NONI
Investor Loans
without
the B.s.
what is noni
INNOVATIVE INVESTOR LOAN
This is a business purpose DSCR loan designed for investment properties. NONI utilizes a subject property’s 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.
simplicity
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 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
Close in LLC or Trust
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).
Low Fee
As a consumer direct lending operation, we are able to deliver exceptional rates at industry leading low fee.
Eligible Property types
Single-family, condos, townhomes, Du-plex, Tri-plex and Quad-plex
termS
7/6 ARM, 10/6 ARM, 30 year fixed and 40 year fixed. *Interest only options availible on all the above-mentioned terms.
UNDERWRITING
In-house, short term rental and long term rental allowed. No tax returns, W-2’s or paystubs needed to qualify.
ltv
85% max LTV on purchase
85% max LTV on rate and term refinance
80% max LTV on cash out refinance
LOAN types
Purchase, refinance or cash-out refinance.
noni purchase & r/t
85% LTV (minimum FICO 680)
80% LTV (minimum FICO 660)
noni purchase & r/t
85% LTV (minimum FICO 680)
80% LTV (minimum FICO 660)
Harness the power of NONI with NONIplus. For borrowers with FICO ≥ 700 and LTV ≤ 65%.
nearNONI
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 $2.5mm.
fico
Minimum FICO 620.
LTV
LTV up to 75% with FICO 680 on purchases and R/T refinances.
FUNDS
Gift funds allowed.
PREpayS
Prepay options: 5, 4, 3, 2 and 1 year.
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
/
$1500
itia
=
1.00DSCR
NONI
theNONI NATION
noni
financing
short-term rentalS
Short-term rentals, also referred to as vacation rentals, are furnished residences – a home, an apartment or a condo – that are 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, at times referred to as buy-and-holds, are rental 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.
Long-term rentals usually are not furnished and since turnover is low, owners can save money in marketing costs, as they do not need to advertise the space as often as a short-term rental requires.
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, quadplexes and types of condos. 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; they compound returns quickly, are generally easier to finance and tend to benefit from economies of scale.