Programs
Closed-End Second (Non-Owner Occupied)

Closed-End Second (Non-Owner Occupied)

Min. FICO 660
Max CLTV up to 80%
Max DTI 50%

Program Overview:

A strategic tool for investors to leverage rental property equity to fund portfolio expansion or business debt consolidation.

Broker Advantage:

  • Investment Scaling: Use a DSCR Second to fund down payments on new acquisitions using rental cash flow alone.
  • Rate Protection: Avoid a full refinance of low-interest portfolio debt.
  • No Personal Income Needed: DSCR Option allows tapping into equity with zero tax returns in the file.

Highlights:

  • FICO: Minimum 660.
  • CLTV: Up to 80%.
  • Ratios: Qualify via 50% DTI or 1.00 DSCR options.
  • Loan Limits: $50,000 to $750,000.
  • Documentation: Stand-alone cash-out only for DSCR doc type.

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DSCR FAQ

What is a closed-end second mortgage?

A fixed-term loan secured behind the first mortgage.

Can I keep my first mortgage?

Yes. Your existing first mortgage remains in place.

How can the funds be used?

Debt consolidation, home improvements, or major expenses.

What documentation is required?

Full doc, bank statements, WVOE, P&L, or 1099.

What is the maximum CLTV?

Up to 90% CLTV depending on credit.

Exlpore more Closed-End Second (Non-Owner Occupied) Loan Programs

Closed-End Second (Second home)

Min. FICO 660
Max CLTV up to 85%
  • Loan amounts from $50,000 to $750,000
  • Full Doc, Bank Statement, WVOE, and P&L Only available
  • Max combined lien balance up to $3,000,000

Closed-End Second (Owner Occupied)

Min. FICO 660
Max CLTV up to 90%
  • Loan amounts from $50,000 to $750,000
  • Multiple documentation types: Full Doc, Bank Statement, WVOE, P&L Only, 1099
  • Max combined lien balance up to $2,000,000

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Legions Capital, Inc. is an Equal Housing Lender. NMLS ID #1553947. 21800 Burbank Boulevard, Suite 100, Woodland Hills, CA 91367. 818-818-483-4542. State Licensing: Legions Capital, Inc. is licensed by: AZ #BK-2008712 “Arizona Mortgage Banker License”; CA #60DBO-64540 “Licensed by the Department of Financial Protection and Innovation under the California Financing Law”; CO “Mortgage Company Registration”; CT #ML-1553947 “Mortgage Lender License”; FL #MLD2349 "Mortgage Lender Servicer License"; GA #1553947 “Mortgage Lender License/Registration”; MI #FL0026913 “1st Mortgage Broker/Lender Registrar”; OR #1553947 “Mortgage Lending License”; PA #116958 "Mortgage Lender License"; SC-BFI #MLS-1553947 “Mortgage Lender/Servicer License”; TN #1553947 ”Mortgage License”; TX-SML “Mortgage Banker Registration”; WA #CL-1553947 “Washington Consumer Loan Company License”; WI #1553947BR “Mortgage Banker License”. Verify our licenses at: www.nmlsconsumeraccess.org. Texas Consumers: Click here to view the Texas Consumer Complaint & Recovery Fund Notice. Availability: Loan approval and rates are dependent upon applicant’s credit, collateral, financial history, and program availability at time of origination. Programs and rates are subject to change without notice and may or may not be available at the time of loan commitment or lock-in.
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