Credit Score: 650+
Operating History: 2 Years
Prior Transactions: N/A
Bankruptcy or Foreclosure/Short Sale: 0x48
FIXED RATE RENTAL LOANS
Borrower: IRA, Individual or Entity No first-time investors
Guarantor: Full Recourse — Individual Non-Recourse — IRA (minimum FICO of 620)
Loan Amount Min: $100k Max: 15m+
Loan To Value: Up to 60% I/O or 75% Amortized
Collateral: SFRs (1-4 units) Townhomes Condos
Interest Rate: 5.85% - %7.25
Term: 30-year term
Amortization: 30-year amortization 5/1 or 7/1 Hybrid ARM (caps – 3%/1%/5%)
DSCR: Min 1.15
Foreign National: Allowed (up to 70% LTV) with additional docs
Costs to Borrower: Origination fee, doc fee, and valuations
Product Criteria: Business Purpose Loans • Borrower Experience Required • No Bankruptcy or Foreclosure / Short Sell within the last 4 years • No rural properties
Fixed Rate Rental Loans
Are you looking to renovate or remodel your residential or commercial property to improve its rental prospects? At First Funding Loans, we specialize in offering tailormade fixed rate rental loans.
Rental property can be a great investment, if done right. This is why we also offer support through your property improvement project.
How We Work with You for Hard Money Rental Loans
We offer 30-year fixed rental loans to IRA, individuals and entities, with a minimum loan amount of $100,000. We accept townhomes and condos as collaterals, at 5.85% to 7.25% interest rates.
In case you are a foreign national, we welcome you too, with just a few additional documents and no extra charge.
All you need to do is make a few basic payments to get started. These include the origination fee, valuation and doc fees. Our lending criteria are also quite basic to help you get through the process quickly and smoothly. The loans are available for business purposes for people with previous borrowing experience.
With our seamless hard money rental loans process, rest assured that there would be zero hurdles to getting financing. You can expect fast approval, flexible payment options and minimum credit requirements from us. We do not put strict qualification rules for our fixed rate rental loans. Simply provide a prepayment amount of 1%-3%, depending on the type of amortization.
We are happy to answer any questions and offer support. Contact us today to know more.