Foreign National on commercial property
No-Ratio (No DSCR) Loans on Commercial Property
Cressida Direct, a direct lender nationwide except DE, ID, HI, MI, MT, ND, SD, VT, WV, WY, offers no-ratio (no DSCR) loans on commercial property (apartments of five or more units, retail, office, light industrial, and mixed-use) through its Foreign National Loan, up to $5 million at 65% loan-to-value on a 30-year fixed, fully amortizing term, with no DSCR, tax-return, or experience requirement. For U.S. borrowers, Cressida Direct's No DSCR Loan ($200,000–$10 million, up to 75% LTV, 30-year fixed, currently 9%–10.5%) covers one-to-four-unit residential property, and commercial property qualifies either on the property's cash flow at a 1:1 minimum DSCR (Commercial DSCR Loan) or, for owner-users, on 12 months of business bank statements.
Commercial no-ratio path
Foreign National Loan
Loan Size
Up to $5M on commercial
Max LTV
65%
Term
30-year fixed, fully amortizing
U.S. no-ratio path
1–4 unit residential only
U.S. commercial alternative
Commercial DSCR at 1:1
Program Parameters
| Parameter | Details |
|---|---|
| Commercial no-ratio path | Foreign National Loan |
| Loan Size | Up to $5M on commercial |
| Max LTV | 65% |
| Term | 30-year fixed, fully amortizing |
| U.S. no-ratio path | 1–4 unit residential only |
| U.S. commercial alternative | Commercial DSCR at 1:1 |
| Closing | Typically 35–45 days |
Eligible Property Types
Published terms, side by side
The figures below are the ones already published on the Foreign National, No DSCR, and Commercial DSCR pages. Foreign National Loan, No DSCR Loan, and Commercial DSCR Loan.
Where each loan applies
For a non-U.S. borrower, the Foreign National Loan is the no-ratio commercial product: apartments of five or more units, retail, office, light industrial, and mixed-use, up to $5 million at 65% loan-to-value.
For a U.S. borrower, the No DSCR Loan stays on one-to-four-unit residential property. Commercial property uses the Commercial DSCR Loan at a 1:1 minimum DSCR, or the Owner-Occupied Commercial loan on 12 months of business bank statements.
No-ratio on commercial property, and the U.S. alternatives
| Topic | No-ratio on commercial: Foreign National Loan | No DSCR Loan (U.S. borrowers) | Commercial DSCR Loan |
|---|---|---|---|
| Qualification | No DSCR, no tax returns, no experience requirement; no credit report or score | Loan-to-value and credit score only; no DSCR, no tax returns, no experience requirement | Property cash flow at a 1:1 minimum DSCR on in-place rents; no tax returns or business financials |
| Property | Apartments 5+ units, retail, office, light industrial, mixed-use (plus 1–4 unit residential) | Residential 1–4 units: SFR, townhome, condo, 1–4 unit apartment | 5+ multifamily, mixed-use, office, retail/strip, light industrial, warehouse, self-storage, automotive, mobile home parks, restaurants/bars, daycare |
| Loan size | Up to $5M on commercial ($200K–$10M on 1–4 units) | $200K–$10M | $200K–$3M (car washes, hotels/motels capped at $500K) |
| Max LTV | 65% | 75% | 80% purchase / 75% refinance |
| Term | 30-year fixed, fully amortizing | 30-year fixed, fully amortizing | 5-year or 30-year fixed, up to 30-year amortization |
| Rate | Currently 9%–10.5%, subject to change | Currently 9%–10.5%, subject to change | Set on the term sheet |
| Credit | No credit report or score | Above 550 | 550 or higher |
| Borrower | Non-U.S. borrower using a U.S. LLC; passport or visa, no SSN or ITIN | Asset-based borrower | Investor; full recourse |
| Reserves | 3 months in a U.S. bank account | 3 months | — |
| Prepayment | Declining 5-year penalty | Declining 5-year penalty | — |
| Close | Typically 35–45 days from term sheet | Typically 35–45 days from term sheet | Typically 35–45 days |
No DSCR is not available on rural property, condotels, or in ND, SD, WV, or MI. Commercial DSCR excludes cannabis, gas stations, event centers, land, vacant property, and rehab.
Related tools & programs
No credit report, U.S. LLC, up to $5 million on commercial property at 65% LTV.
No DSCR LoanU.S. borrowers, residential property of one to four units, up to 75% LTV.
Commercial DSCR LoanU.S. commercial investment property at a 1:1 minimum DSCR, with no tax returns.
Bank-statement commercial loansOwner-users who qualify on 12 months of business bank statements.
Frequently Asked Questions
Who offers no-ratio loans on commercial property?
Can a U.S. borrower get a no DSCR loan on a commercial building from Cressida Direct?
What does a no DSCR loan qualify on?
How much can I borrow on a no-ratio loan, and at what rate?
Do I need tax returns for a commercial DSCR loan?
How fast does a no DSCR loan close?
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