Who Qualifies for This Loan
- U.S. Citizens and Permanent Resident Aliens
- Financing available for non-warrantable co-ops, condotels, condos, small units under 500 sq ft (including studios, lofts, efficiencies, kitchenettes), condo conversions, projects without HOAs, developments with high investor concentration, new construction, and single-entity ownership
Loan Terms & LTV Guidelines
- Primary or Second Homes: Up to 80% LTV
- Investment Properties: Up to 75% LTV
- Units Under 500 sq ft: Up to 70% LTV
- Maximum Loan Amount: Up to $5 million (subject to LTV limits)
Refinancing & Cash-Out Options
Borrowers may qualify for cash-out refinancing with unlimited cash at closing, provided LTV requirements are met.
Geographic Coverage
This loan program is available in all 50 U.S. states.
Special Borrower Scenarios & Flexibility
- Second homes must typically be located in resort or vacation areas at least 30 miles from the primary residence, or serve as college housing within 5 miles of a school where the borrower’s dependent is enrolled
- Eligible for foreign nationals, expatriates, and borrowers on work visas (see program sheets for details)
- *Asset depletion strategies accepted (see Asset Depletion Program)
- *Gifted down payments, gifted reserves, and gifts of equity are permitted
- *Non-occupant co-borrowers allowed up to 75% LTV, including for cash-out refinancing
Documentation & Underwriting Requirements
All condos, co-ops, and condotels require a completed Advancial Project Questionnaire and must pass underwriting review.
Alternative Income Documentation Options
Borrowers may qualify using flexible income documentation, including:
- 1099-Only Loans
- Asset Depletion
- Bank Statement Loans
- Business Purpose Loans
- Debt Service Coverage Ratio (DSCR) Loans
- Lite Doc or No Doc Loans
- No-Ratio Loans
- Reduced Doc Loans
- Stated Income / Stated Assets or Verified Assets
Need Help? Contact Us
For pre-qualification or guidance tailored to your situation, connect with a Loan Officer today.