FLEX Loan Programs – Investment Property Financing

Fix & Flip - Rehab Loan

Fix & Flip - Rehab
(Short-Term)
Max
LTV/ARV
Loan Limits
 Multifamily 5+ Units 90%/75% $100k - $100MM+
 SFR / Condo 100%/75% $100k - $10MM+
 Duplex 100%/75% $100k - $10MM+
 Triplex 100%/75% $100k - $10MM+
 Fourplex 100%/75% $100k - $10MM+

12 to 18-Month Fixed Interest Only Fix & Flip - Rehab Loan

Loan is fixed for 12 to 18-months with interest only amortization. Loan is due at the end of the 12 to 18-month term. No prepayment penalty. Eligible properties include multifamily 5+ units, 1-4 unit residential, and condos. ICS Fix & Flip - Rehab Loans are short-term interim loans designed for properties needing minor to major renovations (not new construction) prior to securing long-term financing or disposition.

Max LTV: 90% to 100% | Max ARV: 75% | Max LTC: 90% to 100% | Min Credit: 620


PURPROSE

Non-Conforming Fix & Flip - Rehab Loans are for borrowers intending to hold the property for 4 to 18-months before selling or refinancing. Experience is not required, but does affect over rate and terms. These loans have less strict underwriting guidelines than institutional-grade conforming loans, offering competitive market rates for qualified properties and borrowers expanding their Fix & Flip - Rehab business.


RECOURSE

Recourse and Non-Recourse options available.


PREPAYMENT PENALTY

Fix & Flip - Rehab Loans do not typically have a prepayment penalty beyond month four.


LOAN LIMITS

Loan limits range from $100k to $10MM on 1-4 unit properties and up to $100MM on multifamily 5+ unit projects.


CLOSING

30 to 45 Days


RESERVES

3 to 6-months mortgage reserves are required.


NET WORTH

A strong schedule of real estate owned is important but not required.


LOAN TERMS & AMORTIZATION

Multifamily 5+ Units: 12 to 18-months, interest-only

1 to 4 Units Residential: 12 to 18-months, interest-only


LOAN DISBURSEMENT

An initial disbursement is completed at the time of purchase or refinance up to 90% to 100% of the property existing value/purchase price. Increment disbursements are provided throughout the project upon receipt of completed work invoices.


CREDIT SCORE REQUIREMENTS

620+


DOCUMENT REQUIREMENTS

  • FULL or LITE-DOC UNDERWRITING
  • Rent Roll (if applicable)
  • P&L / Last 12 to 24-months (if applicable)
  • Borrower 1003 or Personal Financial Statement
  • Schedule Real Estate Owned
  • Bank Statement(s) Verifying Down Payment/Reserves
  • Minimum 3 Quality Property Photos
  • No tax return options
  • Scope of Work
  • Budget
  • Borrower Resume / Project History

Submit your loan request in 3-minutes or less. ICS provides term sheets within 24-hours, often the same day.