We are a first position lender and do not allow for subordinate financing. We offer two loan programs: long-term rental property loans and short-term hard money or bridge loans.

Rental Property Loan Program

  • Fixed Rate or 7/1 ARM, 30 year term/amortization
  • Rates start at 6.5%
  • Minimum Loan Amount: $100,000
  • Minimum FICO score: 620 (scores below 660 may be subject to restrictions)
  • Maximum LTV: 75%
  • Reserve Requirement: Minimum 6 months liquid reserves
  • Property DTI: program maximum of 100%
  • No Personal Income Check
  • No Foreclosures/Bankruptcies in the last 2 years

Hard Money or Bridge Loan Program

  • 12 month term; interest only payments
  • Rates start at 8.25%
  • Minimum Loan Amount: $100,000
  • Minimum Initial Funding: $75,000 (on purchase)
  • Loan Funding Parameters: funding up to 90% LTC and 100% rehab costs, capped at 70% ARV. Purchases under $100,000 are capped at 80% LTC. Experience is required to receive 90% LTC.
  • Reserve Requirement: Minimum 3 months liquid reserves
  • Rates and LTC are based on on borrower’s experience (number of years doing flips/rehabs and number of flips/rehabs in the last 3 years).

Property Geographic Area Details

MoFin currently lends in 34 states: Alabama, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, Wisconsin and Wyoming. We currently do not offer our loan products in Alaska, Arizona, California, Hawaii, Minnesota, and Oregon.  If your state is not listed above, please contact us to learn whether or not we offer our products there!  

Loan Amounts

$100,000 to $10,000,000

Interest Rates

6.50% to 12.50%

Max Loan-To-Value

75.00%

Max Loan-To-Cost

90.00%

Origination Fees

2.5% to 2.5%

Loan Terms

12 months to 360 months

Lien Position

  • 1st

Loan Purpose

  • Investment Acquisition
  • Investment Refinance
  • Improve Subject Property
  • Use Equity to Invest in Another Property
  • Invest in a Business
  • Business Working Capital
  • Value Add Project

Property Occupancy

  • Vacant
  • Tenant Occupied 100%

Property Types and Loan Types

Collateral Types

  • Residential Property
  • Commercial Property

Property Types

  • 2-4 Units Residential
  • Condominium
  • Mixed-Use
  • Multifamily
  • Office
  • Portfolio of Commercial Properties
  • Portfolio of Residential Properties
  • Single Family Residence

Loan Types

  • Private Money
  • Hard Money
  • Residential Bridge
  • Residential Fix and Flip
  • Residential Rehab and Rent
  • Residential Ground-Up Construction
  • Residential Long-Term Rental

Specialty Loan Types

  • Residential Long-Term Rental

Purchase Loan

Max Loan-To-Purchase Price

90.00%

Borrower Must Have Property Under Contract

no

Will Provide Proof of Funds Letter

yes

Will Consider Lending on Purchase from Auction

yes

Allowed Source of Borrower’s Equity

  • Own Cash
  • Partner
  • Equity in Subject Property

Rehab Value Add Loan

Experience Required

no

Minimum Number of Value-Add Projects Completed by Borrower

0

Will Provide Funds for Renovation Costs

yes

Max LTC for Renovation Costs

100.00%

Interest Charged for Renovation Costs

Entire Amount of Total Project Costs

Typical Number of Days for Funds Draw

5

Construction Loan

Development Experience Required

yes

Minimum Number of Ground-Up Construction Projects Completed by Borrower

3

Max LTC for Ground-Up Construction Costs

85.00%

Interest Charged for Construction Costs

Entire Amount of Total Project Costs

Will Lend on Partially Completed Construction Projects

no

Residential Long-Term Rental

Can lend against a portfolio. DSCR should be 1.15 for properties valued at and above $115k and 1.30x for properties valued below $115,000. 10% of the units for a loan may be comprised of units which are not currently leased but are lease-ready. For portfolios of less than 10 units, up to 1 unit may be vacant. There cannot be individual room leases, Single Room Occupancy or boarder leases.

Minimum Loan Amount

$100,000

Maximum Loan Amount

$10,000,000

Minimum Interest Rate

5.5%

Maximum Interest Rate

9%

Minimum Origination Fee

2.0%

Maximum Origination Fee

2.0%

Minimum Loan Term

180 months

Maximum Loan Term

360 months

Maximum Loan-To-Value

75.00%

Maximum Loan-To-Purchase

75.00%

Seasoning Time

3 months

Will Lend on a Portfolio of Rentals

Yes

Minimum Number of Properties

3

Maximum Number of Properties

50

Minimum Property Value

$72,000

Maximum Property Value

$6,000,000

Details and Requirements

Typical Closing Time (Days)

21

Fastest Closing Time (Days)

4

Works With

  • Brokers
  • Borrowers

Payment Structure

  • Interest Only
  • Amortized

Payment Structure Details

We offer both interest only and 30 year amortized options.

Pre Payment Penalty

yes

For bridge or hard money loan there is no prepayment penalty. For rental loans there may be a 3 year prepayment penalty.

Will lend to a foreign national

yes

Borrower must be a permanent resident alien and have a valid social security number.

