Phoenix market context
- City of Phoenix site
- Phoenix.gov is the city's official site. It is the public start for city information. It is not a lender's rent conclusion and not a loan approval. City of Phoenix
- Maricopa County records start here
- Maricopa County's official site is the county's front door. Title that a lender relies on is still ordered for the address. The county homepage is not that commitment. Maricopa County
- Statute line for a Phoenix plex
- A.R.S. 6-901 separates a one-to-four-unit dwelling from commercial property. This Phoenix page is only the investor rental the borrower does not occupy. Arizona Legislature, A.R.S. § 6-901
A Phoenix landlord with a house or a small plex usually has a lease measured in months, not nights. Lenders that size this kind of file want that lease, the tenant's start date, and what cleared the bank. A projection that assumes a higher rent after a paint job is a plan. Label it as a plan. The City of Phoenix website is the city's public front door. It is not a rent study, and it does not tell a lender what to count. Maricopa County's website is where county departments and recorded-document searches begin. A lender still orders its own title work. The county site is not that title report.
This page is a child of the statewide investor file at Arizona investor DSCR. The same limits apply. One to four units. Income-producing. The borrower does not occupy the property. A.R.S. 6-901 calls a loan secured by that size of dwelling a residential mortgage loan, and it calls other real property commercial property. We cite the line so a Phoenix rental is not pitched as a loan to move into. We are not giving a legal reading of a particular deed.
If the Phoenix asset is an apartment community of five or more units, stop here and use Arizona commercial DSCR or the Phoenix multifamily page. Investor property without a city name is Arizona investment property. Run the lease rent and a payment you choose through the DSCR calculator.
Phoenix lease items that change the coverage math
These are questions for the lender. They are not an approval list.
Contract rent
The rent on the signed Phoenix lease, and the date the term ends.
Collections
What was deposited, if the lender wants trailing receipts instead of the contract.
Vacant units
Say which units are empty. Do not fill them with a hoped-for rent unless you label it as a hope.
Occupancy by the borrower
Confirm the borrower will not live there. If that changes, this page is the wrong loan.
Long-term Phoenix leases, not a weekend rate
A twelve-month lease in a Phoenix neighborhood is the ordinary exhibit. Ask the lender whether it uses the contract rent, a trailing collection, or an appraiser's market rent, and whether a month-to-month tenant is discounted. Two quotes can use two answers. We arrange the comparison. We do not pick a winner, and we do not print a Phoenix rent per square foot.
A purchase that must close before a bank finishes a wage-based file is sometimes a bridge conversation instead. Phoenix bridge is that short loan, arranged with private and bridge lenders. It is not a DSCR takeout, and it is not a loan we fund ourselves. When the lease is in place and the hold is long, come back to coverage. The rates and loan calculator stays a worksheet.
What to send for a Phoenix address
The street, the unit count, the lease, a year of deposits if you have them, taxes, and insurance. Say that the borrower will not occupy the property. Say whether any unit is vacant. A photo of a renovated kitchen does not replace the lease. The Mortgage Bankers Association's site is industry context for commercial mortgages. It is not a Maricopa rent roll.
Craig Hoebing reads that package from the Scottsdale office under CMB-1047342 and NMLS 1445066. There is no Phoenix branch address. Capital Market Funds is not a Fannie Mae DUS lender. Agency apartments are a different collateral size and are placed with the lender that executes them.
Paths for a leased Phoenix rental of one to four units
| Source | When it fits |
|---|---|
| Bank | A Maricopa bank that will hold a leased Phoenix rental and write its own coverage test. |
| Bridge & Private | Phoenix bridge when the lease is not in place yet and the close date will not wait. |
| CMBS | Not the usual box for a single Phoenix house or fourplex. Listed so the file is not forced into a conduit quote. |