Product Matrix

 

Bridge Loan - Standard 

Short-Term

 

 Revised Oct. 8, 2024


  Product Overview

Experience Minimum

Eligible Properties

Ineligible Properties

Eligible Properties with Special Consideration

Borrower Type

Loan Purpose

LTV Maximum As-Is

Minimum FICO

Minimum Loan Amount

Maximum Loan Amount

Ownership Seasoning

• Single Family Residences, attached or detached (inc. Condo/PUD)
• 2-4 Units
• Warrantable Condo
• Non-Warrantable Condos (5% LTV reduction from max. See guidelines for
property eligilbity

Multifamily, Rural, Mixed-Use, Manufactured, Farms, Storage Faciliites, Commercial Properties, Land, among others as indicated in guidelines

75%

Entity or Individual (see Borrower/Guarantor section below for details)

680

1-4 Units: $100,000

Regardless of ownership seasoning, all properties are qualified using the lesser of purchase price + documented completed improvements or as-is calue (see cost basis determination section for additional information)

2+ investment properties rehabbed or constructed and sold or stabilized in the last 3 years

Exception Basis Only

Properties in Declining Markets

Purchase or Delayed Financing

Vacation properties (typically located at or near beaches, lakes or mountains) that
are not supported by larger cities, economies and other industry besides tourism
limited to 5% below the Max LTC. For example: Myrtle Beach SC, Pigeon Forge TN,
Florida Keys FL, Martha's Vineyard MA, etc.)

Loans >$1M Requirements

  • Subject Property must be typical for the neighborhood and demonstrate proven marketability for the area.
  • Subject Property is required to be in a stable or growing neighborhood market area and MSA.
  • Appraised Value of Subject Property must be similar to the Comparable Sales range and listings from the neighborhood.
  • Appraisal Comparable Sales utilized must be from the neighborhood and within a reasonable proximity to the Subject Property.
  • The Comparable Sales shall be similar to the Subject Property (bed and bath room counts, living area, property & site features).         
  • Borrower must have similar experience with Loan Amt. size and project scope within the subject property market area.

  Loan Details

Property MSA Restrictions

Property Condition Minimum

Top 100 MSA required. For properties outside of the MSA requirement, during the loan application process within 24 hours the credit team will conduct a market area assessment for location, valuation, marketability, can several other factors to expand the lending coverage.

C4 (No rehab or rehab holdbacks allowed)

Prepayment Penalty

Amortization

Term Options

Credit Tradeline Requirement

City Restrictions

State Restrictions

None

Interest Only

12 Months

No minimum required

Exception Basis Only: Detroit, MI, Indianapolis, IN, Cleveland, OH, Baltimore, MD, Philadelphia, PA

Exception Basis Only: AK & HI. Not available in NV, ND, SD, & VT

  Reserves & Additional Liquidity Required

Experience: 5+ Investment Properties

Experience: 2-4 Investment Properties

6 months reserves* + cash to close

Cash back at closing not eligible for reserves

12 months reserves* + cash to close

*Based upon full note amount. Foreign Nationals have different requirements - See Borrower/Guarantor section for details.

  Maximum As-Is LTV

Experience: 5+

1-4 Units

Experience:  2-4

70%

75%

Purchase

Credit Score 680+

Delayed Financing

(Cash Back not eligible for Reserves)

70%

65%

  Cost Basis Determination

Purchase

Delayed Financing

Lesser of Purchase Price OR As-Is Value

Lesser of Purchase Price + Completed Improvements OR As-Is Value

  Appraisal Requirements

Two full appraisals (at Lender’s discretion, an alternative valuation may be ordered in lieu of the second full appraisal when feasible)

Appraisal Requirement

Loan Amount

≤ $1,500,000

> $1,500,000

Full appraisal (at Lender’s discretion, an alternative valuation may be ordered when feasible)

 Borrower & Guarantor Eligibility

1) Limited Liability Company (LLC)

2) Limited Liability Partnership (LLP)

3) Limited Partnership (LP)

4) Corporation

5) Inter Vivos Revocable Trust

All entity members with ownership are required to sign a personal guarantee; At least one individual with ownership is required as a Qualifying Guarantor.

Ineligible Borrowers

Individual Borrower

Eligible Entities

Max of one Individual Borrower allowed on the loan. Individual borrowers not eligible in NJ or IL.

