Investor loan questions, answered.

A business-purpose investment property mortgage that qualifies you based on the property's rental cash flow (Rent ÷ PITIA) instead of your personal income. No tax returns required.

Most programs need DSCR ≥ 1.00; best pricing at 1.20–1.25+. Some lenders (us included) offer No-Ratio DSCR down to 0.75 with a larger down payment and rate premium.

DSCR = Gross Monthly Rent ÷ PITIA. PITIA is Principal + Interest + Taxes + Insurance + HOA. If rent is $2,650 and PITIA is $2,198, your DSCR is 1.21.

No. DSCR loans are business-purpose loans; personal income docs are not required. This is exactly why full-time and self-employed investors use them.

660 is the floor on most programs; 720+ gets best pricing. Story-based approvals are possible down to 620 with 30%+ down.

20% down on purchase (up to 80% LTV) on strong DSCR + credit files; most files land at 20–25% down. 85% LTV is an exception reserved for 740+ FICO borrowers on an SFR with a 30-year fixed and a 3-year prepay. Cash-out refinance caps at 70–75% LTV.

Yes — LLC, LP, S-Corp, C-Corp, and Series LLC are all standard vesting options with no rate premium. A personal guaranty is typically required.

Yes on many programs. We use 12 months of PMS actuals when available, otherwise AirDNA or Rabbu projections with a 20–25% vacancy discount.

On most DSCR programs, no. Personal debts are not counted against you. A light reasonableness check applies on a few programs but no formal DTI is calculated.

21–30 calendar days is standard. Clean files with cooperative appraisers close in 15 business days.

Standard is a 3–5 year step-down (5% year 1, 4% year 2, etc.). Shorter or zero-prepay options are available at a rate premium.

No. DSCR loans are non-conforming and don't report the same way, so you can scale to 20, 50, or 100+ doors without hitting the conforming cap.

Yes — typically to 75% LTV on 1–4 unit and 70% on 5–10 unit. Great for BRRRR investors pulling capital out after stabilization.

Typically 1.00%–2.00% above a comparable owner-occupied conforming loan, depending on FICO, LTV, DSCR, and prepayment structure.

Yes. See our Foreign National program — 25%+ down (up to 75% LTV on purchase; 70% on cash-out), passport ID, no US credit required.

No. We do not require an SSN or ITIN. Passport identification is sufficient.

No. Two international credit references — bank, credit card issuer, or landlord — satisfy the credit requirement. If unavailable, 12 months of clean bank statements are accepted.

25–35% on purchase (65–75% LTV). Cash-out refinances cap at 70% LTV, and 65% on 2–4 units, condos, condotels, and rural properties.

No — most closings happen remotely at a US embassy or consulate notary, or with apostilled documents. Note that a Power of Attorney is not permitted on this program, so the guarantor must sign personally.

No US tax returns are required. A W-8BEN is executed at closing for tax-withholding purposes.

Most FATF-compliant countries. Borrowers residing in or funding from OFAC-sanctioned jurisdictions — currently Cuba, Iran, North Korea, Syria, and the sanctioned regions of Ukraine (Crimea, Donetsk, Luhansk, Kherson, and Zaporizhzhia) — are not eligible. Sectoral sanctions (e.g. Russia, Belarus, Venezuela, Myanmar) require enhanced review and are considered case-by-case.

Yes — and we require it on most programs. We can refer formation partners if you don't have one yet.

Yes. Foreign bank statements are accepted if the source of funds is documented (salary, business distribution, asset sale, inheritance).

Any US visa type — B, E, F, H, L, O, TN — qualifies if held. A US visa is not required for borrowers residing outside the US who qualify on passport ID plus reserves.

21–30 business days from complete application, including OFAC and source-of-funds review.

Yes — on the same STR-eligible programs available to domestic DSCR borrowers.

Yes, typically a 3–5 year step-down on the most competitive rates. No-prepay options are available at a rate premium.

Typically 1.00%–1.75% above domestic DSCR pricing. Rates move daily — see the live 30-year benchmark on this page and submit a complete application for an initial scenario review; formal pricing follows underwriting.

Owner-GC is allowed on qualifying single-family builds if you have a documented construction background. Larger builds and all 2–4 unit projects require a licensed third-party GC.

