We require two forms of ID, credit report, insurance, title policy, voided check and the down payment (for purchases), your most recent tax returns, copy of lease (if property is occupied), and last 2 months bank statements. Unlike many of our competitors, we don’t require income verifications. This keeps our process fast, simple and dependable.
Yes, we lend to LLCs, corporations, and limited partnerships. In addition to borrower requirements listed above, entities must provide corporate documentation.
We close in weeks, not months. Once your appraisal is ordered, we typically close within 21 business days. Loans are generally funded within 72 hours of closing.
Your rate is determined by your credit score, Debt Service Coverage Ratio (DSCR) and Loan-to-Value (LTV). For credit score, we use a tri-score merged report that we pull when you apply for a loan, taking the middle of the three scores. To identify the right loan for you and receive personalized rate information, call (321) 355-6221 to speak to one of our Loan Consultant. You can also try out our online loan selector, which will estimate your rate and monthly payment while helping you choose the best loan product for your needs.
Yes, on our fix and flip/bridge program we can go up to 70% ARV.
We DO NOT, on the other hand, lend on our Rental program, our loans are structured around the rental value and “as-is” condition of the property. We lend to landlords with rent ready properties with no deferred maintenance.
Unlike most lenders that require you to own your property for 6 months before offering refinance options (seasoning), we offer cash-out refi loans with only 30-day seasoning. Many of our customers use our cash-out refi loans to pull cash out of one property to fund the improvements of another property.
For most of our loans, the minimum is $100K, with the exception of our Commerical Real estate loan which requires a $200K minimum loan amount.
We lend in 35 states, including: AL, AR, CA, CO, CT, FL, GA, IA, IL, IN, KY, LA, MD, ME, MI, MO, MS, MT, NC, NH, NJ, NM, NY, OH, OK, PA, SC, TN, TX, UT, VA, WA, WI, WV & WY.
For our SFR Rental programs We do not lend in Cook County & Chicago, IL, Detroit & Flint, MI, Cuyahoga County, Cleveland & Dayton, OH or Milwaukee County, WI.
We lend on Residential, 1-4 units, Multifamily 5+, All Commercial real estate, Construction of SFR, case by case on Vacant lot, and Business without collateral with monthly gross revenue of $10K with 1+ years operating.
No, we only make loans to investors purchasing or refinancing rental properties. Under no circumstances do we lend to owner-occupiers. We also do not lend on second homes or to investors if the intended use of the property or proceeds is primarily for personal, family or household purposes.
For commercial properties, it is OK if they occupy the property as primary for business purpose.
There’s no minimum credit score for some of our program, but it would be best to have at least a 650 score, no open foreclosure and no current open bankruptcy. Maximum loan limits apply to applicants with lower scores or no scores.
We allow borrowers to use up to 30% of proceeds on a cash-out refinance to pay off property taxes and judgments. Mortgages can be paid with up to 100% of proceeds.
Yes, we can lend on to Foreign without SS# or EIN on a case by case basis. Please contact one of our Loan Consultant for further information.
Yes! Our we do Portfolio loans for both residential and commercial properties allows you to close on 5+ properties at once.
Yes, We do allow seller second or other second liens behind our mortgages, up to 5%, but it is upon Underwriting discretion. We will have to evaluate the deal before we can accept it.
Yes, we require a personal guarantee to be signed on all loans we originate.