Fix 2 Rent Loan Program
Finance purchase of distressed property to rehab and hold as a rental for long-term income and capital appreciation
Fast draw approvals
In-house rehab management and servicing
1-4 unit residential properties, warrantable condos, townhomes, planned unit developments (PUDs) and log homes if common to area (700+ square feet gross livable area per unit on less than 2 acres)
No upfront fees, tax returns or income verification
- Nationwide (Urban, Suburban and rural)
- $500,000 to $5 Million per property
- 660+ mid FICO credit score
- 13 month rehab period followed by 5, 10 or 30 year options for rental term
- 7.25%+ interest only during rehab converting to prevailing rental loan rates when rehab completed
- Standard fix n flip origination discounted
- Finance 92.5% of hard and soft costs up to 75% of ARV
- Allowable costs: hard and soft costs directly related to loan can be financed. Costs not part of actual rehab cannot be financed (interest, loan, realtor fees etc.)
- Can add experienced partner as borrower who owns 1%+ of LLC/Corporation
- No subordinate debt permitted
- Recourse
- Prepayment penalty: no prepay during rehab period; 150 bps exit fee if rehab loan not converted to Eagle rental loan; rental loan prepay: 5/4/3/2/1
- No bankruptcy, foreclosure, short-sales or deed in lieu in past 3 years
- Funding in 3 to 6 weeks
- No upfront fees
To submit your online loan request, click the blue GET STARTED Link for your PRE APPROVAL Term Sheet within 48 business hours. No upfront fees, tax returns, income verification, credit cards, Social Security Numbers, or credit checks required for PRE-APPROVAL.