21–30 days once the appraisal and permits are in hand. Land-only closings can happen sooner if the construction docs are still in progress.

680 minimum; 720+ gets best pricing and highest LTC.

Every draw requires a 3rd-party inspection and a signed lien waiver from your GC and all major subs. Funds wire within 24 hours of inspector sign-off.

A 6-month extension is available on most programs subject to progress, reserves, and a modest extension fee.

Overruns come out of your reserves first. If they exceed reserves, you either bring additional cash or (case-by-case) request a budget increase — which requires a new appraisal.

Yes — land is refinanced into the construction loan at closing, and equity above the land payoff counts toward your down payment.

Interest is charged only on the drawn balance, not the committed loan amount. Payments increase as more of the budget is drawn.

At certificate of occupancy, we refinance you into a 30-year DSCR permanent loan using the same file and appraisal — typically 10 business days to close.

No prepayment penalty on the construction loan itself. The DSCR takeout may have a step-down prepay depending on the program you select.

1–4 unit residential — single-family, duplex, triplex, quadplex. Condo builds are case-by-case. 5+ unit is commercial construction.

Yes, at lower LTC (typically 75%) and with a strong licensed GC on the file.

None for a cosmetic, non-structural rehab: first-time investors qualify with 720+ credit at lower leverage (typically 80% of cost, 100% of rehab, 65% ARV — 70% with one completed exit) and a budget under $250,000. Structural or gut rehabs require at least 2 completed projects in the last 3 years. Six or more completed projects unlock maximum leverage.

10 business days on a clean file with clear title and a completed appraisal or BPO. Proof-of-funds letters issued same day once your file and asset docs are in letters for auction bidding.

No. Sell or refinance any time inside the 12-month term with no exit fee.

Yes — up to 100% of the rehab budget, released in inspector-verified draws every 2 weeks.

Yes on smaller SFR projects if you have documented construction experience. Larger projects and all 2–4 unit builds require a licensed third-party GC.

Finish the rehab, place a tenant, then refinance into a 30-year DSCR loan. Same lender means same file — takeout typically closes in 10 business days.

Total loan is capped at 75% of the after-repair value (65–70% for first-time investors). On a thin-margin deal it's the binding constraint — even if the cost and rehab math allow more.

Third-party inspection with photos, plus a lien waiver from the GC. Funds wire within 24 hours of sign-off.

660 minimum on most tiers; 700 is required for the highest-leverage cosmetic programs and 720 for first-time investors.

Typically 1.5–2.5 points depending on experience, leverage, and total loan size.

Overruns come from your reserves first; then optionally a supplemental draw request that requires a new inspection and possibly a new appraisal.

Yes — we issue same-day PoF letters and can close in 10 days once title is clear. Auctions with 21-day timelines are standard for us.

No — first-time STR operators are welcome. A track record improves pricing but isn't required.

T-12 PMS actuals when the property is an operating STR; otherwise AirDNA or Rabbu projections discounted 20–25% for vacancy.

We check the specific ordinance for the address. In restrictive markets we can often still lend based on a long-term-rent fallback DSCR.

Some jurisdictions require an STR permit for the property to legally operate. We verify requirements pre-close and can lend either with the permit or with a long-term-rent fallback DSCR.

Furnishings can be factored into the value on eligible programs — discuss with your loan officer up front.

680 minimum; 720+ for best pricing.

1.00 minimum; 1.10+ prices best. STR income is vacancy-adjusted, so a 1.10 DSCR on STR math is roughly comparable to a 1.20 on long-term-rent math.

Only if the HOA prohibits STR. We review the HOA docs during underwriting; if STR is prohibited we lend on long-term-rent DSCR or the deal doesn't fit.

Yes — this is a common path. Once the property has 3–6 months of PMS data and the ordinance/permit are clean, we refinance into a 30-year DSCR STR loan.

Yes — LLC vesting is standard and recommended for STR liability reasons.

80% LTV on purchase, 75% on cash-out refinance, subject to DSCR and credit tier.

Typically 7%–9.25% depending on FICO, LTV, and DSCR — usually 0.25–0.50% above long-term-rent DSCR.

