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Milford Real Estate Qualification Form




Cross-Collateralize multi-family and single-family rental assets.

Min Loan Size $500K*

Min FICO 660 w/o bks, foreclosures, etc. in last 3 years

Mini Unit Count 5 (ex: 1 duplex & 1 triplex OR 5 SFRs)

Min Values $50K = Single family dwelling | $40K/door = Multi-family dwelling

Asset Types SFR, condo, townhome, 2-4 Unit and 5-20 unit apartments (larger apartments on exception basis)

Max LTV Up to 70% (up to 65% for foreign nationals, min loan amount $1m) Based on per property seasoning

Min DSCR 1.20x (1.25x for loans under $2M)

Rates Starting low 5s and up

Term Options 5 Year or 10 year balloon

Yield Maintenance 54 months on 5 year, 114 months on 10 year

Amortization Options 20, 25 & 30 years

Interest Only? Case by Case – Up to 65% LTV

Non-recourse Option? Yes

Foreign Nationals Ok? Yes. Max LTV up to 65% and Min Loan amount $1M*.

Borrower Entity Delaware SPE LLC required

Expense Deposit? Yes

Reserves? Yes – Taxes, Insurance, Capex and Debt Service/P & I Payment Reserves Escrowed at closing – 3 months P & I (Greater than 20 units) or 6 months P & I (Less than 20 units)

Condo Conversion? Yes

Non-Warrantable Condo? Yes

Occupancy Min 90%

Lease Term Min 12 months. No vacation rentals/Short-term

Liquidity/Net-worth Requirement - 5% of loan amount Liquid and 25% net-worth




Short term credit facilities to help acquire vacant assets for both fix & flip and buy & hold investors.

Min Line Size $1M - $25M

Property Type SFR, Townhome, Condo, Multifamily 5-20units, up to 40 with exception

Loan Limits SFR Min $40K/ Max $400K; Multifamily (5-10units) Min $200K/Max $1M; Multifamily (10-40*units) Min $750K/ Max $2M

Valuation Limits SFR/Townhome/Condo: Min $75k/Max $600K per unit; Multifamily Min $50K/Max $100K per

Advance Rates (Initial Disbursement) Up to lesser of 80% LTC or 75% LTV

Max Total Loan with Reno Up to 80% LTC / 65% ARV

Max Rehab LTV Up to 75% of acquisition cost

Draw & Repay Periods 12 months to draw, 9-12 month to repay

Min FICO 660 w/o bks, foreclosures, etc. in last 3 years

Liquidity and Net Worth Requirement Line <$3M ~20% of line size in liquidity; Line >$3M ~20% of line size in net worth

Sponsor Experience Established fix/flip and/or rental track record; 3+ years for lines >$3M

Rates (Fixed or Floating) Starting 8.5%+

Advance Fee <$3M Line, 1% on all advances, Min 1% Origination; >$3M Line, Min  2% on all advances

Interest Reserves As required 3-6 months reserves

Borrower Entity: We require that the borrowing entity be a special purpose bankruptcy-remote entity (LLC or corporation formed in any state for loans under $10M; DE SPE single member LLC for loans over $10M) which includes the sponsor or an affiliate of the sponsor as an equity owner. Also, the entity must be formed solely for the purpose of purchasing and holding assets with our line of credit only.  It cannot own or will not own assets other than those assets purchased with the line of credit, and it has not incurred and/or will not incur any indebtedness other than the loan.




Bridge loan to finance new-guild long term rental properties. New SFR/Townhome construction loan + term loan takeout financing

Loan Amount $3M - $25M

Origination 2% on total loan amount

Asset Type Development of more than 5 SFR or Townhome units for rental

Max # Units 150

ARV per unit $100k - $300k

Fixed and Floating Rate Options (Based on Experience, Liquidity, Net-worth and FICO)

Limited recourse with carveouts including construction completion

Term 12-24 months w/ one 6-month extension

Advance Rate Horizontal: Advances on completed work up to lesser of 60% Cost/50% Finished Pad Value

Vertical: Advances on completed work up to lesser of 70% Cost or 65% Finished Value

Sponsor Experience and FICO 10+ build to rent properties; 3+ years in the business and primary business of sponsor.

SFR or townhome communities. Minimum Credit Score of 660.

Interest Reserves As required, 3-6-months reserves

Your inquiries and submissions are welcome from both principals and brokers  Our email is and our website is and our telephone is 541-515-0666

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