Long Term Rental Loans
Who are Long Term Rental Loans Suited For?
Center Street Lending’s long term rental loans are for rental property owners that are looking for a 30-year refinance option.
Property Types We Long Term Rental Fund
We lend on single-family rental properties, 2 to 4 units, townhomes, planned unit developments, or condominiums. All properties must be non-owner occupied. Foreign nationals are subject to a lower loan to cost (LTC) and loan to value (LTV) thresholds.
How do Long Term Rental Loans Work?
We require a minimum score of 620+ and a $100,000 loan amount. All of our loans are serviced and underwritten in-house, for 7-10 business day funding time. Once you have filled out an application and been pre-qualified for your loan you will need to provide specific documentation.
Long Term Rental Program Criteria
To get a Long Term Rental loan started you will need:
- A 620+ minimum score
- $100,000 up to $2,000,000 non-owner occupied property
- 2 months of recent bank statements
- Score and background check
- Max 80% LTV
- Rates starting at 7%
- 30-year term
- DSCR and minimum 3 year pre-pay (state specific)
States We Lend
- North Carolina
Looking for lending in a state not listed? We do lend in other states on a case by case scenario. Give us a call to see what we can do for you.
Cape Coral, FL
Laguna Niguel, CA
Jeremiah can answer all of my questions, so pleasant to deal with, hard-working, kept me informed and in the loop at every step.
There is no way I would have been able to close on my purchase in the time I did if it wasn’t for Center Street’s rapid funding. They were quick and efficient right down to every detail.
I appreciate how professional the staff at Center Street has been. Even when things got a bit difficult, as they do during rehab projects, it was always a pleasure to speak with everybody at the office.