Rehab Loan
Fix and Flip Loan
Program #LG12
Fix and Flip Loan
Program #LG12
Summary of all Guidelines | |
| Loan Types | Rehab Loan |
| Property Types | 2-4 Units, Mixed use, Multi Family, SFR |
| Lendding Area | alabama, arkansas, colorado, connecticut, d-c, delaware, florida, georgia, indiana, iowa, kansas, kentucky, louisiana, maryland, massachusetts, michigan, mississippi, missouri, nebraska, new-jersey, north-carolina, ohio, oklahoma, pennsylvania, rhode-island, south-carolina, tennessee, texas, virginia, west-virginia, wisconsin |
| Loan amount Minimum | $100,000 |
| Loan amount Maximum | $2,000,000 |
| Interest Rate Minimum | 9.5% |
| Terms | 6 month, 9 months, 1 year |
| Credit Score Min | 660 |
| Interest Only or Amortized | Interest Only |
| Entities | LLC - Limited Liability Corporation, LP - Limited Partnership, Corp - Corporation |
| Lien Position | 1st |
| General Pricing or Guideline info | - LTV Up to 75% of completed value for light rehabs; up to 65% for heavy rehabs. - LTC: Up to 95% for repeat borrowers. - Property Type: Mixed use (must be >75% residential); 5-10 unit multifamily. - Property Restrictions: Rural or remote properties; ARV > 250% of area median; Vacation/resort properties. - Guarantors All owners with management authority or > 20% ownership must sign guarantees. - Background: Bankruptcies: 3 years; Foreclosures: 5 years; No felony convictions. - Purpose: Purchase or refinance. - Experience: No prior experience required. Best terms are available for experienced borrowers. - Minimum Credit Score: 660, based on primary guarantor. - Rehab Level: Rehabs will be considered Heavy when any of the following are true.. • Budget > purchase price • Budget > $200,000 • Addition of >10% GLA • Change of use - Reserves: 6 months interest plus 10% of construction budget (lower reserves available with experience). - Investment properties only. - Funds released on inspected work. - Get Pre-Approved in Minutes. ACCELERATE YOUR SUCCESS We know time is money. We'll work hard to close your loan quickly and make the process easy. At each step, our skilled team will help you move fast. |
| Updated as of | 2023-10-19 |
- LTV Up to 75% of completed value for light rehabs; up to 65% for heavy rehabs.
- LTC: Up to 95% for repeat borrowers.
- Property Type: Mixed use (must be >75% residential); 5-10 unit multifamily.
- Property Restrictions: Rural or remote properties; ARV > 250% of area median; Vacation/resort properties.
- Guarantors All owners with management authority or > 20% ownership must sign guarantees.
- Background: Bankruptcies: 3 years; Foreclosures: 5 years; No felony convictions.
- Purpose: Purchase or refinance.
- Experience: No prior experience required. Best terms are available for experienced borrowers.
- Minimum Credit Score: 660, based on primary guarantor.
- Rehab Level: Rehabs will be considered Heavy when any of the following are true..
• Budget > purchase price • Budget > $200,000
• Addition of >10% GLA
• Change of use
- Reserves: 6 months interest plus 10% of construction budget (lower reserves available with experience).
- Investment properties only.
- Funds released on inspected work.
- Get Pre-Approved in Minutes.
ACCELERATE YOUR SUCCESS
We know time is money. We'll work hard to close your loan quickly and make the process easy. At each step, our skilled team will help you move fast.
- Molly Knapik
Inside Loan Originator
