Who it is for
Investors buying or refinancing residential rental property, from a single house to a small multi-unit building. Your portfolio earns; your personal income, as a tax return describes it, is beside the point.
The IL Loan is for investment property only. For a home you live in, the Founder, Operator or AR Loan may fit.
How the property qualifies
DSCR stands for debt service coverage ratio. We compare the property's rent, from a signed lease or an appraiser's market-rent analysis, with its monthly housing cost: principal, interest, taxes, insurance and any association dues. That comparison qualifies the loan. Your personal income is not documented at all.
What the comparison needs to show for your file follows the investor guideline; Mayer tells you on the first call.
What the file asks for
The lease or the rent analysis, the property documents, and the usual identity documents. Tax returns, W-2s and employment verification are not used to qualify.
Never required to qualify
- Personal tax returns
- Business tax returns
- W-2 forms
- IRS transcripts
- Employment verification
- Liquidation of any position
None of these is used to qualify your income, and nothing has to be sold to qualify. Underwriting still runs a full file: credit, assets to close, the property and title.
Interest-only, if you want it
An initial interest-only period on a long-term structure is available on every program. The payment increases when the balance begins to amortize, which we say at the outset, and Mayer walks you through the exact structure for your file, in writing. How interest-only works.
Where Mbanc lends
Investment property in 46 states and the District of Columbia: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.
How it begins
- 1
A conversation
Fifteen minutes on Mayer's direct line. No application and no credit pull. You describe how you earn and what you are buying; he tells you whether the program fits.
- 2
What your file would take
If it fits, you receive a short list of exactly what your file needs, and nothing more. If it does not, you hear that on the same call.
- 3
Terms, in writing
Once the documents are in, the terms are presented in writing, including the full structure of the loan, before anything is signed.
