By capital / March 10, 2022
Looking to Purchase a Property to Hold for Rental Income?
RCN Capital’s Buy-to-Rent loan program offers a 24-month term, with a 12-month extension available, ensuring that our customers have rental property financing that goes the distance.
LOAN CRITERIA
Collateral:
Non-Owner Occupied 1-4 Family Real Estate; Condos; Townhomes
Term:
24 Months (12 month extension available)
*(An extension fee applies)
Loan Amount:
$50k – $7.5M for 1-4 Family, Condos, & Townhomes
Rates:
Starting at 7.49%
LTV:
Purchase: The lesser of Up to 80% of the As-Is Value or Up to 80% Loan-to-Cost
Refinance: Up to 75% of the As Is Value
Cash-Out: Up to 70% of the As Is Value
Minimum As-Is Property Value:
$75k for 1-4 Family, Condos, & Townhomes
Minimum FICO:
620
Rent Coverage Ratio (Monthly Rent/Monthly Debt Service):
1.15
Buy-to-rent Loan Program Typical Rates
NEW INVESTOR
Owned 0 to 2 Investment Properties (Flips and/or Rentals) in the Last 3 Years
INTERMEDIATE INVESTOR
Owned 3 to 9 Investment Properties (Flips and/or Rentals) in the Last 3 Years
EXPERIENCED INVESTOR
Owned 10+ Investment
Properties (Flips and/or Rentals) in the Last 3 Years