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%.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Take the next step in your investment journey with a trusted, reliable lender that has your best interest in mind. Get in touch or request a quote today.