📐 Loan Sizing Matrix Matrix
Single-Family (1–4 Unit)
Min Property Value
Single: $100,000
Portfolio avg: $90,000
(70% LTV limit if avg < $100K)
Portfolio avg: $90,000
(70% LTV limit if avg < $100K)
Max Property Value
1 Unit: $3,000,000
2–4 Unit (incl. ADU): $5,000,000
2–4 Unit (incl. ADU): $5,000,000
Min Loan Amount
Single: $100,000
2–4 props: $150,000
5+ props: $250,000
2–4 props: $150,000
5+ props: $250,000
Max Loan Amount
1-unit SFR: $1,500,000
2–4 unit: $2,500,000
Portfolio: $3,000,000
2–4 unit: $2,500,000
Portfolio: $3,000,000
Max Avg Loan / Unit (2–4 unit)
$1,500,000
Max Properties per Loan
20
Max Total Exposure per Guarantor
$6,000,000 (exception basis for higher)
Multifamily (5–8 Unit)
Min Property Value
$500,000 property
$75,000 avg per unit
$75,000 avg per unit
Max Property Value
$10,000,000
Min Loan Amount
$350,000
Max Loan Amount
$3,000,000
Max Avg Loan / Unit
$1,000,000
Max Properties per Loan
1
Max Units per Property
8 (up to 10 on exception basis)
⚠️ Loan amounts exceeding maximum limits require pre-approval. Minimum loan amounts down to $75,000 may be considered for portfolios broken up into single-asset loans submitted together.
📊 Maximum LTV Matrix Matrix
SFR (1–4 Units) — 1–10 Properties
| FICO | Purchase | Rate/Term Refi | Cash-Out 3 |
|---|---|---|---|
| DSCR ≥1.20x / 1.0x–1.19x | ≥1.20x / 1.0x–1.19x | ≥1.20x / 1.0x–1.19x | ≥1.20x / 1.0x–1.19x |
| ≥ 740 | 80% | 75% 4 | 75% |
| 720–739 | 80% | 75% 4 | 75% |
| 700–719 | 75% | 75% / 70% | 75% / 70% |
| 680–699 5,7 | 70% | 65% | 65% |
| 660–680 5,6,7 | 65% / 60% | 65% / 60% | 65% / 60% |
SFR (1–4 Units) — 11–20 Properties
| FICO | Purchase Top & Std / Small & Very Small |
Rate/Term Refi Top & Std / Small & Very Small |
Cash-Out 3 Top & Std / Small & Very Small |
|---|---|---|---|
| ≥ 740 | 75% | 75% | 75% |
| 720–739 | 75% / 70% | 75% / 70% | 75% / 70% |
| 700–719 | 70% | 70% | 70% |
| 680–699 | 65% | 65% | 65% |
| 660–680 | 65% / 60% | 65% / 60% | 65% / 60% |
Multifamily (5–8 Units)
| FICO | Purchase — Top | Purchase — Small | Rate/Cash-Out — Top | Rate/Cash-Out — Small |
|---|---|---|---|---|
| ≥ 740 | 75% | 70% | 75% | 70% |
| 720–739 | 70% | 70% | 70% | 70% |
| 700–719 | 70% | 70% | 70% | 70% |
| < 700 | N/A | N/A | N/A | N/A |
1 LTV limited to 70% if individual property value ≤ $100,000; or $100,000 average for portfolio loans.
2 LTV limited to 70% for loans with IO term, except 740+ FICO back-tested to 1.0x DSCR using P&I payments.
3 Max cash-out amount is $500,000. Higher cash-out requires pre-approval.
4 80% LTV allowed on Rate/Term Refi for 720+ FICO for single-asset loans only. >75% LTV on Rate/Term Refi portfolios not allowed.
5 Requires: 3 months additional liquidity reserves, 1.10x DSCR minimum, VOM from existing lender if applicable.
6 < 680 FICO requires pre-approval.
7 Minimum 700 FICO for portfolio loans.
2 LTV limited to 70% for loans with IO term, except 740+ FICO back-tested to 1.0x DSCR using P&I payments.
3 Max cash-out amount is $500,000. Higher cash-out requires pre-approval.
4 80% LTV allowed on Rate/Term Refi for 720+ FICO for single-asset loans only. >75% LTV on Rate/Term Refi portfolios not allowed.
