Rehab fix-to-flip loans for single family homes, duplexes, triplex, quads, condos, mixed-use and multifamily
No upfront fees, tax returns or income verification
Funding in 4 to 6 weeks
Nationwide
Urban and suburban (population 25,000+); LTC reduced 10% for vacation areas around beaches, lakes or mountains not near larger cities with industries besides tourism.
$300,000 to $3 Million
Term: 12 or 18 months
Competitive interest rates fixed on drawn balance
interest only
Minimum interest: 90 days
Origination: varies with experience
100% of rehab budget must be financed
Experience means completed projects on title, bought & sold/refinanced in last 3 years 0-2 Experience: standard rehab 85% LTC | 70% ARV LTV; Extensive Rehab: 80% LTC | 70% ARV LTV
3+ Experience: standard rehab 90% LTC | 75% ARV LTV; Extensive Rehab: 85% LTC | 70% ARV LTV
5+ Experience: standard rehab; purchase transaction only; 10%+ down 95% LTC | 75% ARV LTV;
Extensive rehab requirements (1) Licensed general contractor (2) All construction contracts (including contracts with major sub-contractors) must be assignable.
(3) Detailed plans and specs (4) Permits prior to first draw for projects requiring permits
(5) 3rd party budget feasibility review (6) Invoices prior to draw for line item requests $10,000+, and lien waivers before more draws released.
Budget feasibility review for standard rehab when budget greater of $50,000, 25% cost basis of property, or project not cosmetic. If borrower completed 5 Eagle fix-to-flip loans, we will complete feasibility review
100% of rehab budget must be financed
Maximum loan lesser of:
•Total cost x LTC
•After repair value x LTV
*Loans > $1MM or above 90% LTC have additional restrictions
Rehab initial disbursement (examples available): if calculation is a negative number; this is amount of borrower self-funded rehab that must be completed before rehab draws disbursed; self-funded portion not eligible for reimbursement
Finance budgeted hard and soft costs except loan costs and interest
Multifamily (2+ units) or mixed-use: =(1) With 3+ completed rehab projects: standard rehab 80% LTC | 70% ARV LTV; extensive rehab 75% LTC | 65% ARV LTV (2) Multifamily 5 to 20 units with experience
(3) Mixed-Use with experience (4) 75%+ residential square footage
(5) DSCR 1.40x+
Ineligible projects: *Tear Down
• Removal of multiple exterior walls
• Adding detached ADU
• Construction an additional story
• Additions > 500 square feet
• Conversions
• Modular Homes
• Adding additional units
• New construction
Cost basis seasoning: • Acquired < 6 months: lesser of purchase price + cost of work completed or as-is value
• Acquired ≥ 6 months: as-is value
Mid-rehab projects ineligible
No subordinate debt
Liquidity: down payment + closing costs + 10% of holdback + equity shortage + reserves:
0-2 experience: 12 months reserves
3-4 experience: 6 months reserves
5+ experience: 3 months reserves
Liquidity verified by most recent checking, savings, CD, money market, stock, or annuity/IRA statements
Interest reserve: 6 months
No bankruptcy, foreclosure, short-sales or deed in lieu past 3 years
Insurance requirements: (1) Hazard insurance: lesser of [100% replacement costs or loan amount] or [100% actual cash value of total insurable value]
• No vacancy provisions less than 60 days (may void policy if vacant)
• Co-insurance permitted; coverage not be less than insurable value
(2) Builder’s risk: 100% replacement cost coverage for remaining eligible project costs (including soft costs if financed)
(3) Premise AND commercial general liability $500,000+ per occurrence; may add to GC’s policy
(4) Flood insurance (if applicable): under National Flood Insurance Program (NFIP)
(5) Condo insurance (if applicable): on master policy 100% replacement and contents coverage
Foreign nationals or borrowers without FICO credit score qualify for standard rehab: 85% LTC | 70% ARV LTV or extensive rehab: 80% LTC | 70% ARV LTV
To submit your online loan request, click the blue GET STARTED Link for PRE APPROVAL within 48 business hours. No upfront fees, tax returns, income verification, credit cards, Social Security Numbers or credit checks are required for PRE-APPROVAL.
