Colchis DSCR Credit Policy & Rate Sheet
Colchis DSCR investor loan purchase program guidelines and pricing - comprehensive underwriting credit policy
Products
Product Overview
Colchis offers Debt Service Coverage Ratio (DSCR) financing for non-occupying borrowers on income-producing residential real estate. All loans outlined herein are for commercial or business purpose only.
Single Asset Product
Loan Amount Limits
| Loan Amount | FICO/LTV | DSCR >= 1.0x | DSCR < 1.0x | Min/Max | ||
|---|---|---|---|---|---|---|
| Purch. & R/T | Cash-Out | Purch. & R/T | Cash-Out | |||
| ≤ $1.5mm | 740 | 80% | 75% | 75% | 70% | Min: $75,000 |
| 720 | 80% | 75% | 75% | 70% | Max: $3,000,000 | |
| 700 | 80% | 75% | 75% | 70% | ||
| 680 | 80% | 75% | 75% | 65% | ||
| 660 | 75% | 70% | 70% | 60% | ||
| 640 | 70% | 65% | N/A | N/A | ||
| $1.5mm - $2.5mm | 740 | 75% | 70% | 70% | 70% | |
| 720 | 75% | 70% | 70% | 70% | ||
| 700 | 75% | 70% | 70% | 70% | ||
| 680 | 70% | 65% | 65% | 60% | ||
| 660 | 65% | 65% | 60% | 60% | ||
| 640 | 65% | 60% | N/A | N/A | ||
| >$2.5mm - $3mm | 700 | 70% | 65% | N/A | N/A | |
| 680 | 65% | 60% | N/A | N/A |
Single Asset Limits
| Limit | Value |
|---|---|
| Max Loan Amount | $3,000,000 |
| Max Loan Amount, Crossed | $5,000,000 |
| Interest Only Max LTV | 75% |
| Max Cash-Out | $1,000,000 |
| Max Cash-Out (≤50% LTV) | Unlimited |
| Mortgage History | 1x30x12 |
| Event Seasoning | 36 Months |
| BK 13 | Discharged |
Property Type LTVs
| Property Type | Purchase & R/T | Cash-Out |
|---|---|---|
| Condo | 75% | 70% |
| 2-4 Unit | 80% | 75% |
| 5-10 Unit | 65% | 50% |
Note: 1.25x minimum DSCR required on 5-10 Unit properties
Crossed Collateralized Product
Crossed Loan Parameters
| Max Loan Amount | FICO/LTV | Purchase & R/T | Cash-Out | Notes |
|---|---|---|---|---|
| $3,000 | 740 | 75% | 70% | Experienced Investors Only |
| 720 | 75% | 70% | ||
| 680 | 70% | 65% | ||
| $5,000 | 740 | 75% | 65% | |
| 720 | 70% | 65% | ||
| FN | 60% | 50% |
Minimum DSCR: 1.15x
Crossed Product Restrictions
- Minimum DSCR of 0.75x across portfolio
- Minimum DSCR for Short Term Rentals of 1.0x
- DSCR < 1.0x & Cash-out: LTV limited to 70%
- Foreign Nationals limited to 65% LTV
- Non-Permanent Resident Alien restricted to 75% LTV
- Unleased properties restricted to 70% LTV
Transaction Types
Purchase & Refinance to Term
Permitted for both Single Asset and Crossed Collateralized products with standard LTV guidelines.
Cash-Out Transactions
Cash-out refinances are subject to additional LTV restrictions:
- Standard DSCR >= 1.0x: LTV per product matrix
- DSCR < 1.0x: LTV limited to 70% or per matrix (whichever is more restrictive)
- Crossed product: LTV limits per crossed matrix
Borrower & Guarantor Requirements
Borrower Profile
- Non-occupying investors
- Commercial or business purpose loans only
- May include legal entities with supporting documentation
- Foreign Nationals permitted with LTV restrictions (max 65% for Single Asset, max 50% for Crossed Cash-Out)
- Non-Permanent Resident Aliens: max 75% LTV
Guarantor Requirements
Guarantor required for legal entity borrowers.