5 Requires: 3 months additional liquidity reserves, 1.10x DSCR minimum, VOM from existing lender if applicable.
6 < 680 FICO requires pre-approval.
7 Minimum 700 FICO for portfolio loans.
LTV Calculation: Original Loan Amount ÷ the lesser of underwritten as-is value or purchase price (if purchase/delayed purchase). Max seller concession: 2%. Max assignment fee: 20%.
🏗️ Maximum LTC Matrix Matrix
SFR (1–4 Units)
| Months Since Acquisition | Max LTC |
|---|---|
| < 3 Months — Rate/Term Refi | 80% (100% if newly renovated & leased) |
| < 3 Months — Cash-Out Refi | 80% |
| 3–6 Months — Rate/Term Refi | No Limit |
| 3–6 Months — Cash-Out Refi | 100% |
Multifamily (5–8 Units)
| Months Since Acquisition | Max LTC |
|---|---|
| < 3 Months | 80% |
| 3–6 Months | 100% |
LTC Calculation: Loan Amount ÷ (Purchase Price + Paid Hard Cost Improvements). Borrower must provide line-item budget showing paid hard costs. A loan is only considered Rate/Term Refi if existing debt is backed by a recorded lien on Title.
What counts toward LTC cost: Purchase price, construction costs, rehab costs, soft costs for completed work.
What does NOT count: Financing costs, loan interest, incomplete work soft costs, property taxes, insurance, PM fees, HOA fees.
What does NOT count: Financing costs, loan interest, incomplete work soft costs, property taxes, insurance, PM fees, HOA fees.
💰 Liquidity Reserves Matrix Matrix
| Scenario | Required Reserves |
|---|---|
| Loan Amount ≤ $1,000,000 | 3 months PITIA |
| Loan Amount $1,000,001 – $2,000,000 | 6 months PITIA |
| Loan Amount > $2,000,000 | 9 months PITIA |
| Cash-Out Loan (additional) | + 3 months |
| Derogatory Credit Event ≤ 4 years (additional) | + 6 months |
Liquid Net Worth post-close must be ≥ 5% of loan amount. Cash-out amounts may be used as reserves. Reserves must be seasoned 2 months and proven. All loans to the same Borrower/Guarantors closing within 6 months of each other are included in the calculation.
Asset Weighting for Liquidity
| Asset Type | Weight |
|---|---|
| Checking / Savings / Money Market | 100% |
| Publicly traded stocks, bonds, mutual funds, annuities (surrender value) | 70% |
| IRA / 401k / SEP / Keogh (under age 63) | 50% |
| IRA / 401k / SEP / Keogh (age 63+) | 100% |
| Revocable Trust Assets (with documented access rights) | 100% |
| Business funds (weighted by ownership %) | Ownership % |
| Non-vested / restricted stock | 0% |
| Foreign Currency | 0% |
| HELOC | 0% |
| Cash value of life insurance | 0% |
| Cryptocurrency | 0% |
🏠 Occupancy Requirements Matrix
≤ 9 Units
80%
≥ 10 Units
90%
Single Property Purchase
No Req.
Occupancy guideline enforced across Sir Lends A Lot LLC's total active pipeline with the same Borrower and/or Guarantor.
How Many Units Must Be Occupied (SFR 1–4)
| Total Units | Purchase (Single) | Initial Lease-Up ≤100% LTC * | All Other Scenarios |
|---|---|---|---|
| 1 | 0 (none) | 0 | 1 (80%) |
| 2 | 0 | 1 | 2 (80%) |
| 3 | 0 | 2 | 3 (80%) |
| 4 | 0 | 2 | 4 (80%) |
| 5–9 | N/A | 80% rule applies (see matrix) | |
| 10+ | N/A | 90% rule applies (see matrix) | |
* Initial lease-up exception subject to DCC review and approval. Requires 1.10x minimum DSCR with 10% haircut to market rents on vacant units. Not automatically approved.
