Property Types

5-8 Unit Residential Properties

Loan Amount

$250,000 - $3,000,000

Loan Types

30-Year Fixed Rate Mortgage, OR

5/6, 7/6, 10/6 Hybrid ARMs (Partial IO or Fully Amortizing)

Maximum Loan To Cost

If owned < 3 months, 70% of Total Cost Basis

If owned between 3-6 months, additional 5% haircut on Max Eligible LTV

Maximum Loan To As-is Value (subject To Minimum Fico)

Purchase/Rate-Term Refinance: 70%

Cashout Refinance: 70%

Minimum Debt Service Coverage Ratio (net Cash Flow/debt Service)

1.20x - 1.40x, based on subject market classification (Top, Standard, Small, Very Small)

Term Length

30 Years

Recourse

Full Recourse or Non Recourse with bad-boy carveouts and Pledge of Equity

Minimum Guarantor Fico

Mid-Score of 680

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)