Credit Profile
| Metric | Requirement |
|---|---|
| Minimum FICO | 620 (Single Asset); varies by product |
| Mortgage History | 1 late 30+ in 12 months maximum |
| Bankruptcy | Chapter 13 must be discharged |
| Event Seasoning | 36 months from date of event |
Documentation for Legal Entity Borrowers
- Certificate of formation/filed articles of organization/incorporation
- Operating agreement/partnership agreement/bylaws
- Certificate of good standing from state of organization (if formed >12 months prior)
- Loan agreement (if separate from Note)
Property Types
Primary Collateral Types
| Property Type | DSCR >= 1.0x (Purch./R/T) | DSCR >= 1.0x (Cash-Out) | Notes |
|---|---|---|---|
| Condo | 75% LTV | 70% LTV | Condo questionnaire required |
| 2-4 Unit | 80% LTV | 75% LTV | Standard residential |
| 5-10 Unit | 65% LTV | 50% LTV | Min 1.25x DSCR required |
| Short-Term Rental (STR) | Restricted | Restricted | Min 1.0x DSCR (even for Crossed); Limited LTV |
| Non-Warrantable | N/A | N/A | Not permitted |
| Prime DSCR | Standard | Standard | Standard pricing applies |
Condo Requirements
- Condo questionnaire required
- Copy of master insurance policy/certificate required
- Max LTV: 75% (Purchase/R/T), 70% (Cash-Out)
Multi-Unit Properties (5-10 Unit)
- Minimum DSCR: 1.25x
- Max LTV: 65% (Purchase/R/T), 50% (Cash-Out)
- Max Loan Amount: $3,000,000
Credit Analysis & FICO Requirements
FICO Score Bands and LTV Adjustments
| FICO Band | Single Asset LTV (Purchase/R/T) | Single Asset LTV (Cash-Out) | Crossed LTV |
|---|---|---|---|
| 760+ | 80% | 75% | 75% |
| 740-759 | 80% | 75% | 75% |
| 720-739 | 80% | 75% | 75% |
| 700-719 | 80% | 75% | 75% |
| 680-699 | 80% | 75% | 70-75% |
| 660-679 | 75% | 70% | 70% |
| 640-659 | 70% | 65% | 70% |
| 620-639 | N/A | N/A | Refer |
Credit Event Requirements
| Event | Maximum Frequency | Seasoning Period |
|---|---|---|
| Late Mortgage Payment (30 days) | 1 in 12 months | Must be >36 months seasoned |
| Bankruptcy | Chapter 13 only | Discharged |
| Foreclosure | Not permitted | N/A |
Income & DSCR Analysis
DSCR Calculation
Debt Service Coverage Ratio is calculated as: DSCR = Net Operating Income / Total Debt Service
DSCR Tiers and Loan Parameters
Single Asset DSCR Tiers
| DSCR Level | Max LTV (Purchase/R/T) | Max LTV (Cash-Out) | FICO Requirement | Special Restrictions |
|---|---|---|---|---|
| < 1.00x | 75% | 70% | 740+ | Limited products; No 5-10 Unit |
| 1.00x - 1.14x | Per matrix | Per matrix | 640+ | Standard guidelines apply |
| >= 1.15x | Per matrix | Per matrix | 620+ | Preferred tier |
Crossed Collateralized DSCR
- Minimum: 0.75x across portfolio
- Preferred: >= 1.15x
- Short-Term Rentals: Minimum 1.0x (even for Crossed)
Income Documentation
- IRS Tax Returns: 2 years required
- Rent roll or lease agreements for all properties
- Profit & Loss statement (if self-employed)
- W-2s and recent paystubs (if salaried)
- Bank statements (typically 2 months)
Occupancy & Use Restrictions
Property Occupancy
- Non-owner occupied properties only
- For primary income calculation, property must be leased or unleased with restrictions
- Unleased properties: Maximum 70% LTV; refer to Section 8 for additional restrictions
Permitted Uses
- Single-family rental (SFR) - standard guidelines apply
- Multi-family rental (2-4 units, 5-10 units) - per property type matrix
- Short-Term Rental (STR) - minimum 1.0x DSCR; restricted LTV
- Commercial mixed-use with residential component - case-by-case review
Short-Term Rental (STR) Requirements
- Minimum DSCR: 1.0x (applies even to Crossed Collateralized product)
- Income documentation via AirDNA, Hostaway, or equivalent platform
- Maximum LTV: Subject to additional restrictions
- LLPA adjustment: -1.25 to -2.5 depending on DSCR tier
