Did you know that there are NO personal income requirements for any of our loan products? That includes our short-term fix and flip, no-rehab bridge, and new construction programs as well as our longer-term rental/DSCR program.
- No Income Verification
- No Tax Returns Required
- No W-2 Required
You might be asking yourself—how exactly DO I qualify?
Instead of considering your personal income, we look at either the ARV (After Repair Value) or the projected rental income of the property itself. That’s why we require a detailed appraisal completed by an approved third-party for fix and flip properties or a rental history or projected rent schedule for buy-and-hold projects.
We also review your credit history as well as your experience level when it comes to successful real estate investment exits. The higher your credit score and the more extensive your experience, the better the rate and leverage we can offer.
We really want to make sure that there is enough upside in the project to cover all of your costs and provide some profit. We look closely at your repair budget if it’s a fixer-upper and comb through your Scope of Work to make sure that all bases have been covered. For a rental property, we consider your DSCR or Debt Service Coverage Ratio which determines whether your projected rental income will exceed your debt obligations. Ideally, borrowers should strive for a DSCR above 1—the higher the better.
Without the need to verify employment or income, we are able to close your loan quickly–usually within 14 to 21 days. To get an idea of what rate and leverage we can offer you, sign up below and submit a no-obligation pre-application for your next project.
https://www.gonavcap.com/signup
Should you have any questions, please contact your loan officer or reach out at 888.444.3160 or info@gonavcap.com to be put in touch. We look forward to working with you!