About our Rental Loans

What type of properties are eligible for LendSimpli Rental loans?

The following types of properties are eligible for our LendSimpli Rental loans:

    • Single family residence (SFR)
    • 2-4 unit properties
    • Townhouses
    • Multifamily (5+ units)
      • Maximum lending ratios differ from 1 -4 unit properties

What type of documentation is required for LendSimpli Rental loans?

LendSimpli Rental loans will require the following documentation from borrowers applying for a loan:
  • Application
  • Photo ID (all members of the LLC, if applicable)
  • Bank Statement or, Money Market or, Brokerage Account to Show Property Expense Liquidity
  • Schedule of Real Estate Owned
  • Proof of Experience, if applicable
  • Entity Documentation
  • Current Lease (if applicable)
  • Insurance Information

Other documents may be requested based on the individual circumstances and collateral.

Does the property have to be rented?

Usually, a lease should be in place at the time of origination with at least 3 months remaining, unless the renter has been renting the unit for the prior 6 months. We consider opportunities without a lease in place on a case by case basis.

Which locations can you lend in?

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.

How much cash out can I receive from a LendSimpli Rental loans?

There is no maximum cash out on the LendSimpli Rental loans program. We can offer to cash out refinance up to 75% of the property value.

Is there a prepayment penalty?

Yes. There are prepayment penalties on the LendSimpli Rental loans program. The prepayment penalty can vary between 3 – 5 years with an annual 1% step down. We can discuss your individual situation when underwriting the loan.

How much does LendSimpli Rental loans cost?

Each project is underwritten separately and most of or projects are funded between 6% – 9% with 2 – 4 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.

About our Bridge Loans

What type of properties are eligible for LendSimpli Bridge loans?

The following types of properties are eligible for our Bridge and Fix and Flip loans:

    • Single family residence (SFR)
    • 2-4 unit properties
    • Condominiums
    • Townhouses

What type of documentation is required for LendSimpli Bridge loans?

LendSimpli Bridge loans will require the following documentation from borrowers applying for a loan:
  • Application
  • Photo ID (all members of the LLC, if applicable)
  • Purchase Agreement
  • Itemized Rehab Budget & Schedule
  • Bank Statement or, Money Market or, Brokerage Account to Show Property Expense Liquidity
  • Schedule of Real Estate Owned
  • Proof of Experience, if applicable
  • Entity Documentation
  • Insurance Information

Other documents may be requested based on the individual circumstances and collateral.

Does LendSimpli lend on construction or rehab?

Yes! LendSimpli can provide financing on the acquisition and
renovation of your property. We can lend up to 100% of the rehab costs.

Which locations can you lend in?

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.

Is there a prepayment penalty?

No. There is no prepayment penalty on our bridge loans.

How much does LendSimpli Bridge loans cost?

Each project is underwritten separately and most of or projects are funded between 8 – 12% with 2 – 4 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.

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