We offer flexible short-term bridge rental loans to help you acquire buy-to-rent properties without delay while you determine the long-term plan for each investment.
This bridge rental loan program is a valuable tool used by our customers to close fast on single-family rental properties so that they can build a rental payment history and “season the property.” The seasoning of a rental property helps our customers achieve more favorable interest rates on their long-term rental loans.
- Single-family residences
- 2 – 4-unit family residential properties
- Townhomes and condominiums
- $50,000 – $5,000,000
- No money down
- 100% financing up to 70% LTV
- 9.9% interest rate on principal
- $700 appraisal and processing fee
- $1,000 document preparation fee
- 3-point origination fee
- 6-month loan term
- No prepayment penalties
- Loans to business entities, no individuals
The credit application will request the following requirements:
- Borrower name, address, and social security
- Copy of Drivers License
- Verifiable Experience in the name of the borrower (2 Sell HUDS or 2 Purchase HUDS with leases to match those HUDS)
- Most current Personal 1040 tax return
- One Month Bank Statements (minimum of 50k, you should always show am such cash as possible so that you receive the highest level of credit). The credit limit can be increased over time as needed.
- Current Personal 1040 Tax Return
- Business name, and EIN
- Operating Agreement
- Ein Letter from IRS
- Articles of Incorporation
- Certificate of Good Standing – If Entity has been established 1+ years
INCOME AND BUILDING WEALTH
House flipping can generate substantial income; buying to own and rent can build real wealth as property values appreciate. At some point, experienced flippers begin to think about investing for the rental income stream and appreciation.
Many real estate investors do both. Then, the decisions about what to flip and what to keep begin, factoring in the property type, comparable homes in the area, projected upkeep expenses, and projected appreciation. Most rental property investors develop a formulaic approach and refine it as they gain experience.
No matter how long you have been investing, ASB Capital Loan Funding has the experience, stability and resources to be your financial partner every step of the way. We measure our success in terms of your success.