Direct Lender for Long-Term Rentals and Short-Term Vacation Rentals

NoRedTape is a direct lender specializing in DSCR financing for residential rental properties in 40 states. We offer excellent service and the lowest origination fees in the industry.

  • Purchase a long-term rental property
  • Refinance a long-term rental property
  • Purchase a property to rent as a nightly/weekly rental (Airbnb/VRBO)
  • Refinance a short-term rental property

We work with real estate investors and mortgage brokers.

GET A QUOTE

Property Geographic Area Details
Nationwide except AK, KS, MI, MN, MS, NM, ND, OH, RI, SD, VT
Loan Amounts
$150,000 to $10,000,000
Interest Rates
3.75% to 5%
Loan Terms
360 months to 360 months
Origination Fees
-1.000% to 1.750%
Lien Position
1st
Collateral Types
  • Residential Property
Loan Purpose
  • Investment Acquisition
  • Investment Refinance
Property Occupancy
  • Vacant
  • Tenant Occupied 100%

Property Types

  • 2-4 Units Residential
  • Condominium
  • Single Family Residence

Loan Types

  • Residential Long-Term Rental

Specialty Loan Types

  • Residential Long-Term Rental
  • Residential Non-Prime

Max Loan-to-Purchase Price

80%

Borrower Must Have Property Under Contract

yes

Will Provide Proof of Funds Letter

no

Will Consider Lending on Purchase from Auction

no

Allowed Source of Borrower’s Equity

  • Own Cash
For purchase transactions, we can fund up to 80% of the purchase price. For a refinance, the maximum loan-to-value is 75%.

Minimum Loan Amount

$150,000

Maximum Loan Amount

$10,000,000

Minimum Interest Rate

4%

Maximum Interest Rate

5%

Minimum Origination Fee

-1.5%

Maximum Origination Fee

0.75%

Minimum Loan Term

36 months

Maximum Loan Term

360 months

Minimum Debt Service Coverage Ratio

0.75

Will Lend on a Portfolio of Rentals

No

Minimum Property Value

$187,500

Multi-Purpose Lender Fee

We have one fee which covers the credit report, underwriting, processing and loan docs.

Appraisal Fee

Appraisal fee is paid directly to a 3rd party appraiser

Fees which are mandatory for all new borrower clients

  • Multi-Purpose Lender Fee

Fees which are paid to a third party company

  • Appraisal Fee

Details and Requirements

Typical Closing Time (Days)

30

Fastest Closing Time (Days)

21

Payment Structure
  • Interest Only
  • Amortized
Payment Structure Details

We offer an option for interest-only for 10 years, and then amortized for the rest of the term.

Pre Payment Penalty

yes

There is a pre-payment penalty if the loan is paid off within 3 years.
Will lend to a foreign national

no

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

no

Will Consider Collateralizing Multiple Properties in One Loan

no

Will Consider Equity Joint Venture

no

Borrower Entity Types Considered
  • Individual(s)
Documentation Required
  • Credit Report
  • Bank Statements
  • Loan Application
Personal Guaranty (Recourse) Required
Always
Credit Check Required

yes

Minimum Credit Score Required

640

Credit Check Description

Credit scores over 700 may get better pricing

Appraisal Required for Residential Property

Always Before Funding

Broker Price Opinion (BPO) Accepted for Residential Property

Never

Get In Touch

NoRedTape DSCR pays us to be listed, so there is no fee to connect. Share your loan request, send a simple email, call, or visit their website.

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NOREDTAPE is a Nationwide Wholesale Jumbo and Non-QM Direct Lender located in Calabasas California, which is part of a 20+ year old mortgage banking firm. We well capitalized and works with the Nation’s largest loan aggregators that manage billions of dollars of their own funds, who are not subject to margin calls. This means NOREDTAPE was built to be here another 20 more years.

All loans are underwritten in-house with no Investor approvals, which enables exceptional turn times where most loans are closing in less than 30 days. Over 30% of NOREDTAPE’s fundings are made with in-house exceptions, which means we know a good loan when we see it. We’re passionate about non-agency loans and pride ourselves on closing deals that many lenders pass on. The other 70% close with us because of our competitive pricing, aggressive guidelines and fast turn times.

ALTRA Mortgage Capital LLC. All rights reserved. ALTRA Mortgage Capital LLC is the owner of all related designs, trademarks, copyrights, and other intellectual property. Rates, fees and programs are subject to change without notice. Other restrictions may apply. BM Real Estate Services Inc., DBA NOREDTAPE Equal Housing Lender. NMLS #103098 – nmlsconsumeraccess.org.

License

NMLS ID 103098

Year Established

1998

Office Locations

5016 North Parkway Calabasas Suite 200, Calabasas, California 91302

Primary Capital Source
  • Bank Credit Line
  • Private Equity Funds
  • Hedge Funds
Loan Structure for Majority of Loans
  • Own Balance Sheet
Percentage of Loans Secured by Residential Property

100%

Percentage of Residential Property Loans Which are Long-Term Rental (5+ years)

50%

Total Number of Loans Funded to Date

1000

Our Team

Blake Scheifele

NMLS ID - 292984
CA DRE Broker Lic. - 01038258

Get In Touch

NoRedTape DSCR pays us to be listed, so there is no fee to connect. Share your loan request, send a simple email, call, or visit their website.

Stay Informed About Private Lending

Receive our monthly newsletters with valuable insights and industry updates
subscribe-illustration
Before You Contact Us

Our Minimum Loan Amount Is

$150,000

What We Do

  • Residential Rental Property Loans
  • SFR, Condo, 2-4 Units
  • Qualify on Property's Rental Income
  • 30-Year Loan Term

Not Available

  • NO 100% Financing
  • NO Rural Properties
  • NO Ranches or Farms
  • NO Commercial Properties

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