Do I need tax returns or bank statements?
No. These loans are priced on your credit score and loan-to-value. There's no income verification, no tax returns, no bank statements and no DSCR requirement.
Can I get a loan with no credit score?
Yes. Fast50 goes up to 50% loan-to-value with no minimum credit score, and accepts borrowers 1 day out of bankruptcy or notice of default.
How does the rate buydown work?
Each point you pay at closing (1% of the loan) lowers your rate by 0.375%, down to the program's minimum rate.
How does the prepayment penalty buydown work?
30-year loans carry a 5-year declining prepayment penalty (5%, 4%, 3%, 2%, 1%). You can remove a year for a 0.375% fee, down to a 1-year minimum. Some states don't allow prepayment penalties on these loans. There, the pricer adds 1.00% to the rate or a 1.50% fee.
What does it cost?
30-year programs carry a 2.00% origination fee. The 24-month bridge has 1.50% at closing, a $999 underwriting fee and 2.00% at payoff. Third-party costs like appraisal, title and insurance are separate.
Can I use these loans for my primary residence?
No. These are business-purpose loans on non-owner-occupied investment and commercial property. Owner-user commercial property is allowed.
How big can the loan be?
Up to $2 million on 1–4 unit properties, $2 million to $10 million on Super Jumbo, and up to $5 million on small balance commercial.