Velocity is a direct, nationwide wholesale lender offering a "FICO Driven Product" for borrowers looking to purchase or refinance investment residential, and commercial properties. We never look at tax returns or income statements, nor do we require a minimum DTI ratio. We're great for business owners who write off a lot of their income, or wage earners with sporadic or limited employment history.
We finance Investor (Non-owner Occupied) 1-4 Units, Multifamily, Mixed Use, Retail, Office, Warehouse, Self-Storage, and Automotive Service (no gas pumps)
Velocity is a Par lender, not hard money; we charge NO points, but allow the broker to make up to 5 points on every deal. All loans are 30 years fully amortized with the option of either a ‘3 Year Fixed’ or ‘8 Year Fixed’. We’re asset based, credit driven, and perfect for investors who can’t get qualified with traditional institutions.
DO YOU QUALIFY ???
- Is the subject property a Residential Investment 1-4, Multifamily, Mixed-Use, Office, Retail, Warehouse, Self-Storage, Automotive?
- Is the subject property located in a major metropolitan area with 100k residents or within a 25-mile radius? (We lend nationwide except for ND, SD, IL, MI, AK, MN, NH, TN, VT)
- Is the subject property 100% turnkey ready, habitable with no more than minor cosmetic repairs needed (if any)?
- Is the subject property valued over $105,000 for Residential or $140,000 for Commercial? (LTV based off current "as-is" value and we use the lower of the two: Purchase Price vs Appraised Value)
- Do you have a 640+ mid fico, with no mortgage lates, bankruptcies or foreclosures in the past 2yrs? (Exceptions for 2x30 if more than 90 days ago with a lower LTV)
- Do you have at least 30% (25% for 5+ Multifamily & Mixed Use) down payment/equity for a purchase or refinance transaction?
- Are you interested in keeping the property for at least 2-3yrs as a rental?
PROPERTIES WE LEND ON
SFR/Condo - up to 70%LTV - No DSCR Required - Cannot be Primary Residence/Owner-Occupied - Have to currently own Primary & 1 Investment Property for PURCHASE MONEY TRANSACTIONS - REFINANCES require Primary and the Subject Property being Refinanced - 640 Min Fico Required - Min/Max Loan Amount is $75k-$750,000
2-4 UNITS -up to 70%LTV - N/O/O - 640 Min Fico Required - Min/Max Loan Amount is $75k- $2MM
Multifamily / Mixed-Use - up to 75%LTV - 1.20+ DSCR (No DSCR req if less than $500k/50%LTV) Min/Max Loan Amount is $100k-$5MM / 620 Min Fico if less than 50%LTV; otherwise 640+
Office/Retail/Warehouse/Self-Storage/Automotive -up to 70%LTV - 1.25+ DSCR (No DSCR req if less than $500k/50%LTV) Min/Max Loan Amount is $100k-$5MM / 620-640 Min Fico
TERMS/RATE OFFERED
3 or 8 Year Fixed, Amortized over 30yrs, NO POINTS, with rates at *7.49% at par under our No Income Verification loan program - We do not offer a bank statement or full doc program at this time *standard 3yr PPP at 3% so not ideal for Fix & Flippers
WHY VELOCITY vs HARD MONEY?
NO INCOME/EMPLOYMENT VERIFICATION
NO TAX RETURNS
NO PAY STUBS
NO YTD PROFIT & LOSS
NO 4506/CPA LETTER
NO 12-24 MONTHS BUSINESS BANK STATEMENTS
NO BALLOON PAYMENT
NO CASH OUT RESTRICTIONS
NO RESERVE REQUIREMENTS
NO EXIT STRATEGY, PERSONAL FINANCIALS or EXECUTIVE SUMMARY
PROGRAMS FOR FOREIGN NATIONALS
OKAY FOR WAGE EARNERS & FIRST TIME INVESTORS
CAN FINANCE UP TO 12 PROPERTIES PER BORROWER
CAN VEST AS INDIVIDUAL OR LLC/CORP
1ST TD’s ONLY/ PURCHASES & REFINANCES
LOAN AMOUNTS FROM 75k-5MM
NO MAXIMUM NUMBER OF PROPERTIES OWNED
FAST BROKER APPROVAL WITH NO BUYBACK CLAUSE
NO DCR ON SFR's or COMMERCIAL LOANS UNDER $500k
6.75%Floor Rate, No Upfront Points, Fully Amortized Terms
NOW OFFERING BROKER REBATES UP TO 2PTS (5pts total commission per loan)!!!!
It really is that simple... Contact me directly with any questions or scenarios you may have.
