FIX & FLIP
Short Term
Renovate, rehab and
resell your property
Short term Loans designed to borrowers interested in buying and/or Renovating a property and selling it for a profit, we focus on on-time closing to maximize your opportunities and profit.
Fix & Flip Terms
PROPERTY TYPE
Homes with 1-4 Units ( 5 units and above on a case by case basis)
Loan Amount
100,000.00 to 3,000,000.00 ( up to 10,000,000.00 subject to longer approval time)
TYPE OF LOAN
Short Term Loan with Interest only payments with ballon payment at maturity
MAXIMUM LOAN TO COST
80% of purchase price, 100% of Rahab costs
MAXIMUM LOAN TO ARV
70%
MAXIMUM LOAN TO VALUE
N/A
Term Length
Up to 12 months + 6 months extension
BASE RATE
10.5% (Interest Only payments on disbursed amount)
MINIMUM FICO SCORE
700
PREPAYMENT PENALTIES
NO PREPAYMENT PENALTIES
FOREIGN NATIONALS
ACCEPTED + 0.25 to base rate
REQUIREMENTS
- EXPERIENCE : 2 previous projects
- Entity Documents (LLC or Corp)
- Rehab Budget
- Evidence of Insurance
- Non Owner Occupancy Certification
- SSN for credit Report and background check