Rental Loans

Rental Loans are a financing option for investors looking for a long-term solution, at an attractive rate. Underwriting is heavily weighted on the DSCR (Debt-Service Coverage Ratio) and not the individuals DTI (Debt to Income).

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Standard Loan Terms

  • Max Loan Amount: $3,000,000
  • Max LTV: 80% of Appraised Value or Purchase Price (The lowest)
  • Rate: 3.99% – 6.99%
  • Payments: Monthly Principal and Interest payments.
  • Term of loan: 30 Year
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Standard Closing Costs

  • Origination Fee: 1%
  • Underwriting Fee: $1,500
  • Legal: $750 – $1,500
  • Appraisal Fee: $500-$950
  • Title Insurance and recording fees: 1%(Approximate)
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Property Types

  • Condominiums.
  • Single-family residences.
  • Two to four units.
  • Townhouses.
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Standard Requirements:

  • Credit Application 
  • Last 3 bank statements (US bank account)
  • Copy of ID and Borrowing Entity docs
  • Purchase Contract (If Purchase)
  • Property Insurance
  • Schedule of costs
  • Lease Agreement
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Standard Closing Time

  • The usual time to close is 20-30 days.

RBI Mortgages is a direct lender and does not rely on other institutions to close the loans. Once the title work and appraisal are ready, We will be too!

Qualifications

  • Minimum DSCR (Rental Income / Debt Service): 0.8
  • Minimum Credit Score: 620
  • Rental in place: Not Required
  • Foreign Nationals Qualified with reduced LTV

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FAQ

What is the interest rate and loan term?
Usually, loan rates are 9% and 1.75% points. Loan terms are 12-36 months

What is the loan type?
Most our loans are interest only, which means a fixed interest is paid throughout the term and full balance at maturity. For example, a $100,000 with 12 months term and 9% rate will yield 12 monthly payments of $750 and a final payment of $100,000

What happens if I sell the property or prepay the loan before maturity?
In most of our loans there is no prepayment penalty.