We are delighted to announce another innovative program to help homeowners with mortgage financing. The Cashflow program is designed for those that generate income from their investment property.
Business Purpose Loans: For the purchase of a rental property or refinance a rental property with proceeds for bonafide business use.
- Declaration of intent to Proceed: Applicants must submit the fully completed Declaration at the time a completed Application is received
- Source of income for repayment:
Limited to subject property’s income at:
-75% for 1-4 Family homes; or
-90% for condos and co-ops
Such income is to cover loan’s PITI expenses (+ HOA or Maintenance) in full. Subject’s rental income to be determined via: Existing leases; RE broker’s estimate of rent and existence of a listing to sublet.
Title to property: Must be in the name of corporation, LLC or partnership
- Borrower: Entity in Title
- Guarantor(s): Must be a natural person who will be an officer or member of the Borrower (Entity in Title).
- Maximum LTV: Call us for max Loan To Value allowed. For purchase – 65% and for Refinance 60% with credit score of 700. Lower LTV with lower credit scores etc. Floor: 45%.
- Pricing: Contact us for pricing
- Credit (Guarantor’s credit):
-Not more than 2×30 mortgage lates in prior 12 months unless mitigating circumstances or compensating factors exist.
-Minimum credit score is 620.
-Authorized officer and the Guarantor must attend the closing.
-Closing Declaration For Rental Property Loan must be signed by both.
-Borrower’s attorney must attend the closing and execute the appropriate portion of the Closing Declaration.
*This product is not regulated by the New York State Department of Financial Services