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Portfolio (Blanket) Rental Programs

Blanket mortgages are used for funding more than one piece of property, in one loan. They have been used for decades by builders, developers and commercial property investors.

These loans make a lot of sense for today’s rental property investor. They offer investors the ability to refinance and expand their single family rental portfolios. Many investors have poured much of their liquidity into making acquisitions, own property free and clear, but could use the additional flexibility of more cash on hand.

Those with 3 plus rental properties can use blanket mortgages to refinance, and access equity for making property improvements, covering holding costs, or simply taking advantage of low interest rates and leverage while recouping their cash investment. Others will want to use these investment property loans for making acquisitions while asset prices are attractive. Some of these “buy to rent” loans will allow for bulk buying of single family homes, or offer a credit facility for pooling property from different sources.

Whatever the purpose, this is an ideal time to use blanket mortgages for residential property investors.

Besides blanket loans, we also offer programs on single residential properties. Investors who do not have the minimum number of properties required by our blanket mortgages, can use our single property loans. Approval is quick, paperwork is minimal, rates are attractive, no cash-out restrictions and we can often close in three weeks.

Below is a brief summary of our single property loans and our blanket loan programs. By filling out our property profit and loss worksheet (template available), we can tell you exactly how much of a loan your properties will qualify for. Contact us and we’ll send you a copy (excel based).

INDIVIDUAL RENTALPROPERTY LOANS
  PROGRAM #1 PROGRAM #2 PROGRAM #3
# of Properties 1 1 Coming 2016
Types of Properties SFR, Condos, Townhomes, 2-4 Units SFR, Condos, Townhomes, 2-4 Units SFR, Condos, Townhomes, 2-4 Units
Occupancy INVESTMENT ONLY INVESTMENT ONLY INVESTMENT ONLY
Transaction Type Purchase

Rate & term refinance

Cash-out refinance

Purchase

Rate & term refinance

Cash-out refinance

Purchase

Rate & term refinance

Cash-out refinance

Loan Amount $75,000 – $2,000,000 $75,000 – $1,000,000 $60,000 – $1,000,000
Max LTV 75% 75% 75%
Limit on number of properties owned? NO NO No
Title Holder Business entity only

(LLC, Corp, etc.)

Business entity only

(LLC, Corp, etc.)

Business entity only

(LLC, Corp, etc.)

Availability 12 States Nationwide (42 states) Nationwide
Amortization 30 Years 30 Years 30 Years
Term 3 Years fixed

5 Years fixed

30 Years fixed TBD
Prepayment Penalty 3 Year (3-2-1)

5 Year (5-4-3-2-1)

NO TBD
Length of ownership for market value? 181 Days 181 Days 90 Days
Additional Info ·         Underwritten based solely on cash flow of property

·         No tax returns

·         No bank statements

·         Rate based on credit score and number of rental properties owned

·         Close in 3 weeks

·         No section 8

·         Underwritten on property cash flow and borrower’s debt ratios

·         Tax returns required (personal and business)

·         Bank statements required

·         $1,100 minimum monthly rental income

RENTAL PROPERTY PORTFOLIO LOANS
  PROGRAM #1 PROGRAM #2
Min. # of properties 3 5
Types of Properties SFR, Condos, Townhomes, 2-4 Units, Multifamily (max. 20 units) SFR, Condos, Townhomes, 2-4 Units, Multifamily
Occupancy INVESTMENT ONLY INVESTMENT ONLY
Transaction Type Purchase

Rate & Term refinance

Cash-out refinance

Purchase

Rate & Term refinance

Cash-out refinance

Min. Property Value $50,000 $50,000
Loan Amount $300,000 – $10 million $150,000 – $5 million
Amortization Up to 30 years 30 Years
Term 5 & 10 Years fixed

Interest only programs available

5 & 10 Years fixed
Max LTV 75% – Fixed Term

70% – 5 year interest only

65% – 10 year interest only

75%
Title Holder Single purpose entity Single purpose entity
Availability Nationwide (46 states) Nationwide
Prepayment Penalty Yield maintenance or step down Yes. Flexible options
Seasoning >90 Days of ownership – Will lend on market value

<90 Days of ownership – Will lend off cost basis (purchase price + rehab)

>180 Days of ownership – Will lend on market value

<180 Days of ownership – Will lend off cost basis (purchase price + rehab)

Minimum DSCR 1.15% 1.25%
Credit 620 minimum credit score

No bankruptcies in last 2 years

No foreclosures

620 minimum credit score

No bankruptcies in last 2 years

No foreclosures

Foreign Nationals Yes Yes
Additional Info

 

 

·         No income verification

·         Approval based on the cash flow of the portfolio

·         Escrows for taxes, insurance, capital expenses

·         Free pre-qualification based on rent roll

·         No income verification

·         Approval based on the cash flow of the portfolio

·         Escrows for taxes and insurance

·         Free pre-qualification based on rent roll

Contact Us

First Commercial Funding Corp.
1420 Renaissance Dr.
Suite 310
Park Ridge, IL 60068

Email Address
info@fcfloans.com


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  • Home
  • Conventional Loans
    • Conventional Owner-User Loans
  • Unconventional Loans
  • Rehab Loans
  • Portfolio Rental Loans
  • SBA Loans
  • Business Loans
  • Contact Us
First Commercial Funding