Investment Property Loans Hit the Big Time
It's been a good half dozen years since the credit crisis dealt a sledgehammer blow to the jumbo mortgage market. Now I know the Bernie 2016 crowd is going to have to choke on the perverse irony that since, over-regulation of the mortgage industry has actually served to make the large banks larger while at the same time offering better rates on a $1.2MM loan than a $200,000 loan. But one game that's still had some serious frontiers (in terms of options) has been jumbo mortgages for non-owner occupied properties, AKA "investment properties" or "rentals." While getting a great rate on a large loan for your primary home has become commonplace, up until now, this has not easily been the case for real estate investors. But don't give up. Our newest jumbo investor is going to shock the monkey in several ways.
Let me put these features in front of your eyes...
High Loan Amounts
We will go to a maximum loan size of $2,000,000 on a non-owner occupied property. We may even go higher on an exception basis, so just ask.
High Loan-to-Value (LTV)
We'll reach all the way to 85% loan-to-value (LTV) on this program, to a loan amount of $2.5MM! Wait. Did you want to hear that voice again? I said 85%, as in 15% down payment. And again, we can do this to a loan amount of $2MM, thus enabling a purchase price as high as $2,350,000. LTV's above 80% have no PMI either, so if you want to invest with a minimum down, this is a great program to consider.
Multi-Units
The two above facets are not adversely affected by multi-unit properties. So the high loan amounts and high LTV's apply to a single family home, duplex, triplex or quad (fourplex).
Cash Out
On an investment property, this program will allow for up to $1MM in cash out up to a maximum LTV of 80% and up to a maximum loan size of $2MM. That is a red rain of green compared to the rest of the industry's programs.
Unlimited Max Financed Properties
So long as the LTV is under 70% on the subject property, the investor may have an unlimited number of other financed properties. For max LTV, the borrower may have up to ten financed properties.
Here at RPM, we are pleased to offer perhaps the most progressive investor loan on the market in California and perhaps by now you already have questions about specifics. Maybe you're in a private money loan and need a new exit strategy. Don't hesitate to give me a bell. I'll be happy to stretch my mouth to let the big details come right out.
Investors, grab your things I've come to take you home!
Rob Spinosa
Executive Loan Advisor
NMLS: 22343 CalBRE: 01297944
Cell: 415-367-5959 Fax: 415-366-1590
rspinosa@rpm-mtg.com www.rpm-mtg.com/rspinosa
1058 Redwood Highway, Frontage Road, Mill Valley, CA 94941
RPM Mortgage, Inc. – NMLS#9472 – Licensed by the Department of Business Oversight under the Residential Mortgage Lending Act. Equal Housing Opportunity.
