I have a source with non-recourse program for established single family and condo rental portfolios. Rates start in the low 5's and LTV's up to 75% Cash-Out for stabilized portfolios. For appraisals they use BPOs for homes under $250,000 in value. Values above $250,000 need an appraisal. A term sheet is issued without any application fees once they get the required information back. The term sheet will include a finance agreement and then they move ahead to closing. Their short term acquisition fund for the same portfolios with 80% loan to cost, 1:25 DSC and 12 to 24 month terms is also available.
The loans can be up to 10 year fixed, non-recourse, but if the borrower is confident with recourse, the rates will be lower. Each house is assigned a loan value and if one is sold, the payment is 120% of the loan value. The program is designed to accommodate portfolio investors, not buy, fix and flip. Usually the whole portfolio is sold to another investor. The loan can be assumed with a 1 point fee plus closing costs.
Funding start at $1 million and above.
If interested, email details, your full name and phone number.
Not sure if this post is still active. If so, I am interested. Please email me at [email protected]