Depends on the program. The landlord collects 100% of the contract rent, but only the HAP portion (~70%) is government-guaranteed — the tenant's ~30% share is direct-pay and not backed. Conservative programs price DSCR on the HAP-only figure; more aggressive programs count the full contract rent. We run both and quote whichever your file supports.

The tenant portion is included on the aggressive (full-contract-rent) basis but excluded on the conservative (HAP-only) basis. Tenant-share collection risk is real — plan reserves around it.

That's fine — we lend on standard DSCR based on market rent, and you can enroll after closing. HQS inspection triggers when the PHA processes a new tenant.

No — the HAP contract stays with the property and continues to pay directly through the change of ownership.

660 minimum; 720+ for best pricing.

Often, yes. The PHA uses HUD Fair Market Rent (FMR) times a payment standard (typically 90–110% of FMR). In many markets this exceeds street rent.

Housing Quality Standards — a HUD-mandated inspection covering safety, sanitation, and structural items. Required before a new HAP contract is issued.

Annually for occupied units. Failing an inspection puts the HAP payment on hold until repairs are made.

Yes — mixed occupancy is standard and DSCR is calculated per unit using the actual income source for each.

By the local PHA using HUD's Fair Market Rent tables, adjusted by the PHA's payment standard multiplier (typically 90–110% of FMR).

Yes — LLC vesting is standard. Ownership transfer paperwork gets filed with the PHA so payments switch to the new entity.

Typically 7%–9% depending on FICO, LTV, and DSCR — comparable to standard DSCR pricing.

A bridge is short-term (12–24 months), interest-only, and doesn't require the property to already cash-flow. DSCR is long-term (30-yr) and requires in-place rent to cover PITIA.

No — pay off any time inside the term with no exit fee.

No. Bridge loans are underwritten to the asset and business plan, not to in-place cash flow.

680 minimum; 720+ gets best pricing and highest leverage.

Yes — our bridge-to-DSCR pathway keeps the same file and reuses the appraisal where possible.

10–14 business days on a clean file. Same-day scenario feedback once we have your completed application and supporting documents.

Yes — bridge loans are one of the most common ways to hit the 180-day 1031 replacement deadline when conventional financing won't close in time.

Up to 80% on purchase and rate-and-term refinance; 75% on cash-out.

Yes — cash-out bridge is a standard scenario. Refinance both properties into long-term DSCR debt afterward.

A 6-month extension is available on most programs. If you need materially more time, plan to refinance mid-bridge into a DSCR or new bridge.

Typically 8%–11% depending on LTV, asset type, and exit certainty.

Yes — bridge is business-purpose only. Owner-occupied loans require consumer disclosures and are not eligible.

Blanket programs run from 2 to 10 properties, with a $400,000 aggregate loan minimum and a $5,000,000 maximum. Five or more doors is where the savings in closing costs and paperwork are most obvious; larger portfolios are quoted case-by-case.

Yes — cross-state portfolios are our specialty. We lend from one file across Florida and Colorado and as LLC business-purpose loans in additional states where permitted.

Yes — release provisions let you sell individual properties by paying down a defined portion of the loan, typically 110–125% of that property's allocated loan amount.

Portfolio-weighted DSCR of 1.10 minimum; 1.25+ prices best. Underperforming properties can be offset by stronger ones inside the pool.

Yes — cross-collateralized cash-out unlocks aggregate equity across every property in the pool at one closing.

No — properties can be in different SPEs. All entities and guarantors sign onto the blanket loan.

That's fine as long as portfolio-weighted DSCR stays above the minimum. Portfolio math is why blanket loans work — real portfolios have variance.

Bulk appraisal engagement — one AMC coordinates every property, typically 15–25 days depending on count and geographic spread.

Because every property secures every dollar, a default on one property can trigger the entire loan. This is why underwriting focuses on portfolio-level cash flow and reserves.

5-, 7-, and 10-year fixed with 30-year amortization; 10-year interest-only on select programs.

Typically a 3–5 year step-down on shorter fixed terms; defeasance or yield maintenance on 7- and 10-year fixed. Plan the exit up front.

Typically 0.25%–0.50% below equivalent per-door DSCR pricing, reflecting pool-level risk diversification.