📈 DSCR Calculations Guideline
PITIA Method (≤ 10 SFR Properties)
Formula: Monthly Gross Rental Income ÷ Monthly PITIA
Gross Income is the LESSER of:
- Actual monthly rent in the lease
- Market monthly rent in the appraisal
- Market rent with 10% haircut for unleased units (can be waived only for the purchase of a vacant single-unit property — v26.3 narrowed this from the prior "single-property" wording)
PITIA includes: Principal & Interest + Property Taxes + Insurance + HOA/PM Fee
Single Property Min
1.00x
Portfolio Min
1.10x
I/O loans must also qualify at 1.00x using theoretical debt service with 360-month P&I amortization.
NCF Method (> 10 SFR or any MF)
Formula: Monthly Net Cash Flow ÷ Monthly P&I (after all operating revenues, expenses, and capex reserves)
| Market Tier | Min DSCR |
|---|---|
| Top or Standard | 1.20x |
| Small Market | 1.30x |
| Very Small Market | 1.40x |
NCF DSCR will be used when total SFR count across Sir Lends A Lot LLC's active pipeline with the same Borrower/Guarantor exceeds 10.
⚠️ Short-term rentals (Airbnb, etc.) income is NOT allowed for DSCR calculations. Long-term appraised market rent must be used. STVRs must show 12 months of STVR income exceeding appraised long-term rent.
Lease Definitions
Leased (Full Income)
- 12-month initial term, between unrelated parties
- Month-to-month with a prior active lease
Unleased (Use 1007 Market Rent with 10% Haircut)
- Vacant units
- Month-to-month without a prior active lease
📋 Loan Types & Terms Guideline
Interest Rate Types
Fixed Rate (FRM)
Interest fixed for the life of the loan. NOT allowed for MF or MU loans >$2,000,000.
Adjustable Rate (ARM)
Fixed for the initial term, then reprices on a set schedule. Options: 10/6, 7/6, and 5/6 ARM.
Payment Types
Principal & Interest (P&I)
Fixed monthly payment amortized over 30 years (360 months). Reduces principal balance over time.
Interest-Only (I/O)
Monthly payments cover only interest. Only available with ARM products. I/O for initial term, then converts to P&I over remaining term.
Portfolio Loan Requirements: All properties in same county (unless title can cover cross-county). Properties cross-collateralized. Release prices: 120% of par. No substitution. 700 minimum FICO. 1.10x minimum DSCR.
🎯 Loan Purpose Guideline
Business purpose only. Borrowers must certify non-owner occupancy.
Purchase
Funds used to finance the acquisition. No seasoning requirement for single-property purchase.
Rate/Term Refinance
Pays off existing first-lien debt, co-owner buyout, delinquent taxes (under 60 days), or loan fees. Max cash-out: lesser of 2% of loan amount or $2,000.
Cash-Out Refinance
Provides cash to borrower. Pays off taxes over 60 days delinquent. Cash-out may satisfy liquidity reserve requirements. Max cash-out: $500,000 (higher requires pre-approval).
Delayed Purchase
Property purchased with cash (no debt). Must close within 180 days of acquisition. Uses purchase loan terms.
VOM Required when: Payoff document shows late fees, default interest, or force-placed insurance; any guarantor FICO < 700; or credit report shows insufficient tradeline history or late payments in last 12 months.
📉 ARM Details Guideline
| Product | Initial Fixed Period | I/O or P&I | Rate Reset Start | Reset Interval |
|---|---|---|---|---|
| 5/6 ARM (I/O) | 5 years I/O | Then P&I over 25 yrs | Start of Year 6 | Every 6 months |
| 7/6 ARM (I/O) | 7 years I/O | Then P&I over 23 yrs | Start of Year 8 | Every 6 months |
| 10/6 ARM (I/O) | 10 years I/O | Then P&I over 20 yrs | Start of Year 11 | Every 6 months |
| 5/6 ARM (P&I) | 5 years P&I | Amortized 360 mos | Start of Year 6 | Every 6 months |
| 7/6 ARM (P&I) | 7 years P&I | Amortized 360 mos | Start of Year 8 | Every 6 months |
| 10/6 ARM (P&I) | 10 years P&I | Amortized 360 mos | Start of Year 11 | Every 6 months |
Index
30-day SOFR
Margin
5.25%
Lifetime Floor
Original note rate
Rate Caps
| Cap Type | 5/6 ARM | 7/6 ARM | 10/6 ARM |
|---|---|---|---|
| Initial Rate Reset Cap | 2.00% | 5.00% | 5.00% |
| Periodic Rate Reset Cap | 2.00% | 2.00% | 2.00% |
| Lifetime Rate Cap | 5.00% | 5.00% | 5.00% |
💸 Prepayment Penalties Guideline
| Structure | Description |
|---|---|
| No Prepay | No penalty at any time |
| 1 Year (300) | 3% in Year 1, no prepay thereafter |
| 2 Year (320) | 3% Year 1, 2% Year 2, no prepay thereafter |
| 3 Year (321) | 3% Year 1, 2% Year 2, 1% Year 3, no prepay thereafter |
| 5 Year (54321) | 5%, 4%, 3%, 2%, 1% stepdown — no prepay after Year 5 |
Longer prepay = lower interest rate. Shorter prepay = higher interest rate. Negotiate as part of initial loan pricing.
