NONI
Business Purpose Investor loans
without
the B.s.
What is NONI
Innovative Investor DSCR Loan
This a business purpose DSCR loan designed for investment properties. NONI utilizes a subject property’s DSCR (debt-service-coverage-ratio) to qualify the loan; meaning, your loan is qualified based on the cashflow and market rents of the property. We compare the potential rental income to the proposed mortgage payment and if the rental income is equal to, or greater than, the mortgage payment – the property is qualified for our
investor loan.
Qualifying Made Easy
Financing rental properties should be simple and straightforward, so we’ve geared our qualification process toward that—simplicity. NONI requires no personal income to qualify, so we won’t need W-2’s, tax returns or paystubs; rather, we use rental analysis. A key benefit of NONI is it allows our clients to hold title in an LLC or corporation. This is highly beneficial to investors and their portfolios, as holding an investment property in an LLC offers tax benefits as well as reduces exposure from a liability standpoint.
the
products
noni
A simple and innovative business purpose DSCR loan, available here at theLender. NONI is the result of four years and $5 billion in non-QM submission R&D. We are here to help you add this incredible business line to your portfolio.
highlights
ALLOWS
Title can be held in an LLC, S-corp, C-corp or trust.
properties
No limit on number of financed properties (4+ requires board review).
LENDING
Consumer-direct
TYPES
Single-family, condos, 2-4 units, townhomes.
termS
30 YR Fixed, 40 YR Fixed with I/O, & 7/6 ARM. *Interest-only options available.
UNDERWRITING
In-house, STR and LTR allowed, no tax returns, W-2’s or paystubs.
LOAN
Purchase, R/T refinance or cash-out refinance.
noni purchase & r/t
80% LTV (minimum FICO 680)
80% LTV (minimum FICO 660)
noni cash-out
75% LTV (minimum FICO 660)
Harness the power of NONI with NONIplus. For borrowers with FICO ≥ 700 and LTV ≤ 65%.
near NONI
The best no-ratio investor loan in the country. It’s not quite the NONI, but the nearNONI is definitely cut from the same cloth and was created to help investors. If you find yourself in a small loan amount or a county with high HOA dues, we have a business purpose financing solution for you. Our nearNONI was specifically designed for landlords who don’t receive enough rental income to cover their full mortgage payment. High taxes, HOA dues or small rents are no obstacle for us here at theLender; we pride ourselves on leveraging our experience in situations such as these, offering us an opportunity to design creative financing solutions for our clients.
coverage
Allows debt-service coverage ratio of < 1.00.
properties
Non-warrantable condos allowed.
rESERVES
Cash-out can be used for reserves.
LOAN
Amounts up to $3mm.
fico
Minimum FICO 620.
LTV
LTV up to 75% with FICO 680 on purchases and R/T refinances.
FUNDS
Gift funds allowed.
how we
qualify the loan
Here’s a glimpse at how we qualify your loan – take your gross rents, based off the lesser of market rents or lease agreement, and divide by the PITIA (full amortization) or ITIA (interest only). For example:
interest only
If your debt-service-coverage-ratio is ≥ 1.00 you’ve got a NONI:
$1500
gross rents
/
$1500
itia
=
1.00DSCR
NONI
full amortization
if your debt-service-coverage-ratio is < 1.00
we qualify the loan at a different price
(nearNONI):
$1500
gross rents
/
$2000
itia
=
0.75DSCR
nearNONI
noni
financing
short-term rentalS
Short-term rentals, also referred to as vacation rentals, are any home that is rented to guests who are interested in short-term stays; anywhere between one night to one month. STR’s provide ample advantages to real estate investors, such as earning potential and flexibility. Owners can decide precisely when their property will be made available to guests, whether on a nightly, weekly or monthly basis
str
long-term rentalS
Long-term rentals are properties that are purchased and rented out for long-term leases. An LTR property can range from a single-family home, townhouse, multi-family home, apartment or condo and is associated with providing tenants accommodation for an extended period; generally, a minimum duration of six months or greater.
ltr
multi-family RENTALS
A multi-family property, or multi-dwelling unit (MDU), is a residential building with more than one rentable space. The most common examples are duplexes, triplexes, and quadplexes. Multi-family investments allow for the acquirement of multiple properties within one building and are the epitome of scalability. They are the perfect wealth-building tool for those looking to expand their real estate investment portfolio.