{"id":203,"date":"2021-07-08T05:42:58","date_gmt":"2021-07-08T05:42:58","guid":{"rendered":"https:\/\/imsfund.com\/?page_id=203"},"modified":"2021-07-08T08:16:56","modified_gmt":"2021-07-08T08:16:56","slug":"faq","status":"publish","type":"page","link":"https:\/\/imsfund.com\/index.php\/faq\/","title":{"rendered":"Faq"},"content":{"rendered":"\n<h2>\n\t\tFAQs\n\t<\/h2>\n<h2>\n\t\tWho We Lend To\n\t<\/h2>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\">DO YOU LEND TO BUSINESS ENTITIES?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\"><i>Expand<\/i><\/a>\n\t\t<p>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. \u00a0We do not lend on properties held in trust. We do not lend to unregistered\u00a0<a href=\"https:\/\/www.visiolending.com\/blog\/understanding-series-llcs\" target=\"_blank\" rel=\"noopener\">Series LLCs (SLLCs)<\/a>.\u00a0All property\/entity interest holders must sign a guarantee.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\">DO YOU LEND TO FOREIGN NATIONALS?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\"><i>Expand<\/i><\/a>\n\t\t<p>We do not lend to foreign nationals. However, foreign nationals may be permitted as non-primary borrower guarantors if the necessary OFAC documentation is provided.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\">DO YOU LEND TO OWNER-OCCUPIERS?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\"><i>Expand<\/i><\/a>\n\t\t<p>No, we only make loans to investors purchasing or refinancing investment properties. Under no circumstances do we lend to owner-occupiers. We also do not lend on second homes or to investors if the intended use of the property or proceeds is primarily for personal, family or household purposes.<\/p>\n<h2>\n\t\tBorrower and Property Requirements\n\t<\/h2>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\">WHAT DO YOU REQUIRE FROM A BORROWER?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\"><i>Expand<\/i><\/a>\n\t\t<p>Unlike many of our competitors, we don&#8217;t require income verification, tax returns or 4506 documentation. This keeps our process fast, simple and dependable. We do require:<\/p>\n<ul>\n<li>Two forms of ID<\/li>\n<li>Tri-merged credit report with at least two credit scores<\/li>\n<li>Appropriate insurance<\/li>\n<li>A title policy<\/li>\n<li>Voided check and the down payment (for purchases)<\/li>\n<li>Executed copy of lease (if property is occupied)<\/li>\n<li>An electronic asset verification of last two months bank statements<\/li>\n<\/ul>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\">WHAT ARE YOUR MINIMUM CREDIT QUALIFICATIONS?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\"><i>Expand<\/i><\/a>\n\t\t<p>We use a tri-merged credit report and either use the middle score of three scores, or the lower score of two scores. \u00a0Our minimum credit score is 680. Some of our other credit requirements include:<\/p>\n<ul>\n<li>No open foreclosure or bankruptcy<\/li>\n<li>No bankruptcy in the past four years<\/li>\n<li>No foreclosures, short sales or deeds in lieu within the last three years<\/li>\n<li>Minimum three open and qualifying trade lines for 24 months OR minimum of two open and qualifying trade lines and a history that evidences at least three additional qualifying trade lines that were open for at least 24 months each during the last seven years<\/li>\n<li>No mortgage lates in the past 12 months<\/li>\n<li>For credit scores 680 and above, no more than 1 x 30 lates on non-mortgage trade lines over the past 12 months, subject to certain exclusions<\/li>\n<li>For credit scores below 680, no more than 0 x 30 lates on non-mortgage trade lines over the past 12 months, subject to certain exclusions<\/li>\n<\/ul>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\">WHERE DO YOU LEND?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\"><i>Expand<\/i><\/a>\n\t\t<p>We lend in 38 states and Washington, D.C., including: AL, AR, AZ*, CA*, CO, CT, FL, GA, HI, IA, IL, IN, KY, KS, LA, MA, MD, ME, MI, MO, MS, MT, NC, NH, NJ, NM, NY, OH, OK, PA, SC, TN, TX, VA, WA, WI, WV &amp; WY. We do not lend in Detroit &amp; Flint, MI. For properties located in Massachusetts, Georgia, Hawaii, Virginia and New York, Visio only lends to entities (no non-profits).<\/p>\n<p>See our\u00a0<u><a href=\"https:\/\/www.visiolending.com\/where-we-lend\" rel=\" noopener\">Where We Lend Interactive Map<\/a><\/u>\u00a0to view loans by state.