After Repair Value Loan Criteria
- Collateral: Non-Owner Occupied 1-4 Family Real Estate; Condos; Townhomes: 5+ Unit Apartments; Mixed-Use Properties
- Loan Amount:
- $50k – $2M (above $3M check with RCN) for 1-4 Family, Condos, & Townhomes
- $250k – $3M for Multi-Family (5+)/Mixed-Use
- Term: 12 months (6-Month Extension Available)
- LTV:
- Purchase (assumes experienced, but first timers welcome):
- Stabilized: Up to 80% of Purchase Price
- Light Rehab: Up to 90% of Purchase Price + 100% of Renovation Costs; Not to Exceed 70% of the ARV, loan capped at 95% total loan to cost (purchase + rehab)
- Moderate Rehab: Up to 90% of Purchase Price + 100% of Renovation Costs; Not to Exceed 70% of the ARV
- Heavy Rehab: Up to 75% of Purchase Price + 100% of Renovation Costs; Not to Exceed 60% of the ARV
- Refinance: Up to 70% As-Is + 100% of Renovation Costs; Not to Exceed 60% of the ARV
- Cash-Out: Up to 60% As-Is + 100% of Renovation Costs; Not to Exceed 55% of the ARV
- LTV:
- Rates: Starting at 10.24%
- Credit Score: 620 minimum, Scores below 660 will require 6 months reserves
Long-Term Rental Loan Criteria
- Collateral: Non-owner Occupied 1-4 Family Residential Properties; Condos; Townhomes; Portfolios, and short term rentals
- Term: 30 Years
- Amortization Options: 30-Year Fixed; Interest only, and ARMs
- Loan Amount: $55-$1.5M
- LTV for 1-4 unit properties:
- Purchase: Up to 80% of purchase price (700+ score)
- Refinance: Up to 80% of the As Is Value (700+ score)
- Cash-Out: Up to 75% of the As Is Value (700+ score)
- Rate: As low as 6.2483% for 1-4 family properties with buydown
- Credit Score: 680 minimum
- Prepayment Penalty: 0-5 years, shorter prepay periods will have higher rates
- Minimum DSCR of 1.10, if credit less than 720, minimum DSCR of 1.15
Long term Rental for Multi-family properties
- Collateral: 5-9 unit buildings
- Term: 30 years
- Amortization Options: Hybrid ARM 5/1, 7/1, or 10/1; 30-Year Fixed; 5, 7, or 10 year Interest-Only
- Loan Amount: $250,000-$2M
- LTV:
- Purchase: Up to 70% of purchase price (700+ score with experience)
- Refinance: Up to 70% of the As Is Value (700+ score with experience)
- Cash-Out: Up to 65% of the As Is Value (700+ score with experience)
- Rate: As low as 6.5317% with buydown
- Credit score: 680 Minimum
- Prepayment Penalty: 3-5 years, shorter prepay periods will have higher rates
- Minimum DSCR: 1.20
Ground Up Construction
- Collateral: Non-Owner Occupied 1-4 Family Real Estate; Condos; Townhomes; Apartment buildings.
- $100K-$2M loan sizes
- Term – 12, 18, or 24 months
- Initial advance up to 75% of as is value
- Max loan amount up to 75% of the ARV or 90% LTC
- Minimum property value $150K (based on ARV)
- Minimum Credit score 650, US Citizens only
- Rates as low as 10.99%