Bank Statement
Small business owners and self-employed individuals have the ability to obtain permanent financing on their rental properties by underwriting their income, instead of rental property cash flow. We do this by analyzing bank statements and do not require tax returns.
Lending Criteria
LOAN AMOUNT | $75,000 to $1.5 million. Loan amounts outside of this range considered. |
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LOAN TERM | 30-year term; fully amortizing entire term, or I/O for 10 years with rate fixed for 5 years then adjustable every 6 months |
LOAN TO VALUE | Up to 80%; 75% for cash-out refinances with low seasoning |
PREPAYMENT PENALTY | Multiple PPP options available, including No PPP (depending on the state) |
CLOSING TIMELINE | 2-3 weeks |
Additional Guidelines
FICO | 660 min hard credit assessment |
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ABILITY TO REPAY
VERIFICATION | 12 months of bank statement transactions analyzed to calculate income and determine loan size based on a 50% debt-to-income ratio |
PROPERTY CONDITION | Appraisal showing C4 condition or better |
ELIGIBLE PROPERTIES | Single-family, townhomes, condos (warrantable and non-warrantable), and 2-4 units. Portfolios are not allowed. |
ELIGIBLE STATES | Nationwide except ND, NV, SD, VT and WV |
BORROWER | Entities only. A personal guarantee is required. Non-recourse is not allowed. |
MORTGAGE PAYMENTS | Taxes and insurance are escrowed. Mortgage payments are collected by ACH. |
Mortgages are offered in partnership with Vontive, NMLS ID 1716495 (“Lender”). This is not a commitment to extend mortgage credit. Mortgage products, programs, eligibility criteria, pricing, and terms are subject to change without notice and at the sole discretion of the lender. All data and information is provided “as is” for informational purposes, may not be accurate, and may be subject to change without notice. Unless otherwise communicated in writing, all data and information Lender provides is “as is” without any warranty whatsoever. Additional disclosures and information, including state licensing of Lender, is available at www.vontive.com.
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Opportunity Enterprises: Guiding Your Real Estate Deals to a Seamless Closing.
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4480H S. Cobb Dr. STE475, Smyrna, GA 30080