Partial releases on portfolio loans require paydown of 120% of par value per property released. Substitution is NOT allowed.
✅ Eligible Property Types Guideline
Single-family detached
2–4 unit attached
5–10 unit attached
Warrantable condominiums
Non-warrantable condos (see Exhibit D)
Townhomes
PUD (Planned Unit Development)
Section 8 (with restrictions)
Legal nonconforming use (exception review)
All eligible properties must be appraised as C1–C4 condition. Non-owner occupied, stabilized rental properties only.
Section 8 Requirements
- Guarantor must have minimum 3 owned & stabilized Section 8 properties with 12+ months of history
- Section 8 assets must be similar size to subject property and in the same submarket
- All Section 8 units for long-term residential households only
- Not allowed for senior housing or rehabilitation homes
🚫 Ineligible Property Types Important
Ground-up construction (no CofO)
Short-term vacation rentals (usually)
Lots ≥ 3 acres
Mixed-use
Operating farms / ranches / orchards
Rural properties
Co-ops
Manufactured/modular homes
Log homes
Leasehold properties
Deed-restricted properties
Earth/berm/dome homes
Houseboats
Builder leasebacks
Timeshares
Native American reservations
Oil/gas lease properties
Hazardous material properties
C5 or C6 condition properties
STVR Exception: May be approved if (1) 12+ months STVR income exceeds long-term market rent, (2) not a heavy vacation destination market, and (3) strong guarantor support with strong liquidity.
Rural Property Indicators
- Lot size > 3 acres (subject or comps)
- Neighborhood less than 25% built-up
- Area zoned agricultural
- Dirt road access
- Comps more than 5 miles from subject
- Community population < 25,000
- Distance to schools/amenities > 25 miles
- Outbuildings or large storage sheds present
📏 Minimum Property Requirements Guideline
Single Family Min SqFt
700 sqft
Condominium Min SqFt
500 sqft
2–4 Unit (per unit)
400 sqft
- Improved real property, accessible year-round
- Full kitchen and bathroom present
- Represents highest and best use
- No health or safety issues
- Continuously fueled, permanently affixed heat source
- Property must be C4/Q4 condition or better
- Free of all housing code violations
- No UCC filings associated with the property
🗺️ Eligible States & Licensing Important
🚫 Sir Lends A Lot LLC does NOT lend in: Idaho, Nevada, Utah, North Dakota, South Dakota, Vermont, or US Territories.
California
- TPO needs active DRE License → REIL entity can fund
- TPO has CFL but no DRE → must close as Sir Lends A Lot LLC
- No DRE or CFL → cannot fund in CA regardless
Arizona
- TPO needs active AZ Mortgage Broker License → REIL entity can fund
- Not licensed in AZ → cannot fund in AZ regardless
Oregon
- TPO licensed in OR → REIL entity can fund
- TPO not licensed in OR → can fund as Sir Lends A Lot LLC only, NOT REIL
Minnesota
- All loans must close as Sir Lends A Lot LLC — REIL cannot be used in MN
- TPO must be licensed in MN
All Other States
- Can close as Sir Lends A Lot LLC or REIL
- Fees can be white-labelled under REIL
In CA, AZ, and OR: the TPO must be on the settlement statement with clear disclosure of who is receiving the origination fee — even when closing as Sir Lends A Lot LLC.
