NEW YORK, Nov. 24, 2014 /PRNewswire/ -- FirstKey, the leading provider of loans for investors in SFR properties, today announced the launch of an enhanced version of its Express program for portfolio loans. The noteworthy enhancement now extends the option of a 30 year fixed rate term with no pre-payment penalty to portfolio owners seeking loans up to $5 million, with no restriction on the number of properties financed. This feature enhances FirstKey's position as the lender of choice for SFR investors.
The flexibility of a 30-year fixed rate, pre-payable loan protects investors from balloon risk and rising interest rates while still providing them the ability to pay loans off before the end of the term with no penalty. These benefits have not previously been available to landlords with small- to mid-sized portfolios of homes. Simultaneously, FirstKey has lowered minimum qualifying portfolio loan amounts to $150,000.
FirstKey initially launched its one-of-kind Express product line earlier this year with a 30- year, fixed rate loan for investors financing a single property. The Express property loan was designed to meet the needs of entrepreneurial investors, who may have different financing priorities than institutional borrowers.
By extending these features beyond a single property loan and into its portfolio loans, FirstKey aims to make its Express product line relevant to an even wider spectrum of entrepreneurial investors.
"Our enhanced Express product is unlike anything else in the market today. The enthusiastic response to the Express single property loan made it clear that term and pre-payment flexibility are often a critical feature for entrepreneurial investors who cannot always predict how their financing needs might change over time. We are proud to continue innovating for our customers," said Randy Reiff, Chief Executive Officer, FirstKey Lending. "Whether you're a SFR entrepreneur or an institutional borrower, our product suite can provide a solution that meets your investment goals."
The company's SFR products now include:
Express Single Property Loans: Individual loans of $75,000 to $1 million per property, depending on the number of units. These 30-year, fully amortizing, fixed rate loans have no prepayment penalties.
Express Portfolio Loans: Fixed rate loans of $150,000 to $5 million on portfolios of five or more properties with two options:
- 5 or 10 year balloon loans
- 30-year, fully amortizing loans with no payment penalties
Premier Fixed Rate Loans: Portfolio loans of $5,000,000 to $500 million on portfolios of five or more properties. These five-, seven- and 10-year loans are fixed rate and non-recourse.
Premier Bridge Loans: Loans of $10,000,000 to $500 million for up to 12 months. These bridge loans are offered at a floating rate with both recourse and non-recourse options available.
- Fix & Flip: loans from $75,000 to $1,000,000 for rehab projects. These loans have a fixed rate for up to 12 months
FirstKey offers a full suite of specialty real estate financing products and loan servicing solutions to customers across the United States. Backed by Cerberus Capital Management, L.P., one of the world's leading private investment firms, FirstKey makes loans of $75,000 to $500 million across a variety of products tailored to both residential and commercial borrowers, and is the premier one- to four-family rental financing source. Through a team of professionals with decades of experience at leading financial institutions, FirstKey has the strength and stability to provide a wide range of real estate financing products for all sectors of the industry. For more information about FirstKey, please visit: http://www.firstkeyholdings.com/.
FirstKey Lending, LLC an equal housing lender. 4 International Drive, Rye Brook, NY 10573. Tel: (888) 707-5040. NMLS Unique ID No.1063414 (www.nmlsconsumeraccess.org). FirstKey Lending products and services offered in California are made or arranged by FirstKey Lending CA, LLC pursuant to its California Finance Lender Law License. Arizona Mortgage Banker License No.0925342. Loan products may not be available in all states and are subject to credit application and approval. Other restrictions may apply. Rates, terms and products subject to change without notice. This is not an offer or commitment to lend. FirstKey Lending, LLC only makes loans for a commercial or business purpose and does not make residential mortgage loans. Loan products may not be available in all states and are subject to credit application and approval. This is not an offer or commitment to lend. FirstKey Lending operates out of several locations, but not all locations conduct business in all jurisdictions.
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