Velocity Mortgage Capital
, a direct portfolio lender focused on the investment property loans market, has updated its FlexPerm loan with a 30-year, fixed-rate loan option for residential investment and small commercial properties.
According to the Westlake Village, Calif.-based company, FlexPerm is offered to real estate investors and small businesses focused on single-family, multifamily, condominiums and townhomes, mixed-use and small balance commercial buildings. The program is designed as an alternative to traditional bank purchase and refinance loans, which typically include 10-year balloon payments or private money loans that often include a large balloon payment within one-to-two years. FlexPerm’s 30-year term allows investors to lock in low fixed rates for a longer term without the uncertainty of potential rate hikes, the company added, noting that the revised program is available as a three-year-fixed or 30-year-fixed loan amortized over 30 years. FlexPerm loans, as with all Velocity mortgage programs, are offered only through mortgage brokers and are not directly originated to real estate investors.
“Increased interest in investment property ownership presents new opportunities for mortgage brokers, and our updated FlexPerm loan offers borrowers and brokers a win-win,” said Velocity CEO and Founder Chris Farrar. “The new 30-year option on FlexPerm loans allows borrowers to lock in historically low rates for the life of the loan. We’re proud to provide loan products that enable brokers to expand their client base by helping them address the unique needs of independent real estate investors and small business owners who typically don’t qualify for traditional bank loans.”