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RF Boston
Rental Loans
Our program is suitable for both seasoned and first-time real estate investors seeking financing for a purchase or refinance of a rental property. This is a low-documentation, truly asset-based rental loan program customized to meet your specific needs. The program does not require verification of personal income or tax returns.
Instead, your eligibility and loan terms are determined based on your credit score (660 minimum), loan-to-value ratio (LTV), liquidity reserves (6-12 months), and debt-service coverage ratio (DSCR). 30-year fixed rate, and 10/1 ARM loan terms are available.
DSCR INVESTOR CASH FLOW
Property Types:
- Single-Family Residence/Rental
- 2-4 Unit
- Condos, Non-warrantable Condos
- Townhomes
- PUD
Loan Amount:
- Max loan amount up to $2.5 million
Loan Types:
- 15-year fixed
- 30-year Fixed, 30-year Fixed l/O
- 5/6 ARM, 5/6 ARM l/O
Loans are locked at the submission to U/W. Locks are valid for 21 days.
Term Length:
- 30 years
Max LTV:
- Purchase - 80% LTV
- Refinance, First-time investors - 75% LTV
- Cash-Out - 75%
- Cash-out up to $500,000, proceeds can be used for reserve requirements
- 0-6 months ownership seasoning options allowed with the appraised value
Minimum Debt Service Coverage Ratio:
- Low or no ratio allowed
Minimum Guarantor FICO:
- Mid-Score of 660
Eligible Borrowers Include:
- Foreign nationals
- Borrowing in the name of an LLC
DSCR SHORT-TERM RENTAL FEATURE
Property Types:
- Single-Family Residence/Rental
- 2-4 Unit
- Condos, Non-warrantable Condos
- Townhomes
- PUD
Minimum Debt Service Coverage Ratio:
- Minimum of 1.0 or above
Max LTV:
- Refinance - 80% LTV
- Cash-Out - 80% LTV
Qualifications:
- Based on the cash flow of the property
- No personal income or employment information required
- Documented 12-month history of short-term rental
- Income received from a home-sharing service (Airbnb, VRBO, property management services) may be used
DSCR NO CREDIT REQUIREMENT
Property Types:
- 1-4 unit residential
- Mixed-use, multifamily, retail, warehouse
Loan Terms:
- 30-year fixed rate, 5-year PPP (minimum 1-year PPP with buydown)
Max LTV:
- 50%
Qualifications:
- No minimum credit score
- No seasoning of ownership required
Rates:
- 7.5% – 12%
