Rental Portfolio

Amortization and Rate Options

Fixed and Adjustable rate options in addition to partial interest only and fully amortizing options

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

Recourse

Full Recourse with Pledge of Equity of Borrowing Entity

Loan Purpose

Blanket loan for purchase, rate-term refinance, or cash-out of a portfolio of rental properties

Minimum FICO

680

Borrower Type

Entity required

Property Type

Non-Owner Occupied:

Single family residences (SFR)

2-4 unit properties

Warrantable condos

Townhomes

PUD

Minimum Debt Service Coverage Ratio (net cash flow/debt service)

1.05x

Vacancy Minimum

Min. 90% occupancy rate by unit count

Rural Properties

Not permitted

Foreign Nationals

Eligible at maximum 65% LTV

Loan Amount

Minimum Property Value: $72K

Maximum Loan Amount: $2MM

Property Restrictions

No vacation or seasonal rentals

Maximum Loan-To-Value (LTV)

Up to 80% on purchase and rate/term refi. Up to 75% on cash-out

Seasoning Requirement (to use value vs. cost basis)

90 days

Minimum FICO

680