12 to 18-Month Fixed Interest Only Fix & Flip – Rehab Loan

Max LTV: 90% to 100% | Max ARV: 75% | Max LTC: 90% to 100% | Min Credit: 620

Borrowers must have 10% – 20% available for down payment at the time of purchase + 3 to 6-months reserves. No exceptions.


PURPOSE

Non-Conforming Fix & Flip – Rehab Loans are for borrowers intending to hold the property for 4 to 18-months before selling or refinancing. Experience is not required, but does affect over rate and terms. These loans have less strict underwriting guidelines than institutional-grade conforming loans, offering competitive market rates for qualified properties and borrowers expanding their Fix & Flip – Rehab business.


RECOURSE

Recourse and Non-Recourse options available.


PREPAYMENT PENALTY

Fix & Flip – Rehab Loans do not typically have a prepayment penalty beyond month four.


LOAN LIMITS

Loan limits range from $100k to $10MM on 1-4 unit properties and up to $100MM on multifamily 5+ unit projects.


CLOSING

30 to 45 Days


RESERVES

3 to 6-months mortgage reserves are required.


NET WORTH

A strong schedule of real estate owned is important but not required.


LOAN TERMS & AMORTIZATION

Multifamily 5+ Units: 12 to 18-months, interest-only

1 to 4 Units Residential: 12 to 18-months, interest-only


LOAN DISBURSEMENT

An initial disbursement is completed at the time of purchase or refinance up to 90% to 100% of the property existing value/purchase price. Increment disbursements are provided throughout the project upon receipt of completed work invoices.


CREDIT SCORE REQUIREMENTS

620+


DOCUMENT REQUIREMENTS

  • FULL or LITE-DOC UNDERWRITING
  • Rent Roll (if applicable)
  • P&L / Last 12 to 24-months (if applicable)
  • Borrower 1003 or Personal Financial Statement
  • Schedule Real Estate Owned
  • Bank Statement(s) Verifying Down Payment/Reserves
  • Minimum 3 Quality Property Photos
  • No tax return options
  • Scope of Work
  • Budget
  • Borrower Resume / Project History
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