- Licensed and compliant with local regulations
Lease Requirements
Lease Documentation
- Signed lease agreement required for all tenant-occupied properties
- Lease term minimum: Extends beyond loan maturity
- Permitted modifications: Standard rent adjustment clauses acceptable
Unleased Property Restrictions
- Maximum LTV: 70%
- DSCR must support projection-based income
- Documentation: Property inspection, market rent estimate, management agreement
- Special approval may be required for extended vacancy periods
Short-Term Rental (STR) Guidelines
STR Eligibility
| Requirement | Detail |
|---|---|
| Minimum DSCR | 1.0x (portfolio level for Crossed) |
| Max LTV | Per DSCR tier, subject to additional restrictions |
| Income Documentation | AirDNA, Hostaway, or equivalent platform data required |
| Licensing | Must be licensed and compliant with local regulations |
| Appraisal Type | Full appraisal required; field review or AVM insufficient |
| Rent Estimate Vendor | AirDNA (preferred), Opteon, Fastapp, or NAN |
STR Income Calculation
- Use 80% of trailing 12-month average gross rental income
- If < 12 months data available: Use 70% of available period
- Adjust for seasonality and local market conditions
- Conservative approach recommended for properties with volatile occupancy
STR LLPA Adjustments
LLPA penalty for STR ranges from -1.25 to -2.5 depending on DSCR tier and LTV.
Reserves
Cash Reserve Requirements
Borrower must maintain reserves based on:
- Annual debt service: 6-12 months minimum
- Property type and number of properties
- Crossed Collateralized product: Portfolio-wide reserve calculation
Reserve calculation is included in borrower qualification and approval process.
Geographic Restrictions
Approved States
Colchis lends in all 50 U.S. states, D.C., and select territories.
State-Specific Requirements
- Community property state spousal consent required if applicable
- State compliance with closing requirements and escrow regulations
- Flood insurance required in designated flood zones
- Environmental assessment required if environmental issues identified on appraisal
Appraisals
Appraisal Requirements
| Loan Amount | Appraisal Requirement |
|---|---|
| All loans | Full appraisal required for Purchase/Cash-Out |
| Field Review acceptable for R/T Refi | |
| Short-Term Rental | Full appraisal required; no AVM/desktop acceptable |
| Properties > $1mm | Full appraisal with third-party review consideration |
Appraisal Type Options
| Type | Usage | Requirements |
|---|---|---|
| Full Appraisal | Primary method | USPAP compliant; Market rent analysis required for STR |
| Field Review | R/T Refi only | Licensed appraiser; visual inspection of exterior/interior |
| AVM (Automated Valuation Model) | Desktop/secondary only | Not acceptable as primary for any loan type |
| BPO (Broker Price Opinion) | Desktop/secondary only | Not acceptable as primary |
| Desk Review | Desktop/secondary only | Not acceptable as primary |
| Digital/3D Review | Secondary option | Supplemental only; not primary |
Rent Estimate Vendors (STR Properties)
- AirDNA (primary for STR)
- Opteon (STR only)
- Fastapp (STR only)
- NAN (STR only)
- RentRange (residential only)
Approved Appraisal Management Companies & Vendors
| Primary AMC | Secondary Appraisal | Tertiary/Digital Options | Special Vendors |
|---|---|---|---|
| Appraisal Nation | Full Appraisal | AVM, BPO, Desk Review, Field Review | Class Valuation, RentRange |
| Countryside (SimusAMC) | Full Appraisal | AVM, BPO, Desk Review, Field Review | Recon Review |
| LRES | Full Appraisal | AVM, BPO, Desk Review, Field Review | Summit Valuation Solutions (SVR) |
| Nationwide | Full Appraisal | AVM, BPO, Desk Review, Field Review | HouseCanary AVM w/Rents |
