Whether you’re planning a “fix and flip” or buying a distressed property that you plan to hold as a rental after completing renovations, this product will meet your needs. These loans can be used on properties of all sizes – 1-4 family as well as multi-family buildings.
Terms
• Rates as low as 9%.
• Up to 90% of Purchase Price
• Up to 100% of Renovation Cost
• Loan Maximum = 70% ARV
• Loan sizes from 50k – 2.5m
• One Year Loan – Extensions Available
• Interest only payments due monthly
• No prepayment penalty and no interest due on unused renovation funds
Process
• You provide a contract or proof of
ownership
• You provide scope of work and budget
• We order an ARV Appraisal
• We underwrite within 48 hours
• We close as soon as you’re ready
Borrower Requirements
• Loans to an LLC or other
corporate entity
• New investor eligibility made on a case-by-case basis
• Minimum Credit Score of 620
• Experience such as:
• Completed at least one flip
• Own at least one rental
• Licensed Contractor
• Realtor/Appraiser