Dragon Realty Capital, a Florida based direct private money lender, recently closed a small loan on a non-owner occupied residence in Northridge, CA. The property was free and clear at the time of the loan request and the borrower received $295,000 in cash out at a fixed rate of 5.625% on a 30 year fully amortized basis.
Besides the low fixed rate and unrestricted cash out, the other unique features of this loan were that it was:
- Underwritten with NO income documentation on the part of the borrower and
- Allowed a 90% Debt to Income Ratio on the property’s income and expenses.
The loan closed in 18 days, mostly because there was a delay on the part of the borrower in getting the funds to the appraiser. Had their been higher market rents, Dragon could have gone all the way to 80% LTV.
Dragon Realty Capital provides commercial, multifamily, and non-owner occupied residential loans nationwide. Brokers are protected. For more information on loan offerings, please go to www.DragonRealtyCapital.com or call 888-578-5441 x81.