Fico: 680+ 

- Loan Terms: 30-year amortization. 5 and a full 30-year fixed option.

-Loan Size: $75K to 2 Million ($500k+ for blanket loans)

-Property Value: Property must be worth at least $75k (each property). The lender does offer blanket loans but they need 3+ properties in order to blanket!-Max LTV:

  • 80% on purchase & rate and term refinance if mid fico is 740+
  • 75% on a refinance cash out

-Debt Service Ratio: 1.00+-Interest Rate: 5.0%+-Property Types:

  • 1 - 4 unit investment properties
  • SFR
  • 2 - 4 Unit Properties
  • PUDs
  • Warrantable Condos, and Townhomes
  • Can do non-warrantable condos
  • No log homes!

-Property Values: The minimum purchase price for a SFR is $100k. The minimum market value for a SFR for a cash-out refinance is $110k.

-Seasoning: 6 months

-Pre-Payment Penalty: 5-year (5%, 4%, 3%, 2%, 1%)

-Reserves: Borrower must have 12 months of PITI payments on hand prior to funding

-Use of Funds: Purchase, Refinance, Cash-Out Refinance

-Lending Territory: Nationwide besides Alaska, North Dakota, South Dakota, Nevada, and Utah

-Closing Time Frame: 30 days

-Appraisal Cost: $500-$600 per property

-Lender Points: 1 lender point with a minimum $2,000 origination fee. They also charge a $1,495 closing fee (per property)!

-Experience: Borrower needs to own their own home and also 1 other investment rental. If they don’t own their primary home, they need to own 3 other investment properties if it is a refinance transaction; if it's a purchase, they need to own 2 other investment properties. If they have 6 months of ownership, investment properties can be vacant.

-Special:

  • Works with only Canadian foreign nationals.
  • Can be used as a blanket loan if properties are in the same general cities and state.
  • Deals over $1M require 2 appraisals.
  • The borrower cannot have any BK’s or mortgage lates in the past 3 years.
  • No tax returns are needed!
  • The property must be fully rehabbed and actually rented out with a 1-year lease!
  • The lender offers non-recourse loans with standard carve-outs.

I would love to help you Fund your next Real Estate deal.
Call Fred Shatzoff Today at 551-272-9066 [email protected]