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Interested in borrowing with Visio, but not sure if you qualify? We pulled our top five qualification FAQs, and highlighted them for you here:
Yes, we lend to LLCs, corporations, and limited partnerships provided ownership of the entity is not held by a trust. In addition to borrower requirements listed above, entities must provide corporate documentation. We do not lend to non-profits nor properties held in trust. We do not lend to unregistered Series LLCs (SLLCs). All property/entity interest holders must sign a guarantee.
We lend on rent-ready residential properties, up to four units, with no deferred maintenance (other than normal wear and tear), including condos and townhomes. We do not lend on manufactured homes, mobile homes, log homes, commercial, multi-family (greater than four units) or vacant land.
For most of our loans, the minimum property value is $75K, with the exception of our Portfolio+ loan which requires an $80K minimum property value for each property. In Cook and Cuyahoga Counties, the minimum property value for a one unit single family property is $125K and $75K per unit for 2-4 unit multifamily properties. Our minimum property value per unit in Baltimore, Philadelphia and Washington, D.C. is $100K. Our minimum property value for a condo is $75K.
We require: A government issued photo ID, Tri-merged credit report with at least two credit scores, Appropriate insurance, A title policy, Voided check and the down payment (for purchases), Executed copy of lease (if property is occupied), An electronic asset verification of last two months bank statements
We don’t require income verification, tax returns or 4506 documentation.
No, our loans are structured around the rental value and "as-is" condition of the property. We lend to landlords with rent ready properties with no deferred maintenance.