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. We do not lend on properties held in trust. We do not lend to unregistered Series LLCs (SLLCs). All property/entity interest holders must sign a guarantee.
We do not lend to foreign nationals. However, foreign nationals may be permitted as non-primary borrower guarantors if the necessary OFAC documentation is provided.
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 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, or vacant land.
For most of our loans, the minimum property value is $125k.
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.
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.
We require the property to be free of liens, including subordinate financing, when our loan closes.
Any transaction that is not a purchase transaction is a refinance transaction. If the borrower receives cash back in an amount no more than the lesser of $2,000 or 2% of the loan amount, the transaction is a rate and term refinance; otherwise, the transaction is a cash-out refinance.
We will lock the interest rate for your loan when your loan files moves from loan processing to quality control. Assuming your loan file is complete and moves smoothly through QC to underwriting and closing, this means the interest rate on your loan will be locked approximately one week before closing.
Visio does not currently offer longer rate lock options.
Credit reports expire after 90 days, and appraisals expire after 120 days.
Please contact our service provider BSI Financial Services' Business Purpose Team at (888) 482-7271.
Through our service provider BSI Financial Services you can either pay online, by mail, by telephone, or by ACH (Automatic Monthly Payments). See BSIs Payment Options for more details.
We require a three-month cushion in the borrower’s escrow at all times.
During the origination process, contact your Account Executive. If the loan has already been boarded at BSI, then contact BSI Customer Care at (866) 581-4513.
Contact BSI Customer Care at (866) 581-4513. Please allow 5-7 business days for a payoff quote to be generated.