| Accurate Group | Full Appraisal | AVM, BPO, Desk Review, Field Review | Collateral Analytics AVM w/Rents |
| ClearCapital | Full Appraisal | AVM, BPO, Desk Review, Field Review | AirDNA (STR only) |
| Fastapp | Full Appraisal | AVM, BPO, Desk Review, Field Review | NAN (STR only) |
| Mercury_Vmp | Full Appraisal | AVM, BPO, Desk Review, Field Review | Opteon (STR only) |
| INCENTER | Full Appraisal | AVM, BPO, Desk Review, Field Review | |
| Dart Appraisals | Full Appraisal | AVM, BPO, Desk Review, Field Review | |
| Valuation Services | Full Appraisal | AVM, BPO, Desk Review, Field Review | |
| AAA AMC | Full Appraisal | AVM, BPO, Desk Review, Field Review | |
| VISION VMC | Full Appraisal | AVM, BPO, Desk Review, Field Review | |
| BNL AMC | Full Appraisal | AVM, BPO, Desk Review, Field Review | |
| Appraisers First | Full Appraisal | AVM, BPO, Desk Review, Field Review | |
| Cushman and Wakefield | Full Appraisal | AVM, BPO, Desk Review, Field Review |
Alternative Appraisal Vendors
- Home Genius / Redbell: AVM only
- HouseCanary: AVM only
Excluded Appraisal Companies & Appraisers
| Appraiser Name | Company/Address | State | License/Certification # |
|---|---|---|---|
| Jacob Goldmunzer | 645 Madison Ave, New York, NY 10022 | NY | 45000044224 |
| Jason Taylor | 4044 Ganford Court, Jarrettsville, MD 21084 | MD | 30029212 |
| Christopher Actie | 739 Westhills Pkwy, Baltimore, MD 21229-1118 | MD | 20028943 |
| Contact Appraisals LLC | 3593 Arcola Rd, Collegeville, PA 19426 | PA | GA003952 |
Appraisal Management Notes
- Third-party review cannot be conducted by same appraiser or AMC as original appraisal
- Appraisal must be dated within 120 days of closing
- Rent estimates for STR properties must be from approved vendor
Escrow & Title Requirements
Title Insurance
- Owner's and lender's title insurance required
- Title examination by licensed attorney in applicable state
- Title must be free and clear of liens (except property taxes and utilities)
- Title examination must be dated within 90 days of closing
Escrow Requirements
- Property taxes and insurance must be escrowed
- HOA/condominium assessments must be escrowed (if applicable)
- Escrow analysis required annually
- Escrow shortage/surplus handling per servicer guidelines
Title & Insurance Requirements
Property Insurance
| Requirement | Specification |
|---|---|
| Homeowners / Dwelling Fire | Required; coverage at 100% of dwelling value minimum |
| Insurance Amount | Minimum coverage = loan amount or dwelling value (whichever is greater) |
| Lender's Loss Payee | Required on policy; mortgagee clause acceptable |
| Deductible | Maximum $2,500 (may vary by property type/location) |
| Coverage Type | Replacement cost preferred; actual cash value minimum |
| Insurance Period | Current through closing; coverage must remain in force |
| Multi-Unit Buildings | Master policy required for condos/HOA |
Additional Insurance Considerations
- Flood insurance required if property is in designated flood zone (FEMA)
- Earthquake insurance may be required in high-risk areas
- Proof of insurance required at closing
- Servicer added as additional insured (if required by loan documents)
- Annual renewal proof required during loan term
Condominiums
Condominium Requirements
| Requirement | Detail |
|---|---|
| Condo Questionnaire | Required for all condo properties |
| Master Insurance Policy | Copy required; lender listed as loss payee |
| HOA Assessment | May not exceed 30% of property's monthly rental income |
| Special Assessments | Disclosed; any pending assessments noted |
| HOA Delinquencies | None permitted (borrower or original unit owner) |
| HOA Reserves | HOA must maintain adequate reserves (varies by state) |
