Multi-Family

For experienced investors seeking purchase and rehab financing for properties with multiple units. Also available to refinance currently owned properties for renovation to increase market value.

Details

• Term: 12-24 months

• Amount: $100k – $2M

• Interest Rate: 10-12% based on loan amount, % LTV, experience and credit score

• Up to 60% ARV

• 1st liens only- no subordinate liens

• Flexible draw schedule

• Interest-only payments (only paid on money drawn)

• No prepayment penalty

• One-time $250 application fee (if online application approved)

• Underwriting & closing costs paid as incurred (not noted, appraisal, legal paperwork, title insurance, credit report)

• 2-4 point origination fee 

Requirements

• Minimum of 1:20 Debt Service Coverage Ratio based on market rents

• No cash out- payoff and rehab only

• Minimum Value per Unit: $35,000

• Cash flow minimum of all closing costs, 3-6 months budget reserve

• 700 Minimum FICO Score

• Completed Application (with releases)

• Last 2 years’ tax returns

• 6 months most recent bank statements

• Copy of driver’s license

• Itemized budget and schedule

• Contractors liability, commercial property and liability insurance policy

• Located in metro area- no rural property

• No blight ridden areas or abandoned properties nearby

• True and certified, current rent roll from the owner, supported by a current operating statement no older than 45 days of submission