Residential DSCR programs are capped at 1–4 units because that is where residential appraisal and secondary-market guidelines end. At five units and above the asset is commercial and must be underwritten to NOI, a market cap rate, and a commercial appraisal.

We take effective gross income from the rent roll, subtract underwritten operating expenses including management and replacement reserves to get NOI, divide NOI by the market cap rate to derive value, then take the lesser of 75% of that value and the loan that holds DSCR at 1.20x or better.

1.20x minimum on purchase and rate-and-term, 1.25x on cash-out. Stronger DSCR improves both pricing and proceeds.

No. These are business-purpose commercial loans underwritten to the property. We do request a personal financial statement to verify net worth and liquidity.

Yes — entity vesting is required, not optional. Above roughly $2M we typically require a single-purpose entity that owns only the subject property.

Permanent multifamily debt requires roughly 85% occupancy. Below that we would place a bridge or private-money loan for the lease-up period and refinance into permanent debt once the building stabilizes.

Plan on 45–60 days. The commercial appraisal and property condition report alone typically take three to four weeks.

Usually yes — a 5-4-3-2-1 step-down is standard on our small-balance programs, and some fixed terms use yield maintenance instead. We will show you the prepay structure on the term sheet.

Yes, where the commercial component is under roughly 25–30% of both square footage and income. Heavier commercial mixes are reviewed case-by-case.

Small-balance multifamily generally prices between 6.75% and 8.50% depending on leverage, DSCR, market, and the length of the fixed period. Pricing is illustrative and not a quote.

Standard programs are full recourse with a personal guaranty from the sponsors. Partial-recourse and non-recourse-with-carveouts structures are available on lower-leverage, strongly covered deals.

Yes — entity-vested, business-purpose multifamily is available across our 37-state and DC service area, with Florida and Colorado also licensed for consumer-purpose lending.

$250,000. Below that a portfolio or single-asset DSCR structure is usually more economical because commercial third-party report costs do not scale down.

Permanent multifamily debt funds a stabilized asset. For a heavy renovation, use a bridge or private-money loan for acquisition plus renovation, then refinance into permanent multifamily financing at stabilization.

A bridge loan is a specific short-term structure on a property you intend to stabilize and refinance. Hard money is the broader category and also covers land, heavily distressed assets, partner buyouts, note payoffs, and cash-out where there is no defined stabilization event.

5–14 days from signed terms on a clean file. Valuation comes back in 48–72 hours via BPO; title clearance and the insurance binder are usually what set the timeline.

620 is our preference, but private money is equity-first. A weaker score is workable at lower leverage. Active bankruptcy, open judgments, and unresolved tax liens need review before we issue terms.

Plan on 20–25% of the purchase price plus closing costs and interest reserves. If you own another property with real equity, cross-collateralizing it can reduce or eliminate the cash requirement.

Roughly 9.5%–13% interest-only plus 1.5–3 points of origination, depending on leverage, exit certainty, experience, and asset type. These figures are illustrative and not a quote.

Yes, on entitled or near-entitled land at roughly 50–55% LTV with a clear entitlement, build, or resale plan. Raw unentitled acreage is reviewed case-by-case.

Yes. Send us the parcel and the auction date early — we can usually be in a position to fund inside the deposit and settlement windows most counties impose.

No exit-based penalty, but most programs carry a 3–6 month minimum interest provision. If you expect to pay off in 60 days, tell us up front and we will price the term accordingly.

Yes — that is the standard path. We roll private money into a 30-year DSCR loan, a portfolio blanket loan, or permanent multifamily debt, reusing the file and often the valuation.

Yes. Renovation dollars are held in escrow and released on inspection-verified draws. If the project is a buy-renovate-resell, our fix and flip program is usually the cheaper fit.

No. Every loan we place is business-purpose and vested in an entity. Loans secured by a home you or a family member occupies are consumer-purpose and outside this program.

A broker price opinion is often sufficient and is faster. We order a full appraisal on larger loans, unusual assets, and where after-repair value drives the sizing.

Contact us early. Extensions of 3–6 months are commonly available for a fee, and in many cases refinancing into a DSCR or portfolio loan is both faster and cheaper than extending.

Entity-vested, business-purpose private money is available across our 37-state and DC service area. Florida and Colorado are also licensed for consumer-purpose lending.