Will Allow Junior Position Mortgage(s) Behind Our Senior Mortgage

yes

Will Consider Collateralizing Multiple Properties in One Loan

yes

Will Consider Equity Joint Venture

no

Borrower Entity Types Considered

  • Individual(s)
  • LLC
  • Limited Partnership
  • Corporation

Documentation Required

  • Credit Report
  • Bank Statements
  • Loan Application

Personal Guaranty (Recourse) Required

Always

Credit Check Required

yes

Minimum Credit Score Required

600

Credit Check Description

For bridge and hard money loans there is no program minimum, but FICO/credit scores under 600 will be subject to additional underwriting. For rental loans our program minimum is 600.

Appraisal Required for Residential Property

Sometimes

Appraisal Required for Commercial Property

Always Before Funding

Broker Price Opinion (BPO) Accepted for Residential Property

Sometimes

Broker Price Opinion (BPO) Accepted for Commercial Property

Sometimes

Fees

Due Diligence Fee

$495.00 to $495.00

Document Review Fee: All loans are subject to a third-party document review at a cost of $495. Borrower shall be responsible for the Document Review Fee when the review is ordered, which is typically after MoFin has concluded underwriting and prior to closing. MoFin will obtain Borrower's approval and acceptance of the Document Review Fee before ordering the review.

Title Fee

Quote is provided at time individual is pre-qualified. Borrower is free to pick the title company.

Credit Report Fee

Part of $299 application fee.

Background Check Fee

Part of $299 application fee.

Extension Fee

On bridge loans, an extension fee is decided on a case by case basis, and is to the discretion of MoFin.

Appraisal Fee

Price for appraisals vary depending on the property type and location. Typically $400-$500. A quote is issued ahead of time, prior to you signing the term sheet and paying the application fee.

Renovation Construction Draw Fee

$120 - $250 (depends on property type -- you're given this prior to signing the term sheet)

Minimum Origination Fee Amount

$2,000

Fees which are mandatory for all new borrower clients

  • Background Check Fee

Fees which are charged upfront prior to loan closing

  • Appraisal Fee
  • Credit Report Fee
  • Background Check Fee

Fees which are paid to a third party company

  • Appraisal Fee
  • Credit Report Fee
  • Background Check Fee

Legal Disclaimer

The terms and rates quoted herein do not constitute an offer to lend. They are provided here for educational or informational purposes only. This profile provided, and any proposal initially made, by MoFin relies on the truth and accuracy of certain information provided by the Borrower. All terms and conditions are subject to MoFin's credit, legal, investment loan approval process, and underwriting guidelines. MoFin only makes business purpose loans secured by non-owner occupied residential real estate.

Additional Details

We charge a $299 Application Fee. Upon signing the Term Sheet, the borrower will be asked to pay a $299 Application Fee to cover certain costs associated with processing and underwriting the loan. The fee is refundable, less our expenses incurred. The terms and conditions of the Application Fee and underwriting in general are explained in the Term Sheet, which is provided when the borrower is pre=qualified.

MoFin Lending is an investment property lender focused on 30 year rental property loans and bridge or hard money loans; we also provide financing for multifamily properties.

30 Year Rental Loans:

  • Minimum Loan Amount: $100,000
  • Single Family, 2-4 Units, Condos, and Townhomes
  • Portfolios (with 5-10 unit multifamily properties): 3-50 rentals under 1 loan, minimum loan amount is $50k per property and total of $300k 
  • No proof of income requirement
  • Minimum FICO is 620
  • Close in 3-5 weeks

Short-Term Bridge Loans

  • Fix & Flip and Rehab to Hold Projects
  • Single Family, 2-4 Units, Condos, Townhomes
  • Up to 90% of purchase, 100% of rehab, capped at 70% ARV (depends on experience)
  • Minimum Loan Amount: $100,000
  • Can do 65% LTV cash-outs and 75% LTV rate/term refinances
  • Close in 1-3 weeks
  • Minimum FICO is 600 (525 – 599 still eligible with compensating factors)

We are upfront and fully transparent with our fees, terms, requirements, and time to close. Our process is all online and you can close at a location most convenient for you.

Year Established

2016

Office Locations

MoFin Lending HQ
79 Madison Avenue, 9th Floor, New York, New York 10016

Primary Capital Source

  • Own Funds

Loan Structure for Majority of Loans

  • Own Balance Sheet

Percentage of company’s lending business focused on private mortgage

100%

Percentage of Loans Secured by Residential Property

100%

Percentage of Residential Property Loans Which are Fix and Flip

50%

Percentage of Residential Property Loans Which are Buy and Hold

50%

Total Number of Loans Funded to Date

30

Total Loan Volume Funded to Date

$10,000,000

2017 Number of Loans Funded

20

2017 Loan Volume Funded

$2,000,000

George Despotopoulos

Co-Founder

JD

George is a Co-Founder of MoFin Lending and serves as its general counsel as well head of marketing, brand management, and business development.

Tyler Peters

Co-Founder

Tyler is a Co-Founder of MoFin Lending and leads its capital markets and lending efforts. Tyler has over 13 years of experience in the non-agency mortgage industry at top-tier investment banks. Tyler crafted MoFin's lending programs and underwriting guidelines.

Loan Request

Short Description of your Loan Request or Property Address

This information is about yourself, not the subject property.

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Requested loan amount divided by the purchase price + rehab/construction costs

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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Requested loan amount divided by the purchase price + rehab/construction costs

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If Borrower is not seeking additional funds for the renovation, change the Loan Type to Purchase or Acquisition.

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how will the loan be paid off?

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