Loan Support
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Who do I contact about my loan with Vaster?
You can reach out to Vaster's servicing department at 305-673-3011 or support@vaster.com.
For more ways to reach us, please go to our contact page.
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How do I make my monthly mortgage payment?
All of our loans are on automatic debit from the borrower's bank account on the first of the month.
To view your account details or make a payment online, please go to myaccount.vastercapital.com
If you do not have your log-in credentials, please reach out to support@vaster.com
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When is my payment due?
All payments are due on the first day of the month.
For payment and account details, please contact support@vaster.com or log-in to your account at myaccount.vastercapital.com
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How is my interest calculated?
Vaster's interest only loan product is calculated based on simple interest, assuming 360 days per year.
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Does my property need insurance?
Yes, the collateral for your loan must have Hazard, Liability, and Flood insurance coverage. The insurance policies must be active during the term of the loan.
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How do I update my contact information?
To update your contact information, please reach out to our servicing team at support@vaster.com and include the contact changes you would like to make.
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Where can I pay property taxes due?
With the property's Folio #, go into your County's Property Tax website and search for the account -- this will show the property tax payment status. If you are having trouble finding this information, please reach out to support@vaster.com so we can help.
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What happens after I receive the 3rd notice of insurance coverage expired?
Insurance on the subject property will be Forced Placed until a renewed insurance policy is received.
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Can my account be removed from force placed insurance?
Yes, as soon as you provide an updated and active insurance policy, force placed insurance will be removed.
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How will I receive my monthly loan statements?
Monthly loan statements will be sent via email. If you need to update your contact information please call at 305-673-3011 or email support@vaster.com
You may also access view your account details and make a payment by logging into myaccount.vastercapital.com
If you are having issues logging in, please reach out to our servicing department.
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How do I request a payoff letter?
To request a payoff letter, please contact our servicing department at 305-673-3011 or support@vaster.com
Vaster
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What is Vaster?
Vaster is a South Florida based one-stop-shop mortgage lender that offers financing solutions for home owners, real estate investors, and everyone in between.
Our home loans division is powered by mortgage experts with over 25 years of experience in real estate and mortgage banking We have access to a network of both local and national lenders so our clients always have access to best rates and terms available.
Our commercial bridge loan division is backed by two of South Florida's biggest real estate companies, Fortune International and The Related Group. Our team is built of professionals with experience in real estate sales, development, and financing with the common goal of giving South Florida investors the ability to execute on real estate opportunities and get the upper hand in a fast moving market.
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Does Vaster work with investors?
Yes! Vaster's commercial bridge division works exclusively with investors and developers to help them finance real estate investments, big and small. So whether you’re a residential investor who wants to add a new condo unit to your portfolio or you’re a commercial investor looking to finance a multi-story office complex, we can help you make it happen.
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What experience does Vaster have?
Vaster was founded back in 2017 and is backed by two of the largest real estate firms in Florida — The Fortune International Group and The Related Group. Our team of lending professionals have over 30 years of experience in real estate and mortgage lending.
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Where can I see Vaster's recently closed transactions?
Vaster is constantly closing impressive real estate deals throughout the state of Florida and beyond. Check out our recently closed transactions here, including residential properties, commercial properties, and land.
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What is Vaster's max loan amount?
Vaster's commercial bridge loan division does not have a max loan amount. Our expertise is super jumbo loans upwards of $15 million.
For our home loans division, our conventional loans adhere to the loan amount limit set forth by Fannie Mae and Freddie Mac.
However, our home loans division does offer jumbo loan programs that allow for higher loan limits. Please contact us for more information.
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Where does Vaster operate business?
Vaster is located in the heart of Miami's financial district, located in the Downtown Miami area, also known as Brickell.
If you would like to schedule an in-person consultation, please contact us.
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Does Vaster work with mortgage brokers?
Yes! Our bridge loan division partners with mortgage brokers across Florida and New York to help them find flexible financing for residential, commercial, and land transactions.
Learn more about partnering with Vaster. No broker package required.
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Why work with Vaster as a mortgage broker?
Partnering with Vaster gives you access to flexible loan solutions and attractive commissions. The best part is that we do not require a broker package for you to get started with us. You can submit a deal straight away on our website or connect with one of our bridge loan specialists to get a quote.
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Does Vaster offer fixed-rate financing?
Both Vaster's commercial and home loans division offer fixed-rate financing.
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How much will Vaster finance?
Vaster's home loan division can finance up to 96.5% of your home purchase.
Vaster's bridge division can finance up to 65% of your investment property.
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How can I get started with Vaster?
If you’re ready to get started, the best thing to do is complete our online application. Our online application is quick and takes less than 2 minutes to complete.
Once submitted, you will receive an email from a Vaster team member to access your Vaster mortgage account and start submitting documents.
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Where can I learn more about the mortgage industry and the real estate market?