• 5 Experience Minimum
• 5% LTV Reduction
• 12 months reserves required
• $1M maximum loan amount

Eligible Guarantor

Entity Guarantor Requirements

1) US Citizen

2) Permanent Resident Alien

3) Non-Permanent Resident Alien

4) Foreign National

1) Trusts

2) Sole Proprietorships

Foreign National

Felony Convictions Require an Exception

Felony Convictions

  Credit Requirements

Single Qualified Guarantor

3 FICO Scores = Use Middle Score;
2 FICO Scores = Use Lowest

Multiple Qualified Guarantors

Bankruptcy/ Foreclosure

Use Highest Middle

Mortgage Lates

No 30 day late payments in the last 12 months and no 60 day late payments in the last 48 months

Short Sale/DIL/Modification

4+ Years Seasoning

4+ Years Seasoning

 Required Documents Upfront

Borrower & Business Application 

Identification

Guarantor Application

Short-Term Application

[Truly Provided] 

Purchase Contract or HUD Statement

Broker Authorization Form

[Truly Provided]

[Truly Provided]

[Truly Provided]

Copy of currently valid, government issued, photo ID

One application per property

Contract required for all purchase loans. Refinances of properties owned fewer than six (6) months require either the Contract or HUD Statement.

If Applicable: Brokered loans only

Each Guarantor is required to complete their own personal Guarantor application. This application is good for 12 months, and can be used for subsequent loans if the entity and guarantor structure is unchanged.

This application is good for 12 months, and can be used for subsequent loans if the entity and guarantor structure is unchanged.

 Required Documents in Processing

Liquidity Verification

• The most recent statement for any account needed to meet the requirement. Acceptable accounts include: checking, savings, money market accounts, CD's, brokerage accounts. Must be complete statements -- no online screen shots.
• Sourcing for large deposits will be required in these instances:
   1) Any deposit over 10% of the subject loan amount for loan amounts up to $750K;
   2) Any deposit over 25% of the cumulative amount of documented liquid assets;
   3) All non-depository accounts with large increases in balances (more than 25%)          since the previous statement balance.

Required on all loans

If applicable. Required for all condos (FNMA 1076 or equivalent always required in FL)

Insurance Declarations Page or Acord Forms

Condo Questionnaire

Entity Documents

Varies based on entity type. Please see chart below.

[Truly Provided]

LLC

LP / LLP

C-Corp / S-Corp

Trust

Required Entity Documents*

Articles of Organization

Operating Agreement

IRS SS-4 Letter

W9

W9

W9

W9

Articles of Incorporation

Stock Certificates or

Shareholder's Ledger

Corporate bylaws

Director & Officer Appointments

Trust Agreement / Certification

Partnership Agreement

Certificate of Partnership

IRS SS-4 Letter

IRS SS-4 Letter

IRS SS-4 Letter

*Truly Investor Capital will pull a Certificate of Good Standing on all entities. If subject property is located in a state other than the entity's registered state, Foreign Qualification is required.

Insurance Requirements

• 3-month policies required on purchases and refinances where existing policy expires within 30 days of closing
• Hazard coverage equal to the lesser of 100% of the insurable value as established by the property insurer or the loan amount so long as it is not less than 80% of the insurable value
• Commercial General or Premises Liability on an "occurrence" basis with coverage of no less than $500,000
• Condo master policy must cover 100% of the insurable replacement cost of the project improvements and HO-6 coverage sufficient to repair the condo to current condition if the master policy doesn't cover interior improvements
• Flood insurance equal to the lesser of the total amount of the mortgage, 100% of the insurable value of the improvements, or the maximum insurance available from the NFIP

Service

Cost

Payment Timing

Valuation

Foreign National Background Fee

Entity Review Fee

Lender Processing Fee

Origination Fee

3rd Party Settlement Charges

Actual Cost

Paid in Processing at time of Appraisal Order 

Paid in Processing at time of Background Order (if applicable)

Billed in Processing for Complex/ Layered Entities and Trusts

Paid at Closing

Paid at Closing

Paid at Closing

Actual Cost

Actual Cost

$0 for entities with simple structure, except Trusts; $995 for Complex or Layered Entities
and all Trusts

$1,595

See Conditional Quote

Property Fees

Truly Investor Capital, a division of Oaktree Funding Corp., 3133 West Frye Road, Suite #205 Chandler, AZ 85226 (NMLS # 71640 | In the following states AZ, CA, ID, MN, OR, UT loans are originated and made in the name of Oaktree Funding Corp. NMLS #71640 pursuant to the laws of AZ Mortgage Banker Lic. # 0920541 | CA DFPI Lic. # 6035721), 800-429-5000. ©2025. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. Oaktree Funding Corp. is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development or the Federal Housing Administration. Not intended for legal or financial advice.  All state licensing information may be found at NMLS Consumer Access https://www.nmlsconsumeraccess.org

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