Short Term Bridge Basic Parameters
Non-owner Occupied Properties
• 1 and 2 Year Options
• Up to 75-80% LTV (LTV varies by state and qualifications)
• Interest Starting At 7.99%
• 5-10 Business Days to Close
• No Minimum FICO Requiremen
• $100,000-$10,000,000 Loan Amount Per Property
• We Lend to Individuals and Entities
• No DSCR Requirement
• No Income Verified (No Pay Stubs, Tax Returns, W-2s)
• Foreign Nationals Welcome
• Cash Out, Purchase and Rate & Term
• Blanket Loans/Crosses allowed• Property Types:
• SFRs, Condos, 2-100 Unit Multifamily Properties
• 1 Year no prepay
• AZ, CA, WA, FL, OR, TX, CO, HI, NV, TN, UT, NC, VA, SC, GALong Term Rental Program Basic Parameters
• Non-owner Occupied Properties
• 5, 7 & 10 year option interest only periods over 30 years
• Up to 75-80% LTV (LTV varies by state and qualifications)
• Starting Rate at 6.625%
• 2-3 Weeks to Close
• Minimum FICO of 600
• $75,000-$2,000,000 Loan Amount Per Property
• We Lend to Individuals and Entities
• 1 to 1.1 DSCR Requirement
• No Income Verified (No Pay Stubs, Tax Returns, W-2s)
• Foreign Nationals Welcome with Min 600 Score
• Cash Out, Purchase and Rate & Term
• Blanket Loans/Crosses allowed
• Property Types:
• SFRs & 2-4 Unit Properties only
• Prepay depends on term
• Currently Available in California & Utah Only
Product Highlights:
1) No prepayment penalties on 1 year terms.
2) No impounds/escrows on any bridge products.
3) No experience required.
4) Ask about pricing on short term loans.5 We allow 2nds, seller carries, JVs, and closing credits.
NEW LOAN PRODUCTS
Long Term Rental Product
This is meant for longer term holds. Same sub products available as the bridge product; purchase, cash out, foreignnational, cross and rate/term. The difference is the term and qualifications. We offer 5, 7 and 10 year interest only periods on a 30 year term. Properties can be vacant, if so we will use market rents and require a 1.0-1.1 DSCR (Debt Service Coverage Ratio).
BRIDGE PRODUCTS – Meant for short term financing 1 or 2 years max.
Standard Purchase
Already under contract? Let me assist with the hard money financing to secure your property. Even if your lender cancels last minute, I can still help you get your transaction closed on time.
Blanket/Cross Collateral
We offer blankets for clients who would like to put more than 1 property on a loan. The minimum loan amount per asset is $75k. This can be done on a purchase or a refinance transaction.
Cash Out Refinance
Do you already own an investment property and would like to tap into its equity to pull cash out? This loan is great to get cash on hand to purchase additional investment properties or to get cash and invest in your other businesses.
Rate/Term Refinance
Do you have a balloon payment due or are paying too high of an interest rate? Let me refinance you out with our private money loan before your maturity date approaches.
Purchase and Rehab
Looking to Fix and Flip? Whether you’re new to business or have lots of experience, this product will assist you with the purchase and rehab of an property that you plan to renovate and resell. Our 1 year term has no prepay!
Foreign National Program
This stated income product is great for Foreign Nationals and Investors to acquire or cash out on investment properties. There are no country restrictions.
30 Year Stated Income Buy & Hold program.Lock in historically low rates with no balloon payment on your buy and hold investment.You can achieve your long-term real estate investment goals with the new FlexPerm program. Now available with a 30-year fixed rate option for residential investment and small commercial properties, our FlexPerm loan eliminates the balloon payment associated with private money loans, along with the potential rate hikes of adjustable rate mortgages.Because it’s based on the property’s value and revenue-generating potential, our new asset-based FlexPerm program is perfect for independent, buy-and-hold real estate investors and small business owners who are tough to qualify.
Multi-Unit Financing (5 plus Units)
We can lend on 5-500 unit properties. Our team will be taking a look at the property and income using proforma values. They will be underwriting to a conventional take out in which they will use a DSCR around 1.2-1.3 on the proforma. The value per door will have to meet a minimum of $45k/door. The minimum loan amount is $500k.
JUMBO LOANS
Loans to $3,500,000.00 Non-Warrantable Condos, Co-ops, and Condotels allowed Acreage, Hobby Farms, and unique properties allowed Investment properties allowed Foreign Nationals allowed Homes listed for sale allowed Cash out may be used as asset depletion income Pre-approvals provided Rush closings offered.
Bank Statement Program We can loan based on income shown on bank statements and do not use tax returns or paystubs to qualify the borrower. Either 12 or 24 months of bank statements will be used. The rate is slightly better using 24 months, but either are acceptable. Credit score depends on down payment, which can be as low as 10% down.
SMI Capital Funding, LLC 