Interested in borrowing with Visio, but not sure if you qualify? We pulled our top five qualification FAQs, and highlighted them for you here:
Yes, we lend to LLCs, corporations, and limited partnerships provided ownership of the entity is not held by a trust. In addition to borrower requirements listed above, entities must provide corporate documentation. We do not lend to non-profits nor properties held in trust. We do not lend to unregistered Series LLCs (SLLCs). All property/entity interest holders must sign a guarantee.
We lend on rent-ready residential properties, up to four units, with no deferred maintenance (other than normal wear and tear), including condos and townhomes. We do not lend on manufactured homes, mobile homes, log homes, commercial, multi-family (greater than four units) or vacant land.
For most of our loans, the minimum property value is $125k, and our minimum loan amount is $75k. Ask your Account Executive for exclusions and more details.
We require: A government issued photo ID, Tri-merged credit report with at least two credit scores, Appropriate insurance, A title policy, Voided check and the down payment (for purchases), Executed copy of lease (if property is occupied), An electronic asset verification of last two months bank statements
We don’t require income verification, tax returns or 4506 documentation.
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.
See our FAQ Page for additional questions. Have even more questions or want to get started on your loan? Contact us. We're here to assist.
Editor's Note: This post was originally published in January 2019 and has been updated in December 2020 for freshness and accuracy.