MyInvestorLoan
MyInvestorLoan makes the mortgage process fast and simple, for both value-add financing & long term rental financing. Through technology and automation, we’re able to close loans quickly at competitive rates.
MIL PROCESS
Eligibility Criteria
Value-add financing (Fix & Flip)
Eligibility Criteria
Long Term Rental Financing
FAQs
Here are some frequently asked questions.
Do you do a hard credit pull? How often?
We only do hard pulls for rental loans AFTER you’ve accepted an offer and once the loan is in underwriting. We utilize soft pulls for short-term mortgages.
Do you finance vacation or short-term rentals (STR)?
Yes, at higher rates and lower LTV. We will underwrite the operating history instead of a lease. If you are looking to refinance your STR, we will want to see 6 months of operating history.
Do you offer 100% Loan to Cost financing
We do not. We’ll lend up to 90% Loan to Cost depending on experience.
Do you have a seasoning period for cash out refinances?
If property is owned less than 3 months, the loan cannot exceed 80% of investment cost (purchase + rehab).
If the property is owned for 3-6 months, the loan cannot exceed 100% of investment cost (purchase + rehab).
After 6 months, there is no restriction on investment costs
Can I explore options such as seller financing or private money additional capital?
If any of these options will cause a lien to be filed on the property we will not be able to lend. We need to be in the first position and can’t have any 2nd liens behind our loans.
How do you determine if a property is rural?
Why we care about whether or not a property is rural relates to both how we source capital for loans and assess the risk of a mortgage default. This is one of the most ambiguous aspects of underwriting a mortgage, and how we evaluate property location depends on whether we are providing short-term mortgage debt or long-term rental financing (e.g., a 30-year mortgage):
● Short-term mortgage: We rely on geographic characteristics to determine if a property is rural. Those characteristics are location in a metropolitan statistical area (“MSA”) with less than 75,000 people, in a city or town with less than 7,500 people, more than 30 miles from a commercial hub or airport, and in a local area that does not show gridwork from a satellite view from Google Maps. If a property valuation reports a property is rural, that is a consideration in deciding.
● Long-term mortgage: We rely on the appraisal to determine if a property is rural. We use the above geographic characteristics and USDA designation to determine if the appraisal designation of rural status is reasonable. If we believe it is not reasonable, we may dispute the designation with the appraiser. Ultimately, we do rely on the appraisal because of how we fund long-term rental loans through institutional capital partnerships and securitizations.
Types of products we offer
12-month value-add loans, 24-month bridge loans, 12-month construction loans, and 30-year DSCR rental loans (both amortizing fixed and interest-only adjustable rates).
What is counted as liquidity?
Checking, savings, and money market accounts. We can also consider retirement accounts, stocks, and HELOCs at 50% of the balance.
What are the benefits of doing a portfolio loan (as opposed to separate loans for each property)?
Lower rates and lower fixed costs (loan fees and third party closing costs). A portfolio loan requires at least two properties.
Can I add a partner if I don’t meet the credit or liquidity criteria?
Yes, this person must be on title within the entity.
Do you lend at the auction?
We require title insurance on our loans, which a lot of local auction properties will not have. Some online auctions go through a closing agent that provides title insurance, but the borrower should check with the seller/platform.
How many people need to guarantee or sign (for recourse loans)?
We only require one guarantor and signer with at least 25% ownership of the entity.
How fast can you close?
This will depend on the type of loan product. Note that the following timelines start when the file is ready for underwriting (all info and documents uploaded), not necessarily when the loan is submitted or under contract.
- Rehab/bridge loans – 10 business days for a new client, 5-7 business days for repeat clients
- Rental loans – 4 weeks for single properties, 5-8 weeks for most portfolios
- Construction – 3+ weeks, depending on complexity
- 5+ Unit Multifamily – 4-6 weeks, depending on complexity and appraisal timelines
What are the five common reasons why a loan submission gets denied?
- Property is not in a state that we finance or in a location that an appraiser would consider rural
- Property value (or purchase price) < $100,000, or loan amount < $125,000 (or less than $50,000 per unit for multifamily)
- Credit score < 680 or has major delinquencies over the past 2-4 years
- Liquidity < $25,000 or not enough to cover down payment, closing costs, 3-6 months of payments, or rehab reserves
- Newer investors taking on extensive rehab projects
Contact Us
Have a question? Please feel free to email or call us and someone from our team will get back to you as soon as possible.
Info
Address
1753 E Broadway Road
Suite 101-400, Tempe AZ 85282