Choosing the right loan product is important along with the time to close to meet any purchase contract obligations.
Review the features below for each loan type on your next rental property purchase or refinance.
| Conventional | DSCR / Asset-Based | Bridge Loan | |
|---|---|---|---|
| 15 or 30 years | 30 years | 1 to 2 years | |
| Main Features | |||
| Down Payment percentage | 25% | 15-25% | Varies |
| No Tax Returns - No job, No personal income | |||
| Quick Closing - less than 15 days | |||
| Low Interest Rates | |||
| Low Fees | |||
| Rate & fee comparison example | |||
| Single family home. $400,000 loan. Borrower has 740 credit scores | 7.50% (APR 7.701) / 1% points | 8.00% (APR 8.21%)/ 1.25-1.5% pts | 8.75% (APR 9.022%)/ 2% points |
| NOTE: Interest rates & fees are subject to change without notice due to market conditions or if the underwriter discovers informaiton that may impact the rate and/or fee. This is not a commitment to lener. Not all borrowers will be approved. | |||