📄 Lease Requirements Guideline
- Property must have a 12-month lease in force or be "lease ready" (clean, no repairs needed)
- Month-to-month leases acceptable only if tenant has been in place 12+ months
- Corporate leases are NOT allowed
- Leases to family members of ownership interest holders = consumer property = NOT eligible
- Vacant/ineligible units underwritten at appraised 1007 market rent with 10% haircut
STVRs (exception basis only): STVR rent cannot be used as income. Underwrite using appraised long-term 1007 market rent. Borrower must show last 12 months STVR income exceeds appraised long-term rent. v26.3 clarified that STVRs are only approved as an exception.
🛡️ Insurance Requirements Guideline
Fire/Hazard Coverage
Lesser of full replacement cost or loan amount; never < 80% replacement cost
Rent Loss Insurance
Minimum 6 months
Liability Coverage
Minimum $1,000,000 aggregate
Deductible Maximum
5% of policy face amount
Property insurance must be escrowed. Lender must be named as Loss Payee. Policy must be underwritten by a carrier rated B+ or better by A.M. Best, A or better by Demotech, or BBB or better by Standard & Poor's.
Lender Loss Payee Clauses
Sir Lends A Lot LLC: Sir Lends A Lot LLC, ISAOA ATIMA, 9250 E. Costilla Ave, Ste 425, Greenwood Village, CO 80112
REIL: RE Investment Loans LLC, a Delaware limited liability company, ISAOA ATIMA, 9250 E. Costilla Ave, Ste 425, Greenwood Village, CO 80112
📜 Title Insurance Guideline
Approved Title Insurance Underwriters
AdvocusAlliant NationalAmTrust
Fidelity National Title GroupFirst American
First NationalOld Republic
StewartWestcorWFG National
Note: Lawyers Title (Fidelity) is approved but discouraged. All title companies must be vetted by Secure Insight prior to closing.
Key Title Requirements
- Must ensure title is acceptable and mortgage represents a first lien on a fee simple estate
- 24-month chain of title required, prepared no earlier than 90 days prior to loan date
- ALTA 2006 standard form or equivalent
- ARM loans require ALTA Endorsement 6-06
- Coverage amount must equal at least the original principal amount
- Borrower names on title commitment must match names on note/mortgage exactly
- For condos: ALTA 4-06 or 4.1-06 endorsement required
🌊 Flood Insurance Guideline
Required if subject property is in a FEMA-designated Special Flood Hazard Area.
- Coverage: lesser of full replacement cost or max NFIP coverage
- Deductibles: up to NFIP maximum
- Must contain mortgagee clause naming lender as loss payee
- Must be escrowed
- Flood certificate required from nationally recognized provider (waivable with appraisal confirmation)
Waiver conditions: Improvements not in flood hazard area even if land is; or FEMA letter confirming removal from flood hazard designation.
🏢 Property Management Guideline
Self-Management
Single property: PM experience not required.
Portfolio loans: Borrower must have previous PM experience.
Dedicated Property Manager
Must enter into an executed PM agreement acceptable to lender. Assignment of PM agreement required for MF properties (5+) or SFR portfolios with 11+ units.
PM Experience Requirements (Rules of Thumb)
| Factor | Requirement |
|---|---|
| Distance | Within ~2-hour drive from collateral, or has local assistance |
| Experience Type | Must match property type (SFR experience ≠ qualified for 10-unit MF) |
| Experience Duration | Minimum 2 years managing similar properties |
| Experience Volume | At least 3 properties; must be comparable to subject portfolio size |
Property management fees are not included in PITIA/ITIA DSCR calculations. However, if PM fees drop DSCR below 1.00x, an exception is required.
🏛️ Entity Structure Guideline
Borrower must be a business entity: LLC, Series LLC, or Corporation. No individual borrowers.
