We’re thrilled to announce the profitable funding of a mixed-use property by way of our investor 2-8 mixed-use and 5-10 unit residential DSCR program. At MorgageDepot, we’re devoted to serving to our actual property investor shoppers obtain extra and develop their funding actual property portfolio.
The featured property is a business and residential constructing positioned in Melville Lengthy Island, NY. It consists of a restaurant, workplace area, and two residential flats. The utmost business area is 49%, making it a perfect funding alternative.
By means of our DSCR Combined Use program, we have been in a position to present a mortgage with a loan-to-value (LTV) ratio of 75%. The aim of the mortgage was for the acquisition of the property, with a mortgage quantity of $695,000 and a 30-year mounted time period. The mortgage kind is Non-QM, and the documentation required consists of market rents/appraisal.
To qualify for this program, traders should have a historical past of proudly owning and managing business or residential actual property for a minimum of one of many final three years. The minimal FICO rating required is 660, with a most LTV of 75%. The mortgage quantity ranges from $250,000 to $3 million, and the aim may be for buy, fee & time period, or money out.
Belongings should have a 30-day seasoning, and present funds are allowed after a ten% borrower contribution. The debt service protection ratio (DSCR) have to be a minimum of 1.00+, and varied phrases can be found, together with 40-year, 30-year, and 15-year choices, in addition to interest-only choices.
Traders can vest within the property by way of an LLC or company, offering flexibility and safety for his or her funding.
Contact our workplace to study extra bout blended use DSCR mortgage program.
