We are thrilled to announce the successful funding of a mixed-use property through our investor 2-8 mixed-use and 5-10 unit residential DSCR program. At MorgageDepot, we are dedicated to helping our real estate investor clients achieve more and grow their investment real estate portfolio.
The featured property is a commercial and residential building located in Melville Long Island, NY. It consists of a restaurant, office space, and two residential apartments. The maximum commercial space is 49%, making it an ideal investment opportunity.
Through our DSCR Mixed Use program, we were able to provide a loan with a loan-to-value (LTV) ratio of 75%. The purpose of the loan was for the purchase of the property, with a loan amount of $695,000 and a 30-year fixed term. The loan type is Non-QM, and the documentation required includes market rents/appraisal.
To qualify for this program, investors must have a history of owning and managing commercial or residential real estate for at least one of the last three years. The minimum FICO score required is 660, with a maximum LTV of 75%. The loan amount ranges from $250,000 to $3 million, and the purpose can be for purchase, rate & term, or cash out.
Assets must have a 30-day seasoning, and gift funds are allowed after a 10% borrower contribution. The debt service coverage ratio (DSCR) must be at least 1.00+, and various terms are available, including 40-year, 30-year, and 15-year options, as well as interest-only options.
Investors can vest in the property through an LLC or corporation, providing flexibility and protection for their investment.
Contact our office to learn more bout mixed use DSCR mortgage program.
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