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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. 

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