Fix and Flip Loan Program
Finance purchase of distressed properties that need rehab to sell for a profit or hold for long term capital appreciation and income
Fast draw approvals
In-house rehab management and servicing team
1-4 unit residential properties, warrantable condos, townhomes, PUDS: planned unit developments and log homes if common to area (minimum gross living area 700+ square feet per unit on less than 2 acres)
Finance 92.5% of hard and soft costs up to 75% of ARV
No upfront fees, tax returns or income verification required
- Nationwide (Urban, Suburban and rural)
- $500,000 to $5 Million per project
- 620+ mid FICO credit score
- Term: 13 or 19 months
- 7.5%+ interest only (experienced borrowers pay only as funds drawn)
- Experience last 3 yrs: Tier 1: none; Tier 2: 1-4; Tier 3: 5-11; Tier 4: 12-23; Tier 5: 24+
- Can add experienced partner as co-borrower who owns 1%+ of LLC/Corporation
- Non-recourse for experienced borrowers (add 25 to 50 bps to rate with typical bad boy carveouts)
- Origination varies
- Allowable costs: hard and soft costs directly related to loan can be financed. Costs not part of actual rehab cannot be financed (interest, loan and realtor fees etc.)
- Subordinate debt permitted with lender approval
- No prepayment penalty or minimum interest
- Eligible borrowers: U.S. citizens, permanent residents and foreign nationals
- Ineligible properties: owner occupied, commercial, unique, manufactured, mobile homes, condotel, timeshares, if appraise less than $25,000 and unimproved land not intended for build
- No bankruptcy, foreclosure, short-sales or deed in lieu last 3 years
- Streamlined underwriting and funding in 4 to 6 weeks LO
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.