| Established Association | Association must be established and functioning |
| Owner Occupancy | Maximum % owner-occupied units varies by state/lender |
Condo LTV Limits
- Purchase/R/T: Maximum 75% LTV
- Cash-Out: Maximum 70% LTV
- Foreign Nationals: Maximum 60% LTV (Purchase/R/T), 50% (Cash-Out)
Required Documents
Standard Documentation Package
Property Documents:
- Signed purchase agreement/sales contract (if applicable)
- Title report/commitment
- Appraisal (type per loan amount)
- Flood certification
- Property inspection report (if applicable)
- Environmental Screen Assessment (if environmental issue identified on appraisal)
- Proof of homeowners/dwelling insurance
- Master insurance policy/certificate (if condo)
- HOA documents, bylaws, financial statements (if condo or HOA subject property)
- Condominium questionnaire (if condo)
Borrower/Guarantor Documentation:
- Credit report
- Background report
- OFAC screening
- Income documentation (IRS tax returns - 2 years required, P&L, paystubs, W-2s)
- Gift letter (if down payment sourced from gift)
- Bank statements (typically 2 months)
- Letter of explanation (if any credit issues or documentation gaps)
- Power of Attorney (if applicable)
Loan Documentation:
- Signed promissory note
- Signed mortgage/security instrument
- Closing disclosure (TRID compliant)
- Loan agreement (if separate from Note)
- ACH Form (transferable) for US Citizens or Permanent Residents
- Personal guarantee (if legal entity borrower)
Business Entity Documents (if applicable):
- Certificates of formation/filed articles of organization/incorporation
- Operating agreement/partnership agreement/bylaws
- Certificate of good standing from state of organization (if formed >12 months prior to origination)
Closing Documents:
- Closing instructions and closing protection letter (as required by state compliance)
- Spousal consent (if married individual in community property state)
- P&S agreement, trustee receipt, disbursement letter, or HUD (if property acquired within 90 days or 180 days for Delayed Purchase)
Conditional Documentation
The following documents are required if applicable:
- Loan agreement (if separate from Note)
- ACH Form (US Citizens/Permanent Residents)
- Personal guarantee (legal entity borrowers)
- Certificates of formation/articles of incorporation (legal entity borrowers)
- Operating agreement/partnership agreement/bylaws (legal entity borrowers)
- Certificate of good standing (legal entity borrowers formed >12 months prior)
- Closing instructions and closing protection letter (per state requirements)
- Spousal consent (married borrowers in community property states)
- Environmental Screen Assessment (if environmental issue identified)
- Condo questionnaire (condo collateral)
- Copy of condominium master insurance policy/certificate (condo collateral)
- For refinance loans: Pay off letter and verification of mortgage (VOM) from prior lender, or alternatively:
- Loan reported on credit report showing 1x30x12, or
- 12 months of bank statements evidencing mortgage payment plus original note showing terms/payment amount
- Other documents as required (inspection reports, explanation letters, etc.)
- Optional: Term sheet, credit approval, underwriter worksheet
Document Age Requirements
| Document Type | Maximum Age (Days) |
|---|---|
| Appraisal | 120 |
| Background Report | 90 |
| Certificate of Good Standing | 90 |
| Credit Report | 90 |
| Flood Certificate | 90 |
| Insurance | 3 months until renewal |
| OFAC | 90 |
| Power of Attorney (PoA) | 90 |
| Title Report | 90 |
| Verification of Mortgage (VOM) / Payoff Statement | 60 |
| VOM from Credit Report | 90 |
Document age is determined from the closing date of the signed mortgage note.
