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.
Property Geographic Area Details
- 2-4 Units Residential
- Single Family Residence
- Residential Long-Term Rental
Specialty Loan Types
- Residential Long-Term Rental
- Residential Non-Prime
Max Loan-to-Purchase Price80%
Borrower Must Have Property Under Contractyes
Will Provide Proof of Funds Letterno
Will Consider Lending on Purchase from Auctionno
Allowed Source of Borrower’s Equity
- Own Cash
Minimum Loan Amount$150,000
Maximum Loan Amount$10,000,000
Minimum Interest Rate4%
Maximum Interest Rate5%
Minimum Origination Fee-1.5%
Maximum Origination Fee0.75%
Minimum Loan Term36 months
Maximum Loan Term360 months
Minimum Debt Service Coverage Ratio0.75
Will Lend on a Portfolio of RentalsNo
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 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
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.
Office Locations5016 North Parkway Calabasas Suite 200, Calabasas, California 91302
NMLS ID - 292984
CA DRE Broker Lic. - 01038258
Create a Loan Request
Be more efficient with your lender search. Provide the loan details once, save it, and then share it with multiple lenders.
Our Minimum Loan Amount Is
What We Do
- Residential Rental Property Loans
- SFR, Condo, 2-4 Units
- Qualify on Property's Rental Income
- 30-Year Loan Term
- NO 100% Financing
- NO Rural Properties
- NO Ranches or Farms
- NO Commercial Properties