Multifamily Light Cosmetic Rehab Loans
Finance purchase or refinance and rehab
5+ units class A, B and C multifamily rental properties
Loan amounts: $500,000 to $20 Million per property
Nationwide
7.5%+ interest only on drawn funds
Origination varies
Non-recourse (for 25 bps to 50 bps)
680+ middle FICO credit score
Finance 85% LTC (purchase price or loan payoff, hard and soft costs) up to 75% ARV
Cash-out options available
24 month term with two 1 year extensions
Cosmetic rehab experience required or must hire experienced general contractor
No prepayment penalties (6-12 months minimum interest)
Required occupancy: 70%+ last 12 trailing months
DSCR not applicable; take-out DSCR 1.20X+ with agency debt assumption of 2 year proforma NOI and local property type cap rate
Liquidity required: 9 months payments + 20% of rehab budget
Combined net worth for all sponsors: up to $5 Million
Bankruptcy: none past 7 years
Foreclosure, short sales and deed in lieu: none in last 4 years
Foreign nationals eligible at lower leverage
Subordinate debt not permitted
Fast underwriting and loan closings
To submit your online loan request, please click the blue GET STARTED LINK for your PRE APPROVAL Term Sheet within 48 business hours. No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks required for PRE-APPROVAL.