Rate Sheet & Pricing
Pricing Date: March 23, 2026
Base Rates (30 Day Lock Period)
| Coupon | 5/6 ARM | 30Y Fixed |
|---|---|---|
| 6.0% | 98.1875 | 97.6875 |
| 6.125% | 98.9375 | 98.4375 |
| 6.25% | 99.6875 | 99.1875 |
| 6.375% | 100.4375 | 99.9375 |
| 6.5% | 101.1875 | 100.6875 |
| 6.625% | 101.9375 | 101.4375 |
| 6.75% | 102.6875 | 102.1875 |
| 6.875% | 103.4375 | 102.9375 |
| 7.0% | 104.1375 | 103.6875 |
| 7.125% | 104.65 | 104.25 |
| 7.25% | 105.1625 | 104.8125 |
| 7.375% | 105.675 | 105.375 |
| 7.5% | 106.0 | 105.75 |
| 7.625% | 106.325 | 106.125 |
| 7.75% | 106.7 | 106.5 |
| 7.875% | 106.95 | 106.75 |
| 8.0% | 107.2 | 107.0 |
| 8.125% | 107.45 | 107.25 |
| 8.25% | 107.7 | 107.5 |
| 8.375% | 107.95 | 107.75 |
| 8.5% | 108.2 | 108.0 |
| 8.625% | 108.45 | 108.25 |
| 8.75% | 108.7 | 108.5 |
| 8.875% | 108.95 | 108.75 |
| 9.0% | 109.2 | 109.0 |
| 9.125% | 109.45 | 109.25 |
| 9.25% | 109.7 | 109.5 |
| 9.375% | 109.95 | 109.75 |
| 9.5% | 110.2 | 110.0 |
| 9.625% | 110.45 | 110.25 |
| 9.75% | 110.7 | 110.5 |
| 9.875% | 110.95 | 110.75 |
| 10.0% | 111.2 | 111.0 |
| 10.125% | 111.45 | 111.25 |
| 10.25% | 111.7 | 111.5 |
Minimum Price: 99.7 Maximum Price: 100.225 (for loan amounts >$3.0mm)
Investor DSCR LLPA Adjustments
Single Property DSCR Adjustments
| DSCR Level / FICO | 0.50x | 0.55x | 0.60x | 0.65x | 0.70x | 0.75x | 0.80x |
|---|---|---|---|---|---|---|---|
| 760+ | 1.0 | 1.0 | 1.0 | 1.0 | 0.75 | 0.125 | -0.625 |
| 740-759 | 1.0 | 1.0 | 0.875 | 0.875 | 0.375 | -0.125 | -1.375 |
| 720-739 | 0.75 | 0.75 | 0.625 | 0.5 | 0.0 | -0.75 | -2.625 |
| 700-719 | 0.125 | 0.0 | -0.375 | -0.625 | -1.125 | -1.25 | -3.5 |
| 680-699 | -0.25 | -0.375 | -0.875 | -1.375 | -2.125 | -3.25 | -5.5 |
| 660-679 | -0.875 | -1.25 | -2.0 | -2.625 | -3.0 | -4.25 | N/A |
| 640-659 | -2.25 | -2.375 | -2.875 | -3.875 | -4.125 | N/A | N/A |
| 620-639 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FN | 0.125 | 0.0 | -0.375 | -0.625 | N/A | N/A | N/A |
Crossed Collateralized DSCR Adjustments
| DSCR Level / FICO | 0.50x | 0.55x | 0.60x | 0.65x | 0.70x | 0.75x | 0.80x |
|---|---|---|---|---|---|---|---|
| 760+ | 0.875 | 0.875 | 0.875 | 0.875 | 0.625 | 0.0 | N/A |
| 740-759 | 0.875 | 0.875 | 0.75 | 0.75 | 0.25 | -0.25 | N/A |
| 720-739 | 0.625 | 0.625 | 0.5 | 0.375 | -0.125 | -0.875 | N/A |
| 700-719 | 0.0 | -0.125 | -0.5 | -0.75 | -1.25 | N/A | N/A |
| 680-699 | -0.375 | -0.5 | -1.0 | -1.5 | -2.25 | N/A | N/A |
| FN | 0.0 | -0.125 | -0.5 | N/A | N/A | N/A | N/A |
DSCR Tier Adjustments
| DSCR Category | Adjustment (bps) |
|---|---|
| < 1.00x | -125 |
| 1.00x - 1.14x | -50 |
| >= 1.15x | +25 to +50 |
Product Adjustments
| Product | Adjustment (bps) |
|---|---|
| 30Y Fixed | Par (0 bps) |
| 30Y Fixed IO | -25 |
| 5/6 ARM | 0 bps |
| 7/6 ARM | -25 |
| 7/6 ARM IO | -25 |
| 15Y Fixed | +12.5 |
| Interest-Only | -25 |
Loan Amount LLPA Adjustments
| Loan Amount | 0.50x | 0.55x | 0.60x | 0.65x | 0.70x | 0.75x | 0.80x |
|---|---|---|---|---|---|---|---|
| < $150,000 | -100 | -100 | -100 | -150 | -150 | -150 | -175 |
| < $250,000 | 0 | 0 | 0 | 0 | -12.5 | -12.5 | -25 |
| > $1,000,000 | 0 | 0 | 0 | 0 | 0 | 0 | -12.5 |
| > $1,500,000 | -12.5 | -12.5 | -25 | -25 | -37.5 | -50 | -150 |
| > $2,000,000 | -12.5 | -12.5 | -25 | -37.5 | -50 | -150 | N/A |
