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:
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Application
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Rehab Budget Form
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Valid ID
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Purchase and sale agreement for the property, if already under contract
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Sixty (60) consecutive days of statements of accounts for liquid assets
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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
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Insurance policy quote for the property prior to closing
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Contact information for your closing attorney or title company