Fix-and-Flip And Construction-Completion Loans

FIX AND FLIP/CONSTRUCTION COMPLETION OVERVIEW

• Term up to 24 months
  
  
• Acceptable purposes are purchase, refinance, cash-out refinance considered for current borrowers
  
  
• Loan limits are 100K - $10M (total loan amount/cash to close will vary by deal)
  
  
• No rural; must be within 25 miles of MSA with a population of great than 50,000 (unless internal refi, then Pre-Sell is required
  
  

PROPERTY TYPES

• Single Family
  
  
• Condo
  
  
• Townhouses
  
  
• 1-4 units
  
  
• Multi-Family

BUDGET

• Budget Holdback >$1M, 3rd party review required
  
  
• Interest Reserves – 100% of Initial Advance PLUS 50% of Holdback

CONTINGENCY REQUIREMENTS

• 30+ Doors: 10%

EXCLUDED DWELLING/LOAN TYPES

No lot loans. No Mobile or Log Homes. No Co-Ops. No Leasehold. No 60+ Delinquent Loans. No Revocable Trust.

LTC/LTV PURCHASE

• LTV Purchase: Lower of 80% of As-Is value OR 80% of Purchase Price
  
  
• Finished LTV (FV) Purchase : 70% of Finished Value
  
  
• LTC Purchase : 90% of Total Cost
  
  

LTC/LTV REFINANCE

• LTV Refinance: 80% of As-Is value
  
  
• Finished LTV (FV) Refinance : 70% of Finished Value
  
  
• LTC Refinance: 85% of Total Cost
  
  

GENERAL REQUIREMENTS

• All lending for investment purposes only
  
  
• Permits in hand
  
  
• Lender’s Wholesale to always remain in 1st Lien position
  
  
• Construction draws based on inspection report and/or reciepts (We allow receipts for soft costs)
  
  
• Interest is calculated on drawn balance
  
  
• Contact Loan Officer for documentation requirements
  
  
•  Minimum of 30+ Doors