<\/p>\n<p>*All loans are originated by Visio Financial Services Inc. Visio Financial Services Inc. is licensed by the California Department of Business Oversight as a California Finance Lender, license number 60DBO-56345 as well as by the Arizona Department of Financial Institutions as a Arizona Mortgage Banker, license number 1010600. Visio Financial Services Inc. company NMLS ID number is 1935590.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-3\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-3\">WHAT TYPE OF PROPERTIES DO YOU LEND ON?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-3\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-3\"><i>Expand<\/i><\/a>\n\t\t<p>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, or vacant land.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-4\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-4\">WHAT IS THE MINIMUM PROPERTY VALUE YOU LEND ON?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-4\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-4\"><i>Expand<\/i><\/a>\n\t\t<p>For most of our loans, the minimum property value is $125k.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-5\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-5\">WHAT PHYSICAL CONDITION MUST A PROPERTY BE IN FOR YOU TO FINANCE IT?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-5\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-5\"><i>Expand<\/i><\/a>\n\t\t<p>We only finance rent ready property. \u00a0More specifically, the appraiser must rate the property in C4 condition or better and there cannot be any deferred maintenance visible in the appraisal photographs.<\/p>\n<p>To understand more about appraiser condition ratings, please see\u00a0<a href=\"https:\/\/www.fanniemae.com\/content\/guide\/selling\/b4\/1.3\/06.html\" target=\"_blank\" rel=\"noopener\">https:\/\/www.fanniemae.com\/content\/guide\/selling\/b4\/1.3\/06.html<\/a>.<\/p>\n<h2>\n\t\tInterest Rates and Financing\n\t<\/h2>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\">HOW DO YOU DETERMINE MY INTEREST RATE?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\"><i>Expand<\/i><\/a>\n\t\t<p>Your rate is determined by your credit score, Debt Service Coverage Ratio (DSCR) and Loan-to-Value (LTV). For credit score, we use a tri-score merged report that we pull when you apply for a loan, taking the middle of the three scores. To identify the right loan for you and receive personalized rate information, call (888) 521-0353 to speak to one of our Account Executives.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\">HOW DO YOU CALCULATE THE DEBT SERVICE COVERAGE RATIO OR DSCR?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\"><i>Expand<\/i><\/a>\n\t\t<p><u><a href=\"https:\/\/www.visiolending.com\/blog\/understanding-dscr\" target=\"_blank\" rel=\"noopener\">DSCR<\/a><\/u>\u00a0is calculated by dividing the monthly rent by the monthly principal, interest, property taxes, insurance and association dues, if any (PITIA).<\/p>\n<p>Property taxes include all city, county, school, municipal or other taxes related to the property. \u00a0Insurance includes liability, casualty, rent-loss and flood, if applicable. We require &#8220;replacement cost&#8221; casualty insurance and rent-loss insurance. Please note that your monthly insurance expense may be higher than anticipated either because of our insurance requirements or because your property appraises for a higher value than the value at the time your previously obtained insurance.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\">DO YOU LEND BASED ON AFTER-REPAIR VALUE (ARV)?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\"><i>Expand<\/i><\/a>\n\t\t<p>No, our loans are structured around the rental value and &#8220;as-is&#8221; condition of the property. We lend to landlords with rent ready properties with no deferred maintenance.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-3\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-3\">WILL YOU DO BLANKET LOANS ON MULTIPLE PROPERTIES?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-3\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-3\"><i>Expand<\/i><\/a>\n\t\t<p>Our\u00a0<a href=\"https:\/\/www.visiolending.com\/blog\/best-blanket-loan-for-rental-investors\" target=\"_blank\" rel=\"noopener\">Rental360 Portfolio Plus Program<\/a>\u00a0allows you to\u00a0close on 4-8 properties with just one closing and one monthly payment.