Rapid acquisition is familiar to all of us in the investor niche. It's something a lot of Loan Officers who don't regularly deal with investors could run into with your clients like a brick wall. Here's what you need to know as a Real Estate Agent about Rapid Acquisition:
If your client has purchased 2 properties in the last 6 months or 4 properties in the last 24 months there may be a rapid acquisition issue. Some lenders who are using the rapid acquisition condition will allow a ONE UNIT exception provided the borrower has a credit score above their normal guidelines and at least 24 months of experience as a real estate investor.
Like any other set of Underwriting Guidelines this varies from lender to lender. If you have a seasoned investor and you're working with a new Loan Officer you probably want to insure they are not placing your client with a lender who has a Rapid Acquisition clause in their Undewriting Guidelines. The beauty is only a handful of lenders are using the Rapid Acquisition condition as of this date.
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