201-241-3121
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Term loans
Single Property Rental Terms
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PROPERTY TYPES
Single Family/2-4 Unit/Townhomes/PUD/ Warrantable Condos
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LOAN AMOUNT
$75,000 - $2,000,000
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LOAN TYPES
30-Year Fixed Rate Mortgage (Fully Amortizing)
5/6, 7/6, 10/6 Hybrid ARMs (Partial IO or Fully Amortizing) -
RECOURSE
Full Recourse Only
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TERM LENGTH
30 Years
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MAXIMUM LOAN TO COST
If Owned less than 3 months: 80% of Total Cost Basis
If Owned between 3 and 6 months: additional 5% haircut on Max Eligible LTV -
MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO)
Purchase/Rate-Term Refinance: 80%
Cashout Refinance: 75% -
MINIMUM DEBT SERVICE COVERAGE RATIO
1.00x (Gross Rent/PITIA)
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MINIMUM GUARANTOR FICO
Mid-Score of 660
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LEASE REQUIREMENTS
Leased Units: Lower of (i) In-Place Rent & (ii) Market Rent
Unleased Units: 90% of Market Rent (Purchase Loans only)
Rental Portfolios Terms
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PROPERTY TYPES
Single Family/2-4 Unit/Townhomes/PUD/ Warrantable Condos
5-8 Unit Properties allowed up to 15% of Loan Amount -
LOAN AMOUNT
$150,000 - $50,000,000
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LOAN TYPES
30-Year term, Fixed Rate Mortgage (Fully Amortizing)
5/6, 7/6, 10/6 Hyrbid ARMs (Partial IO or Fully Amortizing) -
RECOURSE
Non Recourse with bad-boy carveouts and Pledge of Equity of Borrowing Entity
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MAXIMUM LOAN TO COST
If Owned less than 3 months: 80% of Total Cost Basis
If Owned between 3 and 6 months: additional 5% haircut on Max Eligible LTV -
MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO)
Purchase/Rate-Term Refinance: 80%
Cashout Refinance: 75% -
MINIMUM DEBT SERVICE COVERAGE RATIO
1.20x (Net Cash Flow/Debt Service)
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TERM LENGTH
5, 10, and & 30 Years
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MINIMUM GUARANTOR FICO
Mid-Score of 680
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LEASE REQUIREMENTS
Minimum Occupancy Rate of 90% by Unit Count
- Leased Units: Lower of (i) In-Place Rent & (ii) Market Rent
- Unleased Units: 90% of Market Rent (Purchase Loans only)
Multifamily Term Terms
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PROPERTY TYPES
5-8 Unit Residential Properties - Eligible Mixed-Use Properties (residential rental SF is GREATER than commercial rental SF)
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LOAN AMOUNT
$250,000 - $3,000,000
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LOAN TYPES
30-Year Fixed-Rate Mortgage, OR 5/6, 7/6, 10/6 hybrid ARMs (Partial IO or Fully Amortizing)
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RECOURSE
Full Recourse or Non Recourse with bad-boy carve-outs and Pledge of Equity of Borrowing Entity
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TERM LENGTH
30 Years
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MAXIMUM LOAN TO COST
If owned less than 3 months, 80% of Total Cost Basis.
If owned between 3 and 6 months, an additional 5% haircut on Max Eligible LTV
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MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO)
Purchase/Rate-Term Refinance: 75%
Cashout Refinance: 75%
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MINIMUM DEBT SERVICE COVERAGE RATIO
1.20x - 1.40x, based on subject market classification (Top, Standard, Small, Very Small).
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MINIMUM GUARANTOR FICO
Mid-Score of 680
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LEASE REQUIREMENTS
Minimum Occupancy Rate of 90% by Unit Count
- Leased Units: Lower of (i) In-Place Rent & (ii) Market Rent
- Unleased Units: 90% of Market Rent (Purchase Loans only)