\u00a0It is available as a 30-year fixed, a 5-year ARM and a 7-year ARM.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-4\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-4\">DO YOU ALLOW SUBORDINATE FINANCING ON YOUR LOANS?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-4\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-4\"><i>Expand<\/i><\/a>\n\t\t<p>We require the property is free of liens, including subordinate financing, when our loan closes.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-5\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-5\">HOW DO YOU DIFFERENTIATE BETWEEN A RATE AND TERM REFINANCE AND A CASH-OUT REFINANCE?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-5\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-5\"><i>Expand<\/i><\/a>\n\t\t<p>Any transaction that is not a purchase transaction is a refinance transaction. \u00a0If the borrower receives cash back in an amount no more than the lesser of $2,000 or 2% of the loan amount, then the transaction is a rate and term refinance; otherwise, the transaction is a cash-out refinance.<\/p>\n<h2>\n\t\tOur Process\n\t<\/h2>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\">HOW LONG DOES IT TAKE TO FUND A LOAN?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\"><i>Expand<\/i><\/a>\n\t\t<p>We close in weeks, not months. Once your appraisal is ordered, we typically close within 21 business days. Loans are generally funded within 24 hours of closing for purchases and within 48 hours of closing for refinances.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\">WHEN DO CREDIT REPORTS AND APPRAISALS EXPIRE?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\"><i>Expand<\/i><\/a>\n\t\t<p>Credit reports expire after 90 days, and appraisals expire after 120 days.<\/p>\n<h2>\n\t\tPayment Questions\n\t<\/h2>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\">WHO DO I CONTACT ABOUT MY LOAN PAYMENTS?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\"><i>Expand<\/i><\/a>\n\t\t<p>Please contact our service provider BSI Financial Services&#8217; Business Purpose Team at 888-482-7271.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\">HOW DO I MAKE MY MONTHLY LOAN PAYMENTS?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\"><i>Expand<\/i><\/a>\n\t\t<p>Through our service provider BSI Financial Services you can either pay online, by mail, by telephone, or by ACH (Automatic Monthly Payments). See\u00a0<u><a href=\"https:\/\/www.bsifinancial.com\/borrowers_paymentoptions.aspx\" target=\"_blank\" rel=\"noopener\">BSIs Payment Options<\/a><\/u>\u00a0for more details.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\">WHAT ARE YOUR ESCROW REQUIREMENTS?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-2\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-2\"><i>Expand<\/i><\/a>\n\t\t<p>We require a three month cushion in the borrower&#8217;s escrow at all times.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-3\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-3\">IF I HAVE A QUESTION ABOUT ESCROW, WHO SHOULD I CONTACT?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-3\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-3\"><i>Expand<\/i><\/a>\n\t\t<p>During the origination process, contact your Account Executive. If the loan has already boarded at BSI, then contact BSI Customer Care at 866.581.4513.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-4\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-4\">IF I NEED A PAYOFF, WHO SHOULD I CONTACT?<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-4\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-4\"><i>Expand<\/i><\/a>\n\t\t<p>Contact BSI Customer Care at 866.581.4513. Please allow 5-7 business days for a payoff quote to be generated.<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>FAQs Who We Lend To DO YOU LEND TO BUSINESS ENTITIES? Expand 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. \u00a0We do not lend on [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":44,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-203","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/pages\/203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=203"}],"version-history":[{"count":0,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/pages\/203\/revisions"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}