Multi-Unit Residential Investment Program with Fixed or Adjustable Rates
Get the funds you need to take advantage of residential real estate opportunities
If you are looking to buy a rental property or refinance one that you already own, United Bank can help. We have a competitive loan program for residential rental properties of up to 12 units.
Residential investment loan features and benefits
Residential investment loan frequently asked questions
What types of properties are eligible for the United Bank Multi-Unit Residential Investment Loan Program?
- Loans are available for purchase, refinance, rehab or cash out
- Borrow up to $2,500,000 based on product parameters
- Investment financing for 1-12-unit properties
- Mixed-use properties are eligible
- Finance up to 80% loan to value
- Title held in the name of an LLC eligible
- Choose from flexible fixed and adjustable rate loans in a range of terms
- Receive a .75% rate discount when you choose auto payments from a United Bank checking account
Can I do a cash out refinance?
- Properties that have up to 12 units – all units must be non-owner occupied
- 5-12-unit residential investment properties. (Available for 1-4 units if closed in LLC, restrictions apply.)
- Properties with limited or no commercial space. Buildings containing non-residential space are eligible as long as the commercial space represents less than 25% of the square footage & rental income (restrictions apply).
Yes, cash out refinance is available if you wish to utilize some of the equity of your property for improvements or other investments (restrictions apply).
What types of loans are available?
United Bank offers a variety of flexible residential investment loan financing options for investors in Connecticut and Massachusetts. Choose from fixed rate loans up to 25 years and adjustable rate mortgages with maturity dates of 5, 7 or 10 years.
What documents are required to apply for a residential investment loan? To apply you will need:
Are there any other requirements?
- A tax return for the property or the personal tax returns in which the property is included
- All current leases on the property for each unit and a summary of the annual operating expenses
- Completed United Bank application
- Signed copy of form 4506(t) for each owner
How long will it take to receive a loan decision?
- The borrower must be an LLC and the property should be owned by the same LLC
- Borrower must have a minimum three years of real estate investment experience or utilize a third-party professional property management company
- Loan must close in an LLC with a personal guarantee
Once we have everything we need for your application, you will receive a decision from United Bank within three days. Upon approval, we will request a deposit and the appraisal process will begin.
Income Qualification based on Debt Service Coverage Ratio (DSCR) of 1.35 or greater. Minimum 80% occupancy for trailing 12 months. Maximum LTV is 75% based on product parameters. Property Condition Assessment (PCA) required on all loans over $1,000,000 or properties over 20 years old. 50% or LLC Members must have FICO credit score over 680, no mortgage lates in last 12 months and no 90-day mortgage lates in last 3 years. Minimum credit history is 3 years and at least 5 solid trade lines. Net worth of Guarantor(s) must be equal to or greater than the loan amount (65% of retirement accounts is considered). Must have minimum 9 months P&I as liquidity.