Term

30-Year term, Fixed Rate Mortgage (Fully Amortizing) 5/6, 7/6, 10/6 Hybrid ARMs (Partial IO or Fully Amortizing)

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)

Recourse

Non Recourse with 'bad-boy' carveouts and 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

660 (for portfolios at or under $2MM and 10 properties)

All other portfolios: 680

Borrower Type

Entity required

Interest Rate

Call for quote

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)

For portfolios with ≤ $2MM AND ≤ 10 properties: 1.10x (Gross Rent/PITIA)

For all other portfolios: 1.20x (Net Cash Flow/Debt Service)

Vacancy Minimum

Min. 90% occupancy rate by unit count

Rural Properties

Not permitted

Foreign Nationals

Eligible at maximum 65% LTV

Minimum Loan Amount

$250K - $50MM

Property Restrictions

No vacation or seasonal rentals

Maximum Loan-To-Value (Ltv)

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

Seasoning Requirement (To Use Value Vs. Cost Basis)

180 days