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).
Minimum DSCR (Rental Income/ Debt Service): 0.8
Minimum Credit Score: 620
Rental in place: Not Required
Foreign Nationals: Qualified with reduced LTV
Standard Closing Costs:
Origination Fee: 1-2%
Underwriting Fee: $1,500
Legal: $750 – $1,500
Appraisal Fee: $500-$950
Title Insurance and recording fees: 1% (Approximate)
- Credit Application (Link to Start Now)
- 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 Loan Terms
Max Loan Amount: $3,000,000
Max LTV: 70% of appraised value or purchase price (The lowest)
Rate: 3.99% – 6.99%
Payments: Monthly principal and interest payments.
Term of loan: 30 Year
- Single-family residences.
- Two to four units.
- Other property types case by case.
Standard Closing Time:
The usual time to close is 20-30 days.