household purposes.
We require at least a 650 score, no open foreclosure and no current open bankruptcy. Maximum loan limits apply to applicants with lower scores or no scores.
We allow borrowers to use up to 30% of proceeds on a cash-out refinance to pay off property taxes and judgments. Mortgages can be paid with up to 100% of proceeds.
We do not lend to foreign nationals.
Our Rental360 Portfolio+ allows you to close on 3-5 properties with just one closing and one monthly payment. It is available as a 30-year fixed and a 7-year ARM.
We require the property is free of liens, including subordinate financincing, when our loan closes.
Yes, we require a personal guarantee to be signed on all loans we originate.