REHAB FIX & FLIP LOANS

Rehab Fix and Flip Loan Programs:

We offer multiple purchase and rehab loan options:

90% of Purchase Price and 100% of Rehab Cost up to 75% of ARV:

Loan Amounts: $75,000 to $3,500,000

Loan to Value: up to 90% of the Purchase Price and 100% of Rehab cost

Interest rates: Depends on borrower profile

Loan Term: 12 months

Payments: Interest only monthly, no interest reserve required

No Interest on the Rehab Portion until Funds have been drawn

Lien Position: First Only

Prepay: none

States: Available in ALL STATES (except NV, SD, ND, MN, OR, VT)

65% of After Repair Value, up to 100% of Cost:

Loan Amounts: $75,000 to $2,000,000
Loan to Value: Up to 65% of the ARV, 100% of total cost
Interest rates: Depends on borrower profile
Loan Term: 6 months or 12 months
Payments: Interest only monthly, no interest reserve required
Lien Position: First Only
Prepay: none
States: CO, CT, DE, FL, GA, IL, IN, KS, LA, ME, MD, MA, MO, NH, NJ, NY, NC, PA, RI, SC, VA, WV.

80% of Purchase Price, No Construction Escrow Required:

Loan Amounts: $75,000 to $2,000,000
Loan to Value: Up to 80% of the Purchase Price
Interest rates: Depends on borrower profile
Loan Term: 12 months
Payments: Interest only monthly, no interest reserve required
Lien Position: First Only
Prepay: none
States: Available in ALL STATES (except NV, SD, ND, MN, OR, VT)

Borrower Parameters:

A borrower seeking a hard money loan must meet the following generally stated minimum requirements. Specific minimum requirements are set following our receipt of a loan application.

Preferred borrowers can be Corporations or Limited Liability Companies
Reasonable existing income
Reasonable cash reserves of about 10-15%
Reasonable net worth
Credit score – 650 or better
Ability to perform exit strategy required

Property Types:

Residential: Single Family non-owner occupied

Condominium: Non-owner occupied, must be warrantable

Multifamily: 2-4 unit non-owner occupied

Documents for Purchase and Rehab Loans:

Application
Rehab Budget Form
Valid ID
Purchase and sale agreement for the property, if already under contract
Sixty (60) consecutive days of statements of accounts for liquid assets
We will need the following documentation for the entity in which you will be vesting title: Certified Articles, Certificate of Good Standing, Executed Operating Agreement
Insurance policy quote for the property prior to closing
Contact information for your closing attorney or title company