LLC Requirements
- Recorded articles of organization
- Executed operating agreement (members with %, managers, authorization)
- SS-4 or tax return showing EIN
- Certificate of good standing (within 3 months)
- Foreign entity certification (if formed in different state than collateral)
Corporation Requirements
- Recorded articles of incorporation
- Executed bylaws
- Shareholder register
- SS-4 or tax return showing EIN
- Certificate of good standing (within 3 months)
- Foreign entity certification if applicable
Special Purpose Entity (SPE) required for all portfolio loans of 10+ properties. The SPE must be organized solely for the purpose of the subject properties and cannot own other assets.
✍️ Guaranty Requirements Guideline
Full "warm body" personal guaranty required on every loan. Limited recourse or entity-only guaranties are NOT accepted.
- At least one individual with direct or indirect ownership must guarantee
- Must be involved in day-to-day management
- Combined guarantor ownership must be ≥ 51%
- Only guarantors' experience, credit, and liquidity considered in underwriting
Background Check Disqualifiers
- Bankruptcy in last 4 years
- Foreclosure in last 4 years
- Any conviction for violent offense or fraud
- On OFAC SDN list
- Past felony convictions or financial fraud convictions
- Outstanding material (>$3,000) tax liens, other liens, or judgments
Background checks required within 180 days of Note date. Includes criminal history, OFAC, litigation, UCC filings, judgments, and lien searches.
💳 Credit Requirements Guideline
Single-Asset Min FICO
660
660–679 FICO
Pre-approval req.
Portfolio Min FICO
700
FICO < 700 requires: 3 additional months of liquidity reserves, 1.10x minimum DSCR, and VOM from existing lender if applicable.
Credit Report Requirements
- Full RMCR or Tri-Merged in-file required — must reflect 2+ bureaus
- Use middle of 3 or lesser of 2 scores
- Report must be within 90 days of Note date (120 days for repeat borrowers with no late mortgage payments in last 12 months)
- Multiple guarantors: use the higher of representative scores, but all non-qualifying FICOs must be ≥ 620
Trade Line Requirements — v26.3 made these explicit guarantor-by-guarantor
- Minimum 2 trade lines open for at least 24 months
- At least 1 line with activity in past 12 months
- Every guarantor must meet the minimum trade-line requirement (not just the qualifying guarantor)
- Zero 30-day late payments in last 12 months
- All open judgments, garnishments, and tax liens must be paid off before closing
🏦 Liquidity & Net Worth Requirements Guideline
See Liquidity Reserves Matrix for post-closing reserve requirements.
Documentation Requirements
- Most recent 2 consecutive months of bank/investment statements covering minimum 60 days
- Latest statement must be within 45 days of Note date
- Large unusual deposits must be explained and documented
- Downpayment gifts are NOT allowed
Net Worth Requirements
- Signed Personal Financial Statements required for MF loans and SFR portfolios of 6+ properties
- Portfolios > 10 properties: guarantors must demonstrate net worth ≥ 25% of total loan amount
🌍 Citizenship / Visa Status Important
All guarantors must be US Citizens or Permanent Resident Aliens with a valid Social Security Number.
Permanent Resident Documentation (any of):
- Permanent or Conditional Resident Card / Green Card
- Valid passport with I-551 stamp
- Valid I-94A form indicating refuge/asylum grant
- USCIS evidence of permanent residency
- Signed citizenship affidavit or completed loan application
Guaranties NOT accepted from citizens of: Cuba, Iran, North Korea, Sudan, Syria, Ukraine (including Crimea, Donetsk, Luhansk), Russia, Venezuela, Myanmar, Belarus, or any OFAC Specially Designated Nationals.
🔗 Entity Chains Guideline
When a warm-body guarantor owns the borrowing entity indirectly through intermediate entities, each entity in the chain must also guarantee the loan as an abundance of caution.
Non-warm-body entity guarantors do not need to provide financials to qualify. They must provide full entity documents showing legal standing and authorization to sign, and warm-body owners must sign and notarize the Entity Certificate.
Non-Arm's Length Transactions
Generally ineligible — must disclose all relationships with sellers, agents, appraisers, or any other transaction party. May be considered in limited circumstances (family sales, self-representation).
