RESIDENTIAL REHAB FIX & FLIP LOANS

Rehab Fix and Flip Loan Program for Residential Property:

We offer the following purchase and rehab loan options:

Purchase and Rehab (12 months) Guidelines & Pricing:
Loan Amount: $75k-$3.5M
LTV of Purchase price: up to 85% for new investors or 90% LTV for experienced investors
LTC of Rehab amount: 100%
Max Loan to ARV: up to 75%
Minimum As-Is Appraised Value: $50k
Collateral: Non-owner Occupied 1-4 Family Residential Properties; Warrantable Condos; Townhomes; Planned Unit Developments (PUDs)
Term: 12 months
Rate: Starting at 7.99%
Points: Vary based on loan amount
Credit Score: 640 Minimum
No pre-payment penalty

Bridge Loan (12-18 month) Guidelines & Pricing:
Loan Amount: $75k-$3M
Minimum As-Is Appraised Value: $75k
LTV of Purchase price: up to 85%
LTV Refinance : up to 85%
LTV Refinance cash out: up to 80%
Collateral: Non-owner Occupied 1-4 Family Residential Properties; Warrantable Condos; Townhomes; Planned Unit Developments (PUDs)
Term: 12-18 months extensions available
Pre-payment penalty: No Prepayment Penalty
Rate: Starting at 7.99%
Points: Vary based on loan amount
Credit Score: 640 Minimum

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 – 640 or better
Ability to perform exit strategy required

Property Types:

1-4 Family Residential Properties
Warrantable and Non-Warrantable Condos
Townhomes
Planned Unit Developments (PUDs)

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