EasyRent is Easy Street Capital’s tailored and industry-leading solution for cash flowing investment properties. Whether you are looking to purchase a property with existing long-term tenants or vacant and ready-to-lease, refinance your rehab loan into a low-rate 30-year financing, or simply cash-out some equity in your existing properties to expand your portfolio – we have a loan for you. EasyRent is also the nation’s leading lender on short term rentals – properties used for AirBNBs, VRBO or vacation homes – we have flexible and ultra-competitive terms to get deals done. We have solutions for anyone – from first-time investors dipping into the waters of real estate investing to industry veterans looking to rapidly expand their portfolios into the hundreds of properties – we are confident we can find you a great loan in a quick, efficient and easy process.
Why Easy Street Capital?
Speed and Efficiency
EasyRent is the ideal solution for investors that want to move fast and get deals done quickly (30-day closing windows) and without the delays and red tape typical with banks and other lenders. Drawing on our years of experience with Fix N Flips, we are used to delivering for investors on timelines measured in days and hours – not weeks and months. Our process is quick and hassle-free, and allows you to get your deals done and pre-approved within hours of application
Light Documentation
Our process allows investors to avoid the mountains of endless paperwork and intrusive document-gathering common with our competitors. We do not require tax returns or income verification, or ask for years of bank statements, sourcing of funds or many of the other typical requests from other lenders. We have a quick and straightforward needs list that can be knocked out fast – allowing investors to focus on their properties and expanding their portfolio rather than the hassle of tracking down and providing infinite documents and files.
45-Day Rate Locks
Upon receipt of an application, we perform a review and issue a reliable Term Sheet within 24 hours or less. Within that Term Sheet is a 45-Day rate guarantee that allows you to lock in a rate and avoid the risk of volatile financial markets and your rate rising through the underwriting process.
FAQs
How much do I need to put down for a down payment if I am purchasing a property?
You can put as little as 20% down and get a loan up to 80% of the price of the property. For multifamily properties (5-8 units) or mixed-use properties with commercial units, minimum cash down is 25%.
I’m planning on purchasing a property that is vacant and to lease it after I buy. Is this OK under the EasyRent program?
Yes – this is fully eligible for residential properties up to four units. We will use the market rent (as determined by the appraisal) to project cash flows for the property. Additionally, if planned to utilize the property as a short term or vacation rental, we can utilize projects from industry data providers to qualify the loan.
I’m a first-time investor and have been told by other lenders that I need experience to obtain a loan for an investment property. Can I qualify with EasyRent?
Yes, with no restrictions! We offer all of our programs to first-time investors and love to help people build their portfolio throughout their investing journey.
I have partners in an LLC with split ownership of the property, is that OK?
Yes – in fact we recommend borrowing through an LLC (however borrowing as an individual is OK in most states). We require a full guaranty for anyone who has more than 25% of ownership of the entity and allow up to four separate guarantors on each loan.
I was turned down by my bank because they were not comfortable with my tax returns or being self employed? Will this be an issue?
No – we do not use tax returns of income verification for qualification. We do not utilize a DTI (“Debt to Income”) ratio at all in our underwriting process.
I am looking to finance a portfolio of several properties and would prefer one loan, do you offer blanket loans or would I need to do individual loans for each?
Yes – we offer portfolio “blanket” loans with very similar terms to our normal parameters. We can lend on up to 20 properties in a single loan, and require a minimum DSCR of 1.20x and that the properties are all located in the same state.
I have a bankruptcy or foreclosure in my history, will that prevent me from getting a loan financed through EasyRent?
No – we are a flexible lender that can work with borrowers with blemished credit history. Our median FICO minimum is 620, which allows the vast majority of potential borrowers to qualify with us. We have a limit of one bankruptcy, foreclosure or short sale within the past seven years and require that all delinquencies on the credit report be cured prior to closing our loans. You may have to pay a moderately higher rate, but we should be able to find a loan for every investor, even with credit flaws.
How is DSCR (“Debt Service Coverage Ratio”) calculated?
We calculate DSCR by taking monthly Projected Income (Rent or STR income) divided by your monthly payment – PITIA (principal, interest, tax escrow, insurance escrow and any HOA dues). No expenses besides taxes, insurance or HOA dues are considered in underwriting or qualification.
What is the minimum DSCR for EasyRent?
Our minimum DSCR is generally 0.75x, meaning we will finance loans that are negatively cash-flowing but bought and operated for price appreciation or expected short term rental revenue that exceeds market rent or projections.
I have heard from other lenders that anything over 4 units or with a commercial element (mixed use), the underwriting will take into account lots of operating expenses that jeopardizes cash flows and qualification. Is that also the case with EasyRent loans?
No – EasyRent is different than most lenders in that we will not take into account non-tax, insurance or HOA expenses so any other costs such as utilities, repairs & maintenance, management fees, cleaning fees or others will not be considered, even if the property has commercial units. This allows investors, particularly investors in 5-8 unit multifamily and mixed use properties, to qualify much easier and get access to low-rate 30-year fixed loans with EasyRent – a gamechanging product.
My property is a condo, is that eligible?
Yes, we lend on condos with loans consistent with our standard structure and rates. There are some limits on LTV and DSCR based on the characteristics of the condo structure, but are welcomed by Easy Street Capital.
My property has a couple of commercial units, is that eligible, even with the standard residential loan structure (30-year fixed rate mortgage)?
Yes – our Mixed Use lending allows for a new and groundbreaking type of loan – secured by a commercial property but the classic 30-year fixed rate residential-style mortgage loan. Mixed Use properties eligible under EasyRent need to be at least 50% residential (by unit) and can have up to 3 commercial units.
A Mixed Use property has more three residential units and one commercial unit, but the commercial unit has more square footage than the three apartments combined, does that make it ineligible?
No, this property is fully eligible. The property has to be at least 50% residential by unit, so in this case it is considered 75% residential (3/4). Square footage is not considered.
The property I’m seeking financing for is located in a vacation town that is heavily dependent on specific seasons (beach or ski season). Further, most properties in the area are vacation rentals and there is not much of a long-term rental market here. Is this okay?
Yes – we are a leading lender for vacation rentals, even in far-flung markets that are dedicated to vacation guests. We will underwrite and qualify as a short term rental and can issue loans even without plentiful long-term rental comps.
The property I am trying to finance is a Short Term Rental, but doesn’t have 12 months of operating history, will I still be able to get a loan through EasyRent?
Yes, we commonly make loans on properties like this with multiple options for underwriting to find a solution. The Revenue can be determined through long-term market rent as determined by appraisals or in certain cases (based on experience and other factors), reliable third-party data sources may be used such as AirDNA.
I want to refinance and take cash out of my existing property, a “cash-out refinance.” Is that eligible under EasyRent?
Yes, cash-out refinances are common and available to our borrowers. We lend up to 75% of the value of the property (as determined by a third-party appraisal), subject to some restrictions. Cash received from these transactions must be used for “business purposes” – primarily to expand real estate portfolios.
I am a BRRR Investor (“Buy Rehab Rent Repeat”), is EasyRent a good option for my real estate investment strategy?
Yes – in fact we are the ideal lender for BRRR investors as we have an industry-leading bridge loan product (EasyFix) in house so you can easily refinance with a lender you are already familiar with once the rehab is done. We offer very competitive cash-out refinance EasyRent loans to refinance out of rehab loans – loan amounts up to 100% of purchase price + renovation costs or 70% of ARV.
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