🔍 Appraisal Requirements Guideline
| Property / Loan Size | Appraisal Requirement | Max Age |
|---|---|---|
| SFR ≤ $2,000,000 | 1 full independent appraisal + ARR (Appraisal Risk Review) | 120 days (180 w/ recert) |
| SFR > $2,000,000 | 2 full independent appraisals; lower value used | 120 days (180 w/ recert) |
| MF (5+ units) | Full narrative commercial appraisal by MAI-certified appraiser | 90 days (120 w/ recert) |
Hybrid Appraisal, BPO, or Internal Valuation is NOT allowed for any property type.
Appraisal Forms (SFR)
- SFR: Fannie Mae/Freddie Mac Forms 1004/70 with 1007 comparable rent schedule
- 2–4 Unit: Forms 1025/72 with 216 comparable rent schedule
- Condo: Forms 1073/465 with 1007 comparable rent schedule
- Comps: 3+ sale comps and 2+ rental comps, same city, ≤ 3 miles from subject
Inspection Requirements
- Licensed appraiser must perform interior inspection
- All vacant units must be inspected
- MF: at least 4 occupied units must be inspected
- SFR portfolios 14-: all vacant + 4 occupied units
- SFR portfolios 15+: all vacant + 5 occupied units
- Properties rated C5/C6 or Q6 are NOT eligible
🏢 Approved AMCs & Appraisers Matrix
Approved AMCs (SFR)
Accurate GroupAllstate
AMPAppraisal Linx
Appraisal Nation / Class Valuations
ARIVSBNL
FastAppNationwide
Valuation Services
Approved Commercial Appraisers (MF)
BoweryCBRE
ColliersCushman & Wakefield
Newmark
TPOs can request a Direct Appraiser from Sir Lends A Lot LLC's Internal Panel, a random AMC, or a specific approved AMC. TPOs cannot request a specific appraiser. If 5+ approved appraisers are in a market, one is randomly selected; if 4 or fewer, an AMC is used.
📁 Loan Documentation Guideline
Key Document Requirements
- ACH payments required for all loans
- All loan docs must be wet-signed and notarized by US notary
- Entity Certificate required: all direct/indirect owners must sign and notarize
- Assignment of PM agreement required for MF (5+) or SFR portfolios with 11+ units
Ongoing Reporting (SFR 10+ or MF)
- Annual Financial Statements of Borrowing Entity
- Annual Rent Rolls & Property Operating Statements
Signing Outside the US
- Signer grants Power of Attorney (POA) to agent in the US
- Sir Lends A Lot LLC must approve the POA, agent, notary, and title company
- POA agent must use a US notary on signing day
- Guarantors must wet-sign and ship the Guaranty
- Signer may DocuSign the Entity Certificate
New York State: loan documents prepared by Sir Lends A Lot LLC's NY counsel at borrower's expense. Borrowers must retain their own NY counsel.
⚠️ Exception Management Important
Loans that do not meet published underwriting guidelines may be considered on an exception basis. Exceptions must exhibit strong and documented compensating factors.
- All exceptions must be approved by Credit Committee before submission to investor
- Only Credit Committee has authority to submit exceptions to Sir Lends A Lot LLC's investors
- Exception requests documented via standard Exception Request form
🏙️ Non-Warrantable Condo Requirements Guideline
| Criteria | Requirement |
|---|---|
| Ownership Concentration | No single entity may own > 15% of total units |
| Investor Occupancy | No more than 50% of units renter occupied |
| HOA Delinquency | No more than 15% of units delinquent > 60 days on HOA dues |
| Capital Reserve | HOA budget must include ≥ 5% of total expenditures for reserves (waived if reserves ≥ 50% of annual budget) |
| Commercial % | 50+ units: ≤ 50% of sqft commercial. < 50 units: per Fannie Mae requirements. |
| HOA Non-Dues Income | Non-dues income ≤ 35% of total HOA budgeted income |
| Litigation | HOA cannot be defendant unless fully covered by insurance (up to $50K deductible allowed) |
| Insurance | Master policy covering common elements + structures, 100% replacement cost, max 5% deductible |
| Construction | Subject phase must be fully complete |
Pre-Sale Requirements (Projects < 10 Units)
| Project Size | Units That Must Be Sold |
|---|---|
| 1–4 Units | Not eligible |
| 5 Units | 4 units |
| 6 Units | 5 units |
| 7 Units | 5 units |
| 8 Units | 6 units |
| 9 Units | 6 units |