Realty411 Magazine The Future of Real Estate is Here | Page 51

FirstKey Lending Unleashes
Big Capital For Smaller Investors
© 2013 FirstKey Lending, LLC. All rights reserved.
S
ince it’s inception FirstKey Lending has been spe-
cializing in the finance of single family portfolios in
the $5 to $100 million range. Several months ago the
media was abuzz with news of private equity giant
Cerberus Capital Management lending its billions to owners
of 1 to 4 unit rental portfolios. Now, New York-based First-
Key Lending has further expanded this initiative with the un-
veiling of its Lending Express program, designed specifically
to accommodate owners of 1 to 4 single family portfolios
who are looking for financing in the $1 to $5 million range.
Cash is now flowing to an expanded group of investors
through FirstKey’s new program, creating new opportunities
for smaller rental portfolio investors to tap into.
FirstKey’s Randy Reiff Leaks
the 411 on Express Lending
FirstKey is known for their $1 to $100 million loans and
boasts an impressive executive team of some of the top
minds, money managers and mortgage experts in the indus-
try. Randy Reiff is the firm’s Chief Executive Officer, whose
resume is a lineup of notable positions, including heading
up the Global Commercial Mortgage Business for both J.P.
Morgan and Bear Stearns.
In an exclusive interview with Reiff, he broke down
the advantages of the new Express program for Realty411
readers…
It’s no secret that it has historically been challenging for
real estate investors looking for funding under $10 million.
Reiff explains that it was this void and need in the market, as
well as a unique advantage in efficiency and infrastructure,
which were behind the decision to launch FirstKey’s new
small balanced lending program.
Specifically the CEO says: “FirstKey’s infrastructure and
expertise have enabled us to role out this exciting new prod-
uct, which caters to customers borrowing $5 million or less.
The FirstKey Lending Express program offers a streamlined
documentation and closing process tailored specifically to
this customer base.”
Why You Want This Loan
The FirstKey Lending Express product provides swift
funding for deals in the $1 million to $5 million range. Reiff
explains it has been “specifically designed for smaller port-
By Tim Houghten
folios of 1 to 4 family rental homes. The company employs
a team of individuals who are intricately familiar with the
nuances of financing these portfolios effectively.” In other
words you are not just dealing with an out-of-touch lender
that doesn’t un-
derstand the title,
documentation
and performance
history hurdles
that can come
Loan Amounts:
with acquiring
$1,000,000 to $5,000,000
or refinancing
a pool of cash
Rate Type: Fixed
flowing proper-
Loan Terms: 5 and 10 year
ties. Other factors
to love about this
Property Type: 1 to 4
mortgage program
Single residential family
include the po-
Loan-to-Value: Up to 75%
tential to borrow
under an LLC or
Amortization: 20 to 30 year
commercial entity
Interest Rate: Competitive pricing
with non-recourse
loans, very com-
petitive rates, up
to 30 year amortization, and the speed of getting to the closing
table.
Borrowers can take advantage of 5, 7 and 10 year loan
terms, across the U.S. with LTVs as high as 75%, to enable
portfolio growth and/or continually optimize investor perfor-
mance.
According to Reiff, current turn times are
“generally around 4 to 6 weeks,” depending
on portfolio size, which is pretty impressive
in this arena. Given the granularity of a port-
folio, third party reports and title work are
the biggest lead-time items and are generally
tackled immediately, to expedite the approval
process.
Reiff welcomes investors to “bring us your
Randy Reiff
portfolio and let us evaluate your options.”
FirstKey Lending Express
Program Features:
For fast loan assistance, real estate investors can either call
855-299-1944 or visit FirstKeyLending.com.
Borrowers can take advantage of 5, 7 and 10 year loan terms,
across the U.S. with LTVs as high as 75%, to enable portfolio
growth and/or continually optimize investor performance.
Realty411Guide.com

PAGE 51 • 2014

reWEALTHmag.com