Vaster is excited to share our knowledge about mortgage loans and the South Florida real estate market, which is why we’re constantly adding relevant articles to our blog for you to explore and learn more.
Commercial loans
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When is a bridge loan used?
A bridge loan is used as a short-term solution to finance real estate until permanent financing is secured.
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How do bridge loan payments work?
Bridge loan payments are Interest Only (IO) and calculated with simple interest. By multiplying the loan amount and the interest rate, and dividing the result by 12 (months), you will get the monthly payment.
There are no principal amortization payments during the term of the loan. Principal is repaid at maturity with a lump-sum or balloon payment.
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Can you use a bridge loan to payoff a mortgage?
Yes. Vaster can provide loans to investors looking to pay off an existing mortgage that is reaching maturity or to reduce their current interest rates.
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Does Vaster provide bridge loans for pre-construction condominiums?
Yes. Both pre-construction and new construction condominiums are Vaster’s expertise. We lend on new construction condos and finance closing costs which helps many investors close without the need to bring cash to closing.
Vaster also lends on other types of residential assets such as single family homes, townhomes, condo-hotels ("condotels"), and vacant residential land.
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Can you get a bridge loan on a property that does not have a mortgage?
Yes. A cash-out bridge loan allows investors to take equity out of a free & clear property. The cash out proceeds can then be used to remodel, to pay off an existing debt, or to invest in a new business.
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Can I use a bridge loan to remodel a property?
It depends. If the remodeling work does not require significant structural changes or additions, you could get a cash-out loan with Vaster and use the loan proceeds to add new floors for example.
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Can I use a bridge loan to finance a commercial property?
Yes. Vaster provides bridge loans on the following commercial assets:
- Retail
- Office
- Mixed-Use
- Multifamily
- Industrial
- Vacant land (zoned for commercial-use)
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Do you provide bridge loans to buy land?
Yes. Vaster lends on residential and commercial land with as-of-right residential or commercial uses.
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Can you use a bridge loan when building a house?
Yes. Some lenders offer construction bridge loans for building homes. Vaster currently does not provide ground up construction loans.
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Who offers bridge loans?
Institutional and private investment funds offer bridge loans.
Vaster provides bridge loans and can help you identifying and structuring your or your client’s financing needs. Click Here to get in contact with a Vaster Loan Originator.
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Where can I get a bridge loan?
At Vaster of course! Click here to get started with your loan request.
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Who qualifies for a bridge loan?
Qualification for a bridge loan depends on 3 factors: collateral, borrowing entity, and financial strength of the sponsor.
To discuss your financing needs please visit our contact page to connect with one of our Vaster Loan Specialists.
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Can I get a bridge loan if I have bad credit?
Yes. Although Vaster runs credit checks on all sponsors, the approval decision is not credit score driven. However, major credit events like a recent foreclosure, bankruptcy, and/or judgement could affect eligibility for approval.
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Can you extend a bridge loan?
Yes. Loans with good payment history and overall performance could be eligible for extension.
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Can you refinance a bridge loan?
Yes. Bridge loans can be refinanced and paid off with proceeds from another loan.
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Is a bridge loan HMDA reportable?
Yes. Bridge lenders must comply with HMDA requirements.
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Bridge loan vs Home equity
Home Equity Lines of Credit are usually offered by traditional banks to primary homeowners with excellent credit and financial profile. It is a fully documented and credit score driven loan.
Vaster provides Bridge Loans to corporate entities on investment properties. These loans require less documentation and are not credit score driven.
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Bridge loan vs. Hard money
Hard Money or Hard Equity loans are based 100% on the quality of the property. Required documentation of the sponsor documentation is very light and almost nonexistent. Since no financial information of the sponsor is provided, the interest rates and fees on these loans are substantially higher.
Bridge loans, on the other hand, require more information about the sponsor’s financial strength. Bridge loans are designed for experienced and professional investors that need quick access to capital to execute real estate investment strategies. By providing information about the intended transaction and their financial strength, investors can access lower rates and fees.
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What constitutes a complete bridge loan application?
A complete loan application is a signed copy of the application with supporting documentation attached. Click here to get started.
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Why is a bridge loan used?
A bridge loan is used for those looking for an efficient and short-term financing solution that gets them to the closing table quickly.
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Can foreigners get a bridge loan?
Yes! Foreigners can use bridge loans as they are designed with flexibility in mind. This means that you do not need a credit history or domestic income forms to qualify for this type of loan.
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What is the term for a bridge loan?
Most bridge loans range from 12 to 36 months. However, they can be paid off early with no penalty and many can also be extended, if needed, depending on your payment history.
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What documents do you need to apply for a bridge loan?
