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All your property investment questions answered.
Do I need to verify my personal income for a Debt Service Coverage Ratio (DSCR) loan?
If your income isn’t yet maxxed out supporting other properties you’ve invested in, it’s probably better to stick with a conventional loan. If you’re using the rental income to support your investment property application (a Debt Service Coverage Ratio loan - DSCR), then the good news for you is you won’t need to dig up a W2 and verify your personal income.. That’s the beauty of DSCR loans. They allow you to grow your portfolio beyond the number of properties your personal income can support
Can I borrow through my LLC?
Yes. You’ll limit your liability and help build the credit profile of your property investment activities, but we’ll leave it there and won’t tell you how to suck eggs.
What's the maximum loan to value ratio (LTV) for an investment property?
The maximum we can lend is 80% of the property’s appraised value, so you’ll need a minimum 20% down payment — or to answer the question precisely, 80/20. Then for closing costs, work on a rough 2% to 3% of the purchase price. If you have those numbers, it’s game on.
What loan terms do you offer for investment properties?
You can do 30 or 15 years. We also have a 40-year loan term with interest-only payments for the first 10 years.
What's the minimum credit score I need for an investment property?
You’ll need to be 660 or better to be in the game.
Do you offer interest-only options for investment properties?
Yep for sure. A 40-year loan term with interest only payments for the first 10 years is available.
Can I use rental property’s income and not my personal income and get a DSCR loan?
DSCR loans allow you to grow your portfolio beyond the number of properties your personal income can support using conventional loans. The rates are slightly higher so if your income isn’t yet maxxed out servicing other properties, it’s probably better to go for a conventional loan. To be eligible you need: A credit score of at least 660. Your total annual rent should cover your principal, interest, insurance, property taxes and HOA fees (if applicable). To have paid either mortgage paym
What size loan can I get for an investment property?
We start small at $100k, then if you fancy yourself as a bit of a tycoon, good for you. We’ll lend you up to $2 million.
Can I be a first time home buyer?
Yes you can. If you don’t have 12 months of track record repaying a home loan, you’ll need to show your most recent 12 months of paying rent where you are. If you’re living at your parents’ place rent-free, then it’ll be tough to get an investment property loan — but maybe that’s the least of your worries!
Do you have zero seasoning on cash out refis?
That’s a hard yes. You can apply for a cash out refi on your property as early as the following day — none of that waiting around for 6 months BS! You can access that cash almost immediately to keep that portfolio growing.
Do you do Fix n Flip loans?
You bet! We offer fix and flip loans for your existing properties and any new ones you would like to purchase. We even have a ground up investment purchase program.
What's the minimum down payment for investment loans?
It’s a ‘how long is a piece of string?’ question, as it depends on the type of loan and the purchase price of your home — but here goes… For an investment property, you'll need a minimum of 20% down. Then for closing costs, work on a rough 2% to 3% of the purchase price. If you have those numbers, then you’re in the game.
What's the minimum loan amount?
Technically, we can go as low as 75k but you’ll have a lot more options if your loan amount is above 150k.
Can I cash out refi on my investment property?
Yep! In fact, it’s become a very popular option with the jump in equity in recent years. We actually offer no seasoning cash out refis! You can read more about them here.
What's the deal with DSCR?
DSCR stands for Debt Service Coverage Ratio. DSCR loans are assessed on the income the property generates, not your personal income. We’ve got an entire page dedicated to it here.
Can I do a cash out refi DSCR loan?
For sure! It’s actually a great way to rehab a property to free up some cash to purchase another home.