Meet standards including but not limited to these items:
Experience Built 10+ houses since 2012 and repaid Builder Finance Inc. at least 1 time to qualify for 75% LTC. If built 5+ houses and have no repayment history, may qualify for 70% LTC.
PITIA Expected gross rent divided by Loan interest and principal using a 30 -year amortization schedule, real estate taxes, insurance and association dues (“PITIA”) must be at least 1.20x or, if Sponsor has under 3 years of verifiable rental ownership experience, 1.30x.
Appraisal The LTV does not exceed 65%, or 60% if the loan would be over $500,000, and no issues in the appraisal including lack of adequate sales comparables, the property characterized as non -conforming, the market having declining values, or marketing time listed at over 6 months.
Population Within a 3 -mile radius of the subject property, there is a growing population of at least 25,000 people.
Net Worth Net worth excluding primary residence(s) of at least $500,000 or, to borrow over $500,000, $1 million.
Liquidity Average balance at bank(s) of at least $50,000.
Credit Score Each sponsor must have a minimum credit score of 660.
Character / Background Acceptable background history and working relationship with Builder Finance Inc