For 1-4 unit investment and Commercial Properties
This is a loan for a property that is already fully renovated and leased up (meaning at least 85% of units are rented out or at least rent ready). For Commercial Properties, the units actually need to be rented. For 1-4 unit investment properties, the units simply need to be at least rent ready.
DSCR (Debt Service Coverage Ratio) on the property should generally be 1.20 or more, however there may be options for no minimum DSCR as well.