Vaster's bridge loan application process is designed to be hassle-free and streamlined. A full bridge application includes the following:
- Signed and completed application
- Copy of passport
- Copy of state drivers license (For U.S. citizens)
- Copy of visa or green card (for Non-U.S. citizens)
- Signed purchase contract (if applicable)
- Copy of latest bank statement
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Can you get a bridge loan if you are self-employed?
It can be challenging for those who are self-employed to qualify for a loan. Thankfully, to qualify for a bridge loan, we do not request documentation related to your income. Instead, we will request documentation to verify your financial strength such as a copy of your bank statements.
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What is a bridge loan approval based on?
Qualification for a bridge loan depends on 3 factors: collateral, borrowing entity, and financial strength of the sponsor.
To discuss your financing needs please visit our contact page to connect with one of our Vaster Loan Specialists.
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How to prepare for a bridge loan application?
The best way to prepare for a bridge loan application is to get in contact with one of our Vaster loan specialists. They assess your financing needs to ensure a bridge loan is the right fit for you before you apply and then guide you through the entire loan process.
Click here to connect with a Vaster loan specialist.
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How long does it take to close on a bridge loan?
You can close on a bridge loan with Vaster in as little as 10 business days.
*Note that closing timelines are largely dependent on how quickly the borrower provides all necessary documentation required to close.
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Can you close on a bridge loan virtually?
Yes! Our loan processing team regularly conducts virtual closings and utilizes online notary services so our clients can close from anywhere in the world at a U.S. consulate or embassy.
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Is a bridge loan ideal for a homebuyer?
Vaster's bridge loan program is intended for commercial-use only, this means the property must be an investment property. We can offer bridge loan financing for residential assets such as single family homes, condos, townhomes, etc. but the borrower cannot use this property as a primary residence.
For more information on common use-cases for bridge loans, please reach out.
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Do you need a property appraisal to receive a bridge loan?
Yes. A property appraisal is necessary to receive any type of mortgage — including a bridge loan. The appraisal process verifies that the property is worth what you’re paying for it and helps mitigate some of the risk taken on by the lender.
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Do properties have to be Fannie Mae and Freddie Mac approved to use a bridge loan?
No. The best thing about bridge loans is the flexibility they offer in terms of what types of properties they can finance. This means that properties do not need to be Fannie Mae or Freddie Mac-approved in order to qualify for a bridge loan.
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How much will a bridge loan cost?
The cost of your bridge loan will depend on a variety of different factors, including your interest rate and closing costs. However, Vaster is always transparent with you throughout the process — providing you with full visibility of the fees and costs of your mortgage so that there are no surprises and you’re prepared for closing and repayment.
If you would like to get a personalized estimate of closing costs before applying, please contact us.
Home loans
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What is a conventional mortgage?
A conventional mortgage is a loan that is not guaranteed or insured by the government. Instead, they are sold to Fannie Mae and Freddie Mac, the two largest buyers of mortgages in the U.S.
A conventional loan is also known as a conforming loan because it must conform to the guidelines set forth by Fannie Mae and Freddie Mac. These guidelines set requirements on credit score, loan amount, debt-to-income, and down payment amount.
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What credit score do I need for a mortgage?
Most lenders want to see a minimum FICO score of 620. However, for the best rate possible, your credit score should be over 740. (Keep in mind that the highest potential credit score possible is 850.)
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What documents do I need to apply for a conventional mortgage?
To apply for a home loan or start the pre-approval process, you will need to provide the following documentation:
- Pay stubs
- W-2 statements and/or 1099 statements
- Tax returns
- Bank statements
- Identification
- Social security number
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Are conventional mortgages harder to get?
Compared to government-backed loans, a conventional mortgage is harder to obtain mainly due to the credit score and debt-to-income ratio needed to qualify. However, a conventional loan often offers better rates and terms than a government-backed loan.
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Do I need to get homeowners insurance to qualify for a mortgage?
Yes, all lenders will require homeowners insurance as a condition of your mortgage.
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What is the difference between a conforming loan and a non-conforming loan?
A conforming loan adheres to the guidelines set forth by Fannie Mae and Freddie Mac, two of the largest mortgage buyers in the U.S. These guidelines include requirements on:
- Credit score
- Loan amount
- Debt-to-income ratio (DTI)
- Down payment amount
A non-conforming loan is a loan that falls outside of the Fannie Mae and Freddie Mac guidelines. If your credit score or down payment amount is too low, or your DTI or loan amount is too high, you may find yourself needing a non-conforming loan. Common non-conforming loans include jumbo loans and government-backed loans such as VA, FHA, or USDA loans.
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What can you buy with a conventional loan?
Conventional loans allow a greater range of freedom than government loans as they typically have less restrictions on the types of properties you can buy. Those interested in a second home, vacation home, or investment property would be likely to look at conventional loan options.
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What is the timeframe of a conventional loan?
