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Velocity Mortgage Capital

Bridge Loan
ARV Pro Loan - LG312

Velocity Mortgage Capital

Summary of all Guidelines

Loan Types Bridge Loan
Property Types 2-4 Units, Condo, SFR
Lendding Area NATIONWIDE
Loan amount Minimum $75,000
Loan amount Maximum $2,000,000
Interest Rate Minimum 9%
Interest Rate Maximum 11.25%
Points Minimum 1st TD 2
Points Maximum 1st TD 5
Terms 1 year
Credit Score Min 650
Interest Only or Amortized Interest Only
Fees Underwriting
Extensions Available Yes
Lien Position 1st
Max Points Charge by Broker 3
Prepayment Penalty No Prepayment Penalty
Intended Occupancy Tenant
Fixed or Adjustable Fixed
General Pricing or Guideline info General Guidelines Purpose Provide funds to improve or rehab properties. (Purchase and refinance OK.) Loan Amounts $75K - $2MM up to 75% of the ARV and 80% of ”as-is” value. Initial Loan Amount 80% (Lower of purchase price or current value.) Improvements Schedule of improvements required. (Inspection fees per draw apply.) Term 1-year, interest only. 6 month extension at 1% in fee. Credit Score 650 minimum (mid FICO). Prepayment Premium None. Rate Buydown 1-point fee = .375% rate reduction. (Maximum .75% rate reduction.) | Minimum Rate 8.99%. Broker Fees Maximum is 5% of the loan amount, including broker fees. Lender Fees 2% + underwriting fee of $999. Underwriting Guidelines Lending Nationwide, except for rural properties. Contact your loan officer for details. Experience Proof of prior real estate investment or ownership. 70% maximum LTV for first-time investors. Income Verification Simple documentation. Down Payment Must be sourced. Heavy Rebuild / Add-Ons Rehab proceeds >50% of loan amount case-by-case basis. No ground up construction Appraisal Process Contact your Account Executive to learn about our streamlined process and cost. Impounds None. Foreign Investors 65% maximum LTV.
Updated as of 2023-11-10

General Guidelines
Purpose Provide funds to improve or rehab properties. (Purchase and refinance OK.)
Loans Amounts $75K - $2MM up to 75% of the ARV and 80% of ”as-is” value.
Initial Loans Amount 80% (Lower of purchase price or current value.)
Improvements Schedule of improvements required. (Inspection fees per draw apply.)
Term 1-year, interest only. 6 month extension at 1% in fee.
Credit Score 650 minimum (mid FICO).
Prepayment Premium None.
Rate Buydown 1-point fee = .375% rate reduction. (Maximum .75% rate reduction.) | Minimum Rate 8.99%.
Broker Fees Maximum is 5% of the loan amount, including broker fees.
Lender Fees 2% + underwriting fee of $999.
Underwriting Guidelines
Lending Nationwide, except for rural properties. Contact your loan officer for details.
Experience Proof of prior real estate investment or ownership. 70% maximum LTV for first-time investors.
Income Verification Simple documentation.
Down Payment Must be sourced.
Heavy Rebuild / Add-Ons Rehab proceeds >50% of loan amount case-by-case basis. No ground up construction
Appraisal Process Contact your Account Executive to learn about our streamlined process and cost.
Impounds None.
Foreign Investors 65% maximum LTV.

These descriptions are limited information and meant for general reference purposes.