Our rental loans are asset based and credit score driven. As such, we don't require our customers to provide any personal income to get approved with us. Rates are determined by the loan to value, the properties debt service ratio and fico/credit scores. We even offer loan options for customers with little or no credit, and for properties that do not have debt service.
The debt service ratio is what the total monthly mortgage payment will be on the subject property, including the taxes and insurance vs. the fair market rental income. For example, if your total monthly mortgage payment is $1,000 and your rental income is $1,200, you divide your mortgage total into your rental total, which will give you your debt service ratio, which in this example would be 1.20%. The higher your ratio, the better your terms and rates will be.
Your fico score is a rating that the 3 credit agencies use. Scores are typically between 350 and 800. This score is used by lenders to determine your likelihood of repaying a loan as agreed. Most lenders rely on fico score to provide you with the terms they are able to offer. The higher your fico score, the better your loan will be.
There are ways you can increase your fico score. The most important one is to make sure you pay all of your accounts on time. Review your credit reports to make sure there aren't any mistakes. If you find a mistake, you can dispute it to get it corrected. Another way to improve your fico score is to pay down some of your accounts, which will lower your credit utilization percentage, which in return will help increase your score.
There are a lot of different tactics that we have seens clients use and there are some really good companies that also specialize in credit repair. We have found some to be better than others, so make sure you shop around and read their reviews before moving forward. One company that we have seen a lot of positive results from is a company called Nav. To set up your account, simply click HERE to get started
We are a nationwide lender. We offer no income rental loans in all 50 US states.
Yes, different areas of the country use different terms, but they both are the same loan type.
As a private lender, we are much more lenient than traditional lenders, as we make asset based decisions. Unlike banks and traditional lenders who focus on a client's personal income, job, assets, debts, and employment history — which can take 2 to 3 months to process. This can affect the approval process. Real Estate investors don't have months to determine whether or not they will be approved. They need to close fast. At Brass we typically close all of our loans in under 15 business days without all the red tape that traditional lenders require, which makes it easy for you to build your rental portfolio.
Absolutely! We will help you look closely at the numbers to determine if you are making a sound investment.
Our no income rental loans close on average in 15 business days or less. Our process is fast and it's easy!
Being a landlord isn't easy and can be quite difficult at times, depending on the tenants you select. However, it can also be very rewarding and has proven to be one of the best ways to build wealth. Read more about this topic in our blog.
The best way to finance your first rental property is simple. Contact one of our loan experts and they will help answer all your questions and guide you through the process. They will also issue you a LOI (letter of intent), which will outline all of your approval terms and cost. There are never any unexpected surprises when you work with Brass. We will also issue you POF (proof of funds) letters as needed to get your offers accepted quickly.
It's easy! Simply click on the GET APPROVED tab above and answer a few questions. You are also welcome to call one of our trained loan experts for assistance at 609-800-FUND. They will be happy to help you get the funds you need. To get approved for a rental loan we will need the following information:
Blanket loans are loans that cover multiple properties under one loan.
Yes we have a variety of loan options that offer little or no seasoning requirements. This is a great way for real estate investors to buy property at a distressed sales price. Then they can immediately refinance at true market value to recoup all of the funds used to purchase the property. They can also take additional cash out.
Interest rates for our no income rental loans vary, but are very competitive. We have seen rates in the 4's with low LTV's (loan to values) and high credit score with good debt service ratios. Most clients can expect to see rates in the 6 to 7% range.
A POF letter is like a pre-approval letter from your lender which states you have already been approved for a line of credit to purchase a property. To get a POF letter, simply call one of our loan experts and answer a few questions. In most cases, we will be able to issue you a POF letter within 30 minutes.