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).
Standard Loan Terms
- Max Loan Amount: $3,000,000
- Max LTV (Loan to Value): 80%
- Rate: Starting at 4.5%
- Payments: Monthly Principal and Interest payments.
- Term of loan: 30 Year
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)
- Single-family residences.
- Two to four units.
- 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
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!
- Minimum DSCR (Rental Income / Debt Service): 0.8
- Minimum Credit Score: 620
- Rental in place: Not Required
- Foreign Nationals Qualified with reduced LTV