| > $2,500,000 | -37.5 | -37.5 | -37.5 | -50 | -75 | N/A | N/A |
| > $3,000,000 (Crossed) | -12.5 | -12.5 | -25 | -25 | -37.5 | -50 | N/A |
Crossed-Only Large Loan Adjustments
| Loan Amount | 0.50x | 0.55x | 0.60x | 0.65x | 0.70x | 0.75x | 0.80x |
|---|---|---|---|---|---|---|---|
| > $2,500,000 | -12.5 | -12.5 | -25 | -25 | -37.5 | -50 | N/A |
| > $3,000,000 | -12.5 | -12.5 | -25 | -25 | -37.5 | -50 | N/A |
Property Type & Occupancy LLPA Adjustments
| Category | 0.50x | 0.55x | 0.60x | 0.65x | 0.70x | 0.75x | 0.80x |
|---|---|---|---|---|---|---|---|
| Cash-Out | 0 | 0 | -25 | -62.5 | -100 | -162.5 | N/A |
| R/T Refi | 0 | 0 | -25 | -62.5 | -100 | -162.5 | -212.5 |
| Condo | -25 | -25 | -25 | -25 | -50 | -50 | N/A |
| Non-Warrantable | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short-Term Rental | -125 | -125 | -150 | -175 | -200 | -250 | N/A |
| 2-4 Unit | -12.5 | -12.5 | -12.5 | -37.5 | -75 | -100 | -200 |
| 5-10 Unit | -500 | -500 | -625 | -650 | N/A | N/A | N/A |
| Foreign Nationals | -125 | -125 | -125 | -125 | N/A | N/A | N/A |
| Prime DSCR | 0 | 0 | 0 | 0 | 0 | N/A | N/A |
Lock Period & Extension Adjustments
| Lock Period | Fee (bps) |
|---|---|
| 30 Day Lock | Par (0 bps) |
| 45 Day Lock | -13.5 |
Prepayment Penalty Schedule
| Prepayment Penalty Period | LLPA (bps) | Max Price |
|---|---|---|
| No Prepay Penalty | -150 | 101.875 |
| 12 Month Prepay | -100 | 102.375 |
| 24 Month Prepay | -50 | 102.875 |
| 36 Month Prepay | 0 | 103.875 |
| 48 Month Prepay | +25 | 103.875 |
| 60 Month Prepay | +50 | 104.625 |
Product Term Details
| Product | IO Months | Amortization Months | Interest Rate Caps | Margin | Extension Costs |
|---|---|---|---|---|---|
| 30Y Fixed | - | 360 months | - | - | - |
| 30Y Fixed IO | 120 | 240 months | - | - | 5 days / 7.5bps |
| 5/6 ARM | - | 360 months | 2/2/5 | 0.06 | 10 days / 15bps |
| 7/6 ARM | - | 360 months | 5/2/5 | 0.06 | - |
| 7/6 ARM IO | 120 | 240 months | 5/2/5 | 0.06 | - |
Additional Pricing Information
- $500 LLPA applied on loan amounts of $125,000 or less
- 1x5 Prepay Penalty has a net -37.5 bps LLPA
- Maximum 2 extensions per lock period
General Loan Program Information
Purpose
Colchis DSCR program is designed to provide financing for income-producing, residential real estate to non-occupying borrowers for commercial or business purposes only. Loans must be fully underwritten and approved.
Cost Basis
All financed improvements and acquisition costs are included in cost basis calculation for down payment and LTV purposes.
Seasoning Requirements
- Event seasoning: 36 months from date of credit event
- Bankruptcy Chapter 13: Must be discharged
- Mortgage history: Maximum 1 late 30+ days in 12 months
Loan Program Limitations
- Non-occupying borrower requirement is mandatory
- Commercial/business purpose certification required
- All underwriting is full and manual; automated approvals are not available
- Loans are subject to approval and may be rejected or conditioned based on underwriting
Additional Program Notes
This document outlines the underwriting guidelines for Colchis DSCR investor loan purchase program. Guidelines are subject to change. All loans remain subject to full underwriting and approval per investor requirements.