• NO 1040’s!
  • NO Schedule E’s!
  • NO 4506 Forms!
  • NO Impounds Required!
  • NO Income Stated!
  • NO Income Verified!
  • Appraisals start at $420 (average SFR in MMA)

Area of Lending: AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MN, MO, MS, MT, NC, NH, NE, NJ, NM, NV, NY, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, WV, WY (licensed broker required for AZ, ID, KS, MO, MT, NE, NV, OR & UT)
*Lending in Chicago, Baltimore, and Hartford on a CBC basis only!

Occupancy:

  • N/O/O and Investment purposes only.
  • FTHB, Renters, or borrowers that are “buying up” in value, size or property are not allowed on this product.

Property Types:

  • SFR
  • Condo
  • Condotel
  • Townhouse
  • 2 to 4 Units

Property Condition:

  • Property must show “Pride of Ownership”.
  • See Hard Money product for properties with deferred maintenance.

Property Location:

  • All properties must be located in a populous area, preferably in MMA or MA.
  • No Rural or Rural-like areas.

Loan Terms:

  • 5 and 7-year interim fixed variable rate and 30-year fully amortized product
  • Index – 1-year Libor – Margin 5.95 – Caps 2/2/6 – Floor = Start Rate.

Prepayment Protection:

  • Term of prepay protection – 3 years
  • Type of Prepay.
    • Level 1 – 5% of the amount being prepaid.
    • Level 2 – 6 months interest on 80% of the balance.

Income Documentation: All loans are NIV (No Income Verified – No Income Stated)

Down Payment: All Down Payments and Closing Costs must be sourced & seasoned for 60 days

Rate Lock: Rate floats until DOCS are delivered.

Loan Amounts:

  • $100k – $1 Million (All credit grades).
  • $1.001M – $3M (A+ and A credit only)
    *Major metropolitan areas only. Collateral should be located in an area where there is an abundance of recent comparable properties exhibiting both similar characteristics containing little to no adjustments & close proximity.

DSCR: Minimum DSCR .75 Residential

Proof of Property Income is as follows:

  • Residential – Copy of Leases.
  • Rental Survey

Maximum Broker Points: 3%

Leases: All leases must be Arm’s length at market rents and terms.

  • Lending to:
    • Individuals
    • Corporations
    • LLCs & LLPs
    • Family Trusts

Ancillary fees paid through closing:

  • Residential:
    • $1,495 Underwriting fee
    • $555 Doc fee per entity review

Minimum Rate: 5.990%