Residential Rental Portfolio Loans

Loan Purpose

TYPICAL TERMS

Purchase/Refinance of Rental Properties Refinance/Consolidate Multiple Rental loans

Permitted Property Types

SFR/2-4 Family/Condo/

Townhome/PUD

Loan Term

30 Years

IO Period

0-10 Years

Amortization Period

Amortization period = non- IO period

Rate Types

Prepayment Penalty

Hard PPP: 3 Years (3-2-1%) No-prepay

          options available

Maximum Loan to Cost (LTC)

Purchase 80% Refinance: 80% if owned

  <=90 Days : 100% if owned > 90 Days

80%

Maximum Loan to As-is Value (LTV)

Minimum Debt Service Coverage

Ratio (DSCR)

Maximum PDTI (property Debt-to-        Income Ratio

1.25x

Guaranty

Full recourse with personal guaranty

Borrower Experience

LPs/LLCs/Corporations

Minimum Guarantor FICO

(mid-score)

640

Property Management Experience

no 1st time buyers

Cash-out permitted with pricing 

adjustments

Minimum-Maximum Loan Amount

$250,000 - $35,000,000

Single property minimum of $50,000 and maximum of $1,000,000 per unit for portfolios

Warrantable and non-warrantable

condos allowed No co-ops or 

manufactured housing

30-year fully amortizing and

5/7/10-year IO options available

20-30 Years

30-yr Fixed 5/7/10-yr Hybrid ARMS

Purchase: lower of LTC and LTV

Refinance : lower of LTC and LTV if owned <= 90 Days LTV only if owned >90 Days

80%

PDTI = PITIA/Underwritten Rent. PITIA = 

                          Principal,

Interest, Insurance, Taxes & HOA Dues. 

DSCR = 1/PDTI, calculated on a fully

amortized basis

tri-merge credit report required

Minimum 6 month history

Appraisal

Appraisals with Rent Assessment

Form 1007 with rent schedule for

SFR/1025 for 2-4 unit properties.

Lease Requirements

Signed lease with proof of deposit

Vacant properties allowed with evidence of deposit if lease starts wtihin 30 days of loan closing date

ADDRESS

645 Madison Avenue

New York, NY 10022

TELEPHONE

(888) 311-1204

EMAIL