This is an excellent loan program for small residential investors, designed to help those in need of financing an individual 1-4 unit purchase, refinance to pay off a balloon note, or even cash out some of the built-in equity.
- Full Recourse commercial loan secured by residential investment R.E.
- Minimum property value $100,000
- Minimum loan amount starts at $75,000 (no exceptions)
- No higher than 75% LTV
- Reserves Required: 12 mo. PITI for one loan/property, 6 mo. PITI for two or more loans/properties
- US and foreign borrowers accepted
- 620 credit score for US/Canadians
- Fixed rates on 30 year notes fully amortized
- NO prepayment penalty
- First mortgage only
- Value based on purchase price plus any rehab work within the first 12 months. After 12 months the
appraised value is used to establish value.
Buying or refinancing a residential rental? CONTACT ME NOW to get a quote for your loan within 24 hours from submitting your loan documents.