LAMD-D45 Alternative-Doc Fixed (1–4 Units, 5+ Units & Mixed Use) | DSCR Guidelines

Loan limits

Lien position: First lien
Minimum credit score: 500 (mid score). 500–599: max 50% LTV. 600+: up to the program maximum.
Max LTV – purchase: 75% (1–4 units, 5+ unit multifamily and mixed use; commercial 70%). Max 70% on loans over $1M; max 50% with a 500–599 score.
Max LTV – rate/term refinance: 75% (1–4 units, 5+ unit multifamily and mixed use; commercial 70%). Max 70% on loans over $1M; max 50% with a 500–599 score.
Max LTV – cash-out refinance: 75% (1–4 units, 5+ unit multifamily and mixed use; commercial 70%). Max 70% on loans over $1M; max 50% with a 500–599 score.
Minimum loan amount: $75K ($100K for 5+ unit multifamily, mixed use and commercial)
Maximum loan amount: $10M ($2M on 1–4 unit properties; max 70% LTV over $1M)
Cash-out (cash in hand) limit: Not published – ask us about your scenario
LTV reductions & overlays: Loans over $1M: max 70%. Credit score 500–599: max 50%. First-time investor: −5% LTV (all property types). Foreign investors: max 65%. Commercial properties: max 70%. Max CLTV 90%.

Minimum DSCR: Not stated – simple income documentation
DSCR below 1.00: Not published – ask us about your scenario
No-ratio (no DSCR calculated): Not published – ask us about your scenario
How DSCR and qualifying rent are calculated: No DSCR formula is published – the program uses simple income documentation. Ask us how the property's cash flow is reviewed.

Products: 30-year fixed, fully amortizing (shorter terms available); interest-only fixed option. No balloon.
Interest-only: Yes – interest-only fixed option with 1 to 10 years of interest-only payments.
Prepayment penalty: 5-year declining prepay (5%, 4%, 3%, 2%, 1%) or a 1-year prepay (5% penalty); no 2–4 year options. No prepay on NJ 1–6 units and PA 1–4 residential units (unless title is held in an entity), or on NM and KS 1–4 residential units (all vesting).
Reserves: Not published – ask us about your scenario

Housing payment history: Not published – ask us about your scenario
Credit events (BK, foreclosure, short sale, modification): Not published – ask us about your scenario
Forbearance, deferrals & modifications: Not published – ask us about your scenario
Collections, charge-offs, judgments & liens: Not published – ask us about your scenario
Tradelines & credit depth: Not published – ask us about your scenario
First-time homebuyer: First-time homebuyers are ineligible on 1-unit investment properties.
First-time investor: Allowed with a 5% LTV reduction (all property types).
Foreign national: Allowed – max 65% LTV.
ITIN borrower: Not published – ask us about your scenario
Non-permanent resident: Not published – ask us about your scenario
LLC / entity vesting: Allowed – title may be held in an entity.
Gift funds & assets: Not published – ask us about your scenario
Financed property / exposure limits: Not published – ask us about your scenario
Other borrower rules: Business-purpose (investment) loans only. Property taxes and insurance must be impounded.

Eligible property types: SFR, condo, 2–4 units; 5+ unit multifamily; mixed use; select commercial property types (ask us).
ADUs & unpermitted additions: Not published – ask us about your scenario
Non-warrantable condo: Not published – ask us about your scenario
Condotel: Not published – ask us about your scenario
Rural / acreage: Not published – ask us about your scenario
Minimum square footage: Not published – ask us about your scenario
Mixed use: Allowed – max 75% LTV ($100K minimum loan; 70% max over $1M).
5+ units / multi-property: 5+ unit multifamily allowed – max 75% LTV, $100K minimum loan, up to $5M (70% max over $1M).
Ineligible properties: Not published – ask us about your scenario
Declining markets: Not published – ask us about your scenario
Appraisal, review & insurance: Streamlined appraisal process – ask us for details.

Cash-out seasoning: Not published – ask us about your scenario
Delayed financing (cash purchase recoup): Not published – ask us about your scenario
Recently listed for sale: Not published – ask us about your scenario

Seller / interested-party concessions: Not published – ask us about your scenario
Secondary financing: Allowed within a 90% maximum CLTV.
State & local restrictions: Lending nationwide; some locations are ineligible – ask us. Prepayment penalties not allowed on NJ 1–6 units and PA 1–4 residential units unless title is held in an entity, or on NM and KS 1–4 residential units (all vesting).

Notes: Business-purpose investor loan with simple income documentation. Purchase, rate/term and cash-out refinance. Property taxes and insurance must be impounded. Max CLTV 90%. Lending nationwide (some locations ineligible – ask us).