Rental Loan are a financing option for investors looking for a long-term solution, at an attractive rate. Underwriting is heavily weighted on the DSCR (Debt-Service Coverage Ratio) and not the individuals DTI (Debt to Income).
Standard Loan Terms
- Max Loan Amount: $2,000,000
- Max LTV (Loan to Value): 80%
- Rate: Starting at 8.5%
- Payments: Monthly Principal and Interest payments.
- Term of loan: 30 Year and ARM (5/1 and 7/1)
Standard Closing Costs
- Origination Fee: 2%
- Underwriting Fee: $1,500
- Legal: $750 – $1,500
- Appraisal Fee: $500-$950
- Title Insurance and recording fees: 1%(Approximate)
- Single-family residences.
- Two to four units. From 2 to 4 units case by case, only with board approval.
- Credit Application (1003)
- Last 2 bank statements (US bank account)
- Copy of ID and Borrowing Entity docs (Can close under personal name or
- Purchase Contract (If Purchase)
- Property Insurance
- Lease Agreement (if applicable)
- Short term rentals allowed
Standard Closing Time
- The usual time to close is 20-30 days.
RBI Private Lending is a direct lender and does not rely on other institutions to close the loans. Once the title work and appraisal are ready, We will be too!
- Minimum DSCR (Rental Income / Debt Service): 0.80
- Minimum Credit Score: 660
- Rental in place: Not Required
- Foreign Nationals Qualified with reduced LTV (65%)