The average loan term for a conventional mortgage is 30 years. Some borrowers opt for a 15 year term if they want to pay off their loan faster and can afford the higher monthly payment.
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Is now a good time to buy real estate?
Now is definitely a good time to buy real estate as prices are still increasing with no sign of slowing down. With interest rates expected to rise in the near future, it makes sense to take advantage of these lower rates so that you can take advantage or your current buying power.
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Is now a good time to invest in real estate?
Now is the ideal time to invest in real estate as the economy is recovering from the COVID-19 pandemic. Companies will again need commercial locations to conduct business. Renters will again need to lease apartments close to cities for in-person work.
Manufacturers will need to expand their operations to keep up with changes in supply and demand. So no matter what type of real estate you want to invest in, there’s no time like the present.
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What is the current conforming loan limit?
For 2022, the conforming loan limit for a conventional mortgage for a one-unit property is $647,200. This limit is set by the Federal Housing Finance Agency (FHFA) and adjusted annually to reflect the change in the average U.S. home price. Keep in mind that high-cost areas are eligible for higher loan limits. Visit https://www.fhfa.gov/ for a list of 2022 conforming limits for all counties across the U.S.
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What is the conforming loan limit in Florida?
For 2022, the conforming loan limit for a conventional mortgage in most Florida counties for a one unit property is $647,200. In Monroe County, the conforming loan limit for a one-unit property is $710,700 as it is recognized as a high cost area. Visit https://www.fhfa.gov/ for a list of 2022 conforming limits for all counties across the U.S.
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What is a Non-QM loan?
Short for "Non-Qualified Mortgage" and also referred to as a portfolio loan, a Non-QM loan is one that does not adhere to the requirements set by the federal government in order to be eligible to be sold in the secondary market to government-sponsored entities such as Fannie Mae and Freddie Mac.
Examples of Non-QM loans includes:
- Portfolio loans
- Jumbo loans
- Bank statement loan
- Alt-Doc loans
- No income loans (DSCR)
- Asset Based loans
- Foreign national loans (ITIN)
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What is a jumbo loan?
A jumbo loan is a mortgage where the loan amount exceeds the conforming loan limit set by the Federal Housing Finance Agency (FHFA). For 2022, the conforming loan limit for one-unit property is $647,200.
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What is a portfolio loan?
A portfolio loan is a mortgage loan that is originated by a lender who holds the debt in their portfolio for the life of the loan instead of selling it through the secondary mortgage market to government-sponsored enterprises such as Fannie Mae or Freddie Mac.
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When is a portfolio loan used?
A portfolio loan can be used when trying to finance a property that does not meet the guidelines to qualify for a conventional loan. Common property types that do not meet Fannie Mae and Freddie Mac guidelines include, but are not limited to:
- Vacant land
- Condo-hotels (”Condotels”)
- Agricultural properties
Additionally, a portfolio loan can be used by borrowers with major credit issues, lack of documentation to prove their income, or complex financials needs and goals.
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What is a portfolio lender?
While most lenders originate loans and then sell them on the secondary market after closing, a portfolio lender keeps the loan in their portfolio for the life of the loan. Holding a loan in their portfolio allows the lender to set their own approval standards. They can set the same standards as conforming loans, or they can create their own requirements. For example, a portfolio lender can have a lower credit score requirement, allow different forms of income verification/documentation, or higher debt-to-income ratios.
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Can I use rental income to qualify for a mortgage?
Yes! Rental income can be used to qualify for a mortgage. The rental income must be properly reported on the IRS Form 1040, Schedule E. You must also provide proof that rental income is likely to continue by providing existing lease agreements.
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What is a no income (DSCR) loan?
A no income loan allows real estate investors to qualify for a mortgage without using tax returns. In lieu of tax returns, the borrower must show proof of the property's cash flow. Lender's use the Debt Service Coverage Ratio, which is a ratio of a property's operating income to debt servicing for interest, principal, and lease payments to analyze how much of the income coming from the property can be used to cover current debt obligations.
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What is a bank statement loan?
Also known as a self-employed mortgage or alternative documentation mortgage, a bank statement loan is a non-qm loan that allows you to qualify for a mortgage without the income documentation that a traditional mortgage would require like W-2s and pay stubs. This type of loan is a great choice for individuals who work for themselves or own a business such as consultants, small business owners, freelancers, lawyers, doctors, and real estate agents.
Below are some of the documentation you may need to provide to qualify for a bank statement loan:
- 12-24 month of personal or business bank statements
- Two years of self-employment history
- CPA letter that confirms business expenses
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When is a bank statement loan used?
A bank statement loan is commonly used by individuals who do not receive W-2’s or pay stubs because they work for themselves or own a business such as small business owners, consultants, freelancers, doctors, lawyers, and real estate agents.
About Vaster
We offer faster, reliable, and more flexible mortgage solutions to address the unique needs of any client and financing scenario.
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