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– All properties are required to have a full conforming appraisal.
– Minimum Experience: Similar project within the last 3 years.
– Bankruptcy: Not within the last 4 years and no other derogatory payments.
– No amortizing loans permitted.
– Loan Purpose: Value Add, Purchase, and Cash-Out Refinance.
– Liquidity Requirements: 3 months of interest payments + portion of the rehab loan not funded in the loan.
– Max Term: 24 months + up to two 6 months extensions.
– ARV: 70%