Properties with 5 to 25 residential units fall above residential 1–4 unit Fannie/Freddie caps but below $5M+ institutional agency balance minimums. These 10 commercial DSCR and bridge lenders underwrite 5–25 unit apartment buildings off T-12 Net Operating Income (NOI ÷ Debt Service >= 1.15x–1.20x) with zero personal tax returns.
| Rank | Wholesale Shelf / Lender | Max Purchase LTV | Max Cash-Out LTV | Min DSCR / FICO |
|---|---|---|---|---|
| #1 | Institutional Capital Shelf #1 (Non-QM Conduit) | 80% | 75% | No-Ratio (0.00x / <1.00x) · 640 FICO |
| #2 | Institutional Capital Shelf #2 (Bank Conduit) | 75% | 70% | 1.0x · 660 FICO |
| #3 | Institutional Capital Shelf #3 (Non-QM Conduit) | 80% | 75% | No-Ratio (0.00x / <1.00x) · 620 FICO |
| #4 | Institutional Capital Shelf #4 (Non-QM Conduit) | 85% | 75% | 0.75x · 550 FICO |
| #5 | Institutional Capital Shelf #5 (Non-QM Conduit) | 80% | 75% | No-Ratio (0.00x / <1.00x) · 660 FICO |
| #6 | Institutional Capital Shelf #6 (Non-QM Conduit) | 80% | 75% | No-Ratio (0.00x / <1.00x) · 660 FICO |
| #7 | Institutional Capital Shelf #7 (Non-QM Conduit) | 80% | 75% | No-Ratio (0.00x / <1.00x) · 600 FICO |
| #8 | Institutional Capital Shelf #8 (Non-QM Conduit) | 80% | 75% | No-Ratio (0.00x / <1.00x) · 600 FICO |
| #9 | Institutional Capital Shelf #9 (Non-QM Conduit) | 80% | 75% | No-Ratio (0.00x / <1.00x) · 640 FICO |
| #10 | Institutional Capital Shelf #10 (Non-QM Conduit) | 80% | 75% | No-Ratio (0.00x / <1.00x) · 620 FICO |
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