Frequently Asked Questions:
How long will the process take?
For a conventional loan it will generally take 45-60 days to close. For a bridge loan or stated income loan it can take as little as two weeks.
What documents will I need in order to get a term sheet from a lender?
3 years of business and personal tax returns
Personal financial statement
Current rent roll
Pictures of property
For a bridge or stated income loan:
What is the maximum loan to value I can borrow?
It will vary by loan program and property type. It can be up to 90% for some owner occupied SBA programs down to 60% for some bridge loan programs.
What is the minimum debt service coverage?
Most lenders require a minimum dscr of 1.2