Multifamily & Mixed-Use Cosmetic Rehab Loans
Purchase or Refinace with Rehab
$500,000 to $20 Million Nationwide
4.75%+ interest only on funds drawn
Origination varies Non-recourse (for 25 bps to 50 bps)
680+ middle FICO credit score
No tax returns, income verification or upfront fees
Finance 85% LTC (purchase price, loan payoff, hard and soft costs) up to 75% ARV
24 month term with two 1 year extensions
5+ units class A, B and C rental properties
No prepayment penalties
DSCR: in place 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
Net worth: equal or greater than loan amount 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 for USA projects
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 credit cards, Social Security Numbers or credit checks are required for PRE-APPROVAL. LO
