Long Term Rental Loan
30 Year Loans for Residential and Vacation Rental Properties
Program #LG60
30 Year Loans for Residential and Vacation Rental Properties
Program #LG60
Summary of all Guidelines | |
| Loan Types | DSCR Loan |
| Property Types | 2-4 Units, Multi Family, SFR |
| Lendding Area | NATIONWIDE |
| Loan amount Minimum | $100,000 |
| Loan amount Maximum | $3,000,000 |
| Interest Rate Minimum | 6.75% |
| Points Maximum 1st TD | 3 |
| Terms | 30 year |
| Credit Score Min | 680 |
| Interest Only or Amortized | Amortized and Interest Only Options available |
| Entities | LLC - Limited Liability Corporation, LP - Limited Partnership, Corp - Corporation, Individual |
| Lien Position | 1st |
| Max Points Charge by Broker | 5 |
| Prepayment Penalty | 5,4,3,2,1, 5,5,5,5,5, 3,2,1, 1 year |
| Intended Occupancy | Vacant, Tenant |
| Reserve Requirement | 6 months |
| General Pricing or Guideline info | * Min loan $100,000 amount & min value of $150,000 * We take 3rd party appraisals with no transfer letter- reach out for more information, we review dozens of competitor's appraisals per month! * Rates on LTRs just dropped 94.5 bps since December! * Par pricing is back for our brokers - 45 day locks at appraisal payment! * 80 LTV on long-term rental purchase and RT refi- 75% cash-out * 1.00 gross DSCR on all loans - DSCR under 1 available. Interest-Only available. * Rural locations usually OK-no hit to LTV - exceptions apply * We love big loans- no hit to rate from 200k-1.5MM * YSP up to 2% is available * No NMLS required except CA and AZ |
| Updated as of | 2024-08-07 |
* Min loan $100,000 amount & min value of $150,000
* We take 3rd party appraisals with no transfer letter- reach out for more information, we review dozens of competitor's appraisals per month!
* Rates on LTRs just dropped 94.5 bps since December!
* Par pricing is back for our brokers - 45 day locks at appraisal payment!
* 80 LTV on long-term rental purchase and RT refi- 75% cash-out
* 1.00 gross DSCR on all loans - DSCR under 1 available. Interest-Only available.
* Rural locations usually OK-no hit to LTV - exceptions apply
* We love big loans- no hit to rate from 200k-1.5MM
* YSP up to 2% is available
* No NMLS required except CA and AZ
- John Sperling
