Purpose

• Standard

• • Purchase or refinance a portfolio of properties.
  • Refinance and acquire properties under the same transaction

• Express

• • Purchase or refinance a portfolio of properties.
  • Refinance and acquire properties under the same transaction

Individual Loan Size

Standard

$500K - $10MM

Express

$200K - $5MM

Property or Unit Min / Max

Standard

5+ properties/units

Express

2 to 20 properties/units

Term & Amortization

Standard 

5-, 7-, or 10-year with balloon due at end of term

Express

30-year fixed

Max Loan-to-Value (LTV)

Standard

Up to 75% on purchase, limited cash-out refi, and cash-out refi

Express

Up to 80% on purchase / limited cash-out refi, and 75% on cash-out refi

Borrower Type

Standard

Entity (Special Purpose Entity) Must be a Newly Formed LLC only, unless LLC was used exclusively for a previous FACo loan transaction

Express

Entity (Single Purpose Entity, existing or newly formed)

Non-Owner Occupied Property

Standard

SFR, 2-4 units, Condos, Townhomes, PUD, Multi-family (5-20 units)

Express

SFR, 2-4 units2, Condos, Townhomes, PUD, Multi-family (5-8 units)

Pre-Pay Penalty

Standard 

Yield Maintenance OR Declining Points, stepping down per year as follows:

5yr loans: 5%, 4%, 3%, 2%, 1%

7yr loans: 5%, 4%, 3%, 2%, 1%, 1%, 1%

10yr loans: 5%, 4%, 3%, 2%, 1%, 1%, 1%, 1%, 1%, 1%

Express

Declining Points, stepping down per year as follows:

3%, 2%, 1%

OR

5%, 4%, 3%, 2%, 1%

Minimum Credit Score Requirement

Standard 

660 FICO (all Guarantors)

Express

640 FICO (all Guarantors)