Home - Nonbank Clearing

Optimized debt finance solutions for small-to-mid market investors and developers. We work with rental owners, fix n flip / fix n rent investors, homebuilders, multifamily investors and developers, land developers, and commercial owners. We correspond with best-in-class bank and nonbank lenders to structure competitive loans for almost any lendable scenario. Hope to earn your business!

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Nonbank Clearing Process

Before Application

Discuss the deal and figure out the right loan program, sizing, parameters, and approximate terms.

Loan Application

Provide information over the phone, or on a fillable form, along with supporting documentation.

Loan Approval

Approve lender terms and order appraisal.

Loan Processing

Work with Nonbank Clearing to meet simplified lender requests including LLC documentation, Title, Insurance, and property / project level info. The lenders usually come up with more info requests.

Loan Closing

Nonbank Clearing and lender partners coordinate with Closing Agent, Insurance Agent, Real Estate Agents, Borrower / Client, and anyone else needed, to get the loan clear to close and schedule closing.

Calculators

DSCR Loan Calculator

Almost all DSCR loans are 30 year term, so we’ve plugged in 360 months for the term length.

For 1-4 unit residential, multifamily, and commercial / mixed use DSCR loans, the lenders escrow the estimated monthly cost for property taxes and property insurance. The monthly payments are PITI (Principal + Interest + Taxes + Insurance), like a 30 year home loan, even though these are commercial loan products.

Principal ($):

Interest Rate (Annual %):

Monthly Property Taxes and Insurance ($):

Term (# of Months):

Output: Monthly Payment, PITI ($):

Up Front Costs

Lender Underwriting Fee ($):

Lender and Broker Points (% of loan amount):

Appraisal Fee ($):

Title, Recording, Insurance and 3rd Party Costs ($):

Output: Total Up Front Loan Closing Costs ($):

In choosing a DSCR lender, rates, points, and fees are important, but equally important are service, reliability, and not finding a lender that bids low to win loans and re-trades later.

DSCR lenders have less stringent dscr criteria than bank lenders. DSCR loans for 1-4 unit residential properties do not require leases or occupancy, and lenders can go off market rate for rents. DSCR loans for multifamily, mixed use, and commercial, typically require 70% occupancy. The usual dscr requirement for a DSCR loan is 1.00, based on rents divided by the PITI monthly payment with 30 year amortization, and we have lenders that can work with 0.75-0.99 dscr for certain scenarios. A full doc bank loan would adjust rental income downward for operating expenses and vacancy (not just taxes and insurance) and require 1.20 or 1.25 dscr at 20 or 25 year amortization.

Hard Money Loan Calculator

Fix n flip loans and New construction loans are typically 12 month, 18 month, or 24 month balloon loans, interest only, where the borrower intends to repay the loan by either refinancing (taking out) the bridge loan with a permanent loan, or selling the property and repaying the loan at sale.

The “Rehab Holdback Use Factor” is a simplification to help estimate the total monthly interest payments. Our lenders typically don’t charge interest on undrawn amounts, so we’ve included this percentage to adjust for not using the entire rehab holdback amount from the beginning of the loan. Our lenders typically have no minimum term length. They get you on the up front points and fees and then the total interest paid is variable depending on how soon you draw the money and how many months until you pay it back, with no minimum interest.

Purchase Loan Amount ($):

Rehab Holdback Amount ($):

Rehab Holdback Use Factor (%):

Loan Term (# of months):

Interest Rate (Annual %):

Points (% of loan amount):

Lender Fees ($):

Appraisal Fee if applicable ($):

3rd Party, Recording, Insurance, and Title ($):

# of Months to Sell or Refi	3 months	6 months	9 months	12 months
Total Interest Estimate, Sum of Monthly Payments ($):

Output: Up Front Loan Costs:
Output: Up Front Appraisal and 3rd Party Fees:
Total Up Front Loan Cost including 3rd Party ($):

For a fix n flip example, $250k purchase price and $50k rehab budget, you could model 85% of the purchase price for purchase loan amount ($250,000 x 85% = $212,500) and $50,000 for the rehab holdback amount (rehab budget).

For a new construction loan example, with $50k lot cost and $250k project budget to build a house, you could model $50k down to pay for the lot in cash and then borrow $250k rehab holdback amount, so $0 purchase loan amount and with $250,000 rehab holdback amount.

Terms and leverage parameters vary for fix n flip loans and new construction loans. Call us to check your assumptions 609-468-9324.

Multifamily and Commercial Bank Loan Calculator

Bank loans for multifamily and commercial property are full doc loans, meaning they require 2 years personal and business income history, and the bank will verify assets (e.g. cash, stock, retirement plans, and other real estate owned). Unlike DSCR loans, banks typically do not escrow for property taxes and property insurance, so the monthly payment is just Principal and Interest (PI), as opposed to a DSCR loan payment which is Principal, Interest, Taxes, and Insurance (PITI). Typical amortization terms for bank loans are 20 years (240 months) and 25 years (300 months).

Principal ($):

Interest Rate (Annual %):

Amortization Term (# of Months):

Output: Monthly Payment, PI ($):

Up Front Costs

Lender Underwriting Fee ($):

Lender and Broker Points (% of loan amount):

Appraisal Fee ($):

Title, Recording, Insurance, and 3rd Party Costs ($):

Output: Total Up Front Loan Closing Costs ($):

Bank loans have more stringent DSCR requirements than DSCR lenders.

Rick Bagel

Owner/Originator

Rick Bagel is an expert in real estate development, finance, underwriting, structuring, and loan origination. Decimals and dollars are only part of the equation. Customer service, and high integrity between borrower, broker, and lender, are paramount.

Rick’s work experience includes Cardinal Financial, Conventus Holdings, Morning Sky Capital, Leith Inc, and Wetrock Farm I, LLC. Rick holds a B.S. in Economics from Duke University and an M.B.A. in Real Estate from University of Miami.

Testimonials

"I have been a self-employed contractor for over 20 years. I reached out to several PML’s in the past 3 years with no success for multiple reasons and had set forth on a path to do it on my own with my own money. Out of the blue, I reluctantly took a cold call and I’m glad I did. Rick was honest, to the point and most importantly knowledgeable about not only the financial process but the construction side as well. I am, and will continue to work with Rick and develop this relationship into the future."

- Randy, Phila Suburbs

"I recently worked with Rick Bagel of Nonbank Clearing on a DSCR loan to refinance an existing mortgage on one of my investment rental properties. Rick displayed an extensive knowledge of the various loan products available for my situation. He was straightforward and extremely helpful in explaining each loan option in vivid detail. He handled the whole process from start to finish with professionalism while also giving it that personal touch. He made the entire process relatively seamless. Thanks to Rick I was able to fulfill my goal of paying off some debt and to continue investing in real estate. I highly recommend Rick and his company, Nonbank Clearing, for obtaining mortgage loan products to help you fulfill your real estate investment goals."

- Al, Philadelphia

"Rick Bagel Is Awesome!!!! He's Kind And Polite, But A Real Go Getter. He Makes Things Happen. I Have Confidence In Rick. I've Had Two Separate Loans And Rick Made Them Happen For Me. He's Quick, On Point, Keeps You Updated On Business And Gives Great Advice."

- Terry, South Jersey