30 Year Build-to-Rent

• Purpose: Business-purpose only, to rent on an annual basis; short-term subject to case-by-case approval.
• Borrower LLC or potentially another business entity
• Property 1-4 unit residential. Case-by-case for 5+ unit multifamily, ADUs, PUDs, and warrantable condos.
• Geography Continental US subject to restrictions within certain states
• Loan Amount $200,000 to $2,000,000, larger case-by-case.
• Guarantor 640 minimum credit; current on all real estate debt; no "failed" real estate loans in past 3 years; no bankruptcy event in last 4 years; citizen, permanent resident alien, or case-by-case for other; if currently involved in litigation subject to lender review; and other customary items
• Experience 1+ year of income producing real estate ownership within past 2 years. Built at least 2 homes in past 10 years or, for High Advance, minimum of 10 homes built within past 10 years.
• Liquidity Average last 2 months bank statements: 6 months or 12 months PITIA for Standard and High Advance, respectively
• Approvals To close loan, have permit or other government approval.
• Other Refer to term sheet.

• Overall Meets General Eligibility without being case-by-case, in restricted lending area, or having any LTV adjustments
• Guarantor 680 minimum credit
• Experience Built at least 10 homes in past 10 years
• Liquidity Average last 2 months bank statements: 12 months PITIA

Rate lock up to 30 days. Rates at top reflect "base" interest rates and are subject to change daily based on prevailing market rates and items below.

• Credit 780+ no change, 760-779 base+0.10%, 740-759 base +0.24%, 720-739 base +0.38%, 700-719 base +0.75%, 680-699 base+1.35%, 640-679 call
• Loan Size $1,000,000 or larger +0.25%
• LTV Waiver case-by-case
• Property Type If other than 1-unit house or townhouse, additional 0.20% to 0.35%
• Use If short-term rental case-by-case

If an item below is not met, the LTV limit may be reduced. Note that for full proceeds the loan must also meet final draw conditions per the term sheet.

• Appraisal Acceptable to BFI including 3 recent comparables with gross adjustments under 25%; no flags for declining values, over supply, or long marketing times; and the “as-is” value of land is at least equal to property purchase price.
• Population Within 3 miles at least 10,000 people and growth projected.
• Location No adverse site condition, e.g. against a busy road. Not in a majority unbuilt subdivision.