Loan Parameters:

• Term & Amortization
• Debt Service Coverage Ratio Minimum (DSCR)
• Borrower Type
• Non-Owner Occupied Property
• Seasoning Requirement (to use Value vs. Cost Basis)
• Pre-Pay Penalty

Purpose

Purchase, limited cash-out, or cash-out1 of a single rental property

Business Purpose Loan

Non-owner occupied only.

No income or employment verification, no W-2’s, paystubs or tax returns required.

No limit on number or units financed, max exposure of up to $10MM possible.

Individual Loan Size

$75K - $ 2MM

Experience 

First time investors allowed, but no first-time homebuyers/owners

Term & Amortization

30-year fixed, full amortization

Debt Service Coverage Ratio Minimum (DSCR)

35% down payment is required

Borrower Type

Individuals and Entities (Single Purpose)

Non-Owner Occupied Property

SFR, 2-4 units, Condos, Non-warrantable condos with reduced leverage, Townhomes, PUD

Pre-Pay Penalty

5% of unpaid principal balance in yr 1; 4% in yr 2; 3% in yr 3; 2% in yr 4; 1% in yr 5; OR 3% of unpaid principal balance in yr 1; 2% in yr 2; 1% in yr 3

Valuation/Rent Requirements

No-fee alternative valuation and rent schedule option for eligible properties3; otherwise full appraisal required. No rural properties.

Short Term Rentals

Short-term or vacation rentals not eligible

Leasing

Leased or vacant at close (must be leased within 180 days after closing)

Reserves

6 months if tenant-occupied, 9 months if vacant.