Current Rates Starting At: 5.75%
Program: Non-Owner Occupied, Multi-Family, No Income Verification
Borrowers looking to refinance N/O/O SFR, Condo and 2-4-unit properties can look to Barzel for some of the best rates in the Non-QM industry with our Business Purpose Program. Long term (30 years) loans with NO balloon payments and Interest only options are available. Call to discuss – many options for prepayment privileges and impounding for your property taxes/insurance.
- No Income Proof Needed
- All Loans are N.I.V. (No Income Verified)
- LTV up to 80%
- No DTI Ratios
- No DSCR calculated on residential collateral
- Rates as low as 5.99%
- Loan Amounts from $50,000 – $5,000,000
- Lending to LLC’s, S-Corp, Trust or Individuals.
- Property Types Include: SFR, Condo, 2-4 Units
- Interest Only Option Available
- Foreign Nationals – OK
- 100% Gift Funds – OK
Area of Lending:
- AL, AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, KS, KY, LA, MA, MD, ME, MN, MO, MS, MT, NC, NH, NE, NJ, NM, NY, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI, WV, WY (licensed broker required for AZ, KS, MO, MT, NE, OR & UT)
Lending in Chicago, Baltimore and Hartford on CBC basis only!
- N/O/O and Investment purposes
- FTHB, Renters or borrowers that are “buying up” in value, size or property are not allowed on this
Property Types Residential:
- SFR, Condo, Townhouse, 2 – 4
- Available in all states listed
- < 70% LTV must be located in populous area (no rural).
- > 70% LTV must be located in metropolitan
- Property must show “Pride of Ownership”.
- See Hard Money product for properties with deferred
- 3, 5 and 7-year interim fixed variable rate 30 year fully amortized product Index – 6-month Libor – Margin 7.95 – Caps 2/1/6 – Floor = Start
- Term of prepay protection – 3
- Type of
- Level 1 – 5% of loan amount standard
- Level 2 – 6 months interest on 80% of the balance.
- Rate floats until DOCS are ordered.
- $100k – $2 Million (A+, A and A- Grades).
- $100k – $1 Million (B Grade).
- $2.01M – $5M (A+, A credit only) Major metropolitan areas only & 2 Collateral should be located in an area where there is an abundance of recent comparable properties exhibiting both similar characteristics containing little to no adjustments & close proximity.
- No DSCR calculated for Resi
Proof of Property Income is as follows:
- Residential – Copy of leases.
Leases: All leases must be Arm’s length and at market rent
Lending to: Individuals | Corporations | LLC | LLP | Family Trusts
Ancillary fees paid through closing:
- $1,495 Underwriting fee
- $555 Doc fee per entity review
Barzel is Easy to Do Business With:
- Gift Funds & Non-Seasoned Assets – Up to 70% LTV
- NO 1040’s!
- NO Schedule E’s!
- NO 4506 Forms!
- NO Impounds Required!
- NO Income Stated
- NO Income Verified
- Appraisals Start @ $395!!! (average SFR in MMA)
See Our Hard Money Product for The Following!!
- <600 FICOS
- No prepay product
- BK < than 1 year
- Foreclosure < than 1 year
- Properties w/ deferred maintenance
- Loan Amounts < $100,000
- Loan Amounts > $5,000,000
- Properties not in Metropolitan areas