Quality AND Quantity
LendSimpli makes brokering loans easier than ever before.
Affiliate Broker Program FAQ
The following types of properties are eligible for our Lendsimpli Rental loans:
- Single family residence (SFR)
- 2-4 unit properties
- Photo ID (all members of the LLC, if applicable)
- Bank Statement or, Money Market or, Brokerage Account to Show Six (6) Months of Property Expense Liquidity
- Schedule of Real Estate Owned
- Proof of Experience, if applicable (document receipt of rental income on a property owned and rented or, Property Management Questionnaire)
- Credit Report (Lendsimpli will run)
- Entity Formation Docs (Filed Articles of Incorporation, signed and dated Bylaws/Operating Agreement, Evidence of Good Standing)
- Entity EIN/TIN
- Current Lease (if applicable)
- If part of an HOA Cert, CC&R and Master Insurance Policy
- Insurance Bill (document listing insurance premium)
Other documents may be requested based on the individual circumstances and collateral.
Lendsimpli can lend in most states. We may not be able to lend if the property is in a rural area, which makes comparable property analysis a difficult task. We require three recent comparison properties within 3 miles.
Property Debt-to-Income Ratio (PDTI) helps determine if the rental investment is generating enough income to afford its obligations. The eligibility requirement for rental loans is PDTI.
PDTI is calculated by the following formula:
PDTI = Rental Income/(Principal+Interest+Taxes+Insurance+HOA Dues)
Each project is underwritten separately and most of or projects are funded between 5.99 – 8.25% with 1.5 – 3.5 points charged at closing. These rates are a function of local market conditions, the loan to value ratio, and the scope of the rehab. Once you submit a project, your underwriter will be able to give you a clearer indication of expected rates.