Our Casual Investor Loan program is designed to assist families and individuals who want to own and manage rental properties to generate personal income and create wealth. We finance non-owner occupied residential rental homes with a longer amortization period than most lenders. This increases cash flow and profitability to the owner. The Casual Investor may own up to a maximum of 6 total rental homes (or units) and qualify for our program. For example, financing of a Duplex home in our Casual Investor program would count as two units.
A Casual Investor Loan may be used for a rental home purchase, refinance of an existing rental home loan from another lender, cash out equity, or even renovations. If the rental home that you would like to purchase needs a little work such as a kitchen remodel, new paint and flooring, or replacement windows, then the Casual Investor Purchase/Rehab loan product is for you. A general description of terms is shown in the table below:
|CASUAL INVESTOR LOAN|
|15 Year Maturity||30 Year Amortization|
|Fixed Interest Rate||1-4 Single Family Residence|
|85% Maximum Loan-to-Value||LTV based on the lesser of Purchase Price or Appraised Value|
|Loan Origination Fee of 1.00% of loan amount; minimum $100.00||Escrow for taxes & insurance is required for all residential mortgages in first lien position|
|Single Family/Townhome/Duplex/Condo/Small Multi-Unit – All Qualify for Casual Investor||No manufactured housing|
|First Lien Only||Maximum Loan Amount of $499,999|
|Purchase/Rehab – Loan Amount can be a Maximum of 85% of Purchase Price (15% down-payment required) + a Maximum of 100% of Rehabilitation costs, as long as the total Loan Amount does not exceed 85% of “As Complete” Appraised Value.|
Contact one of our lenders today to learn more!
Please note – This program is not available to commercial real estate developers or investors.