12 to 18-Month Fixed Interest Only Fix & Flip - Rehab Loan
Max LTV: 90% to 100% | Max ARV: 75% | Max LTC: 90% to 100% | Min Credit: 620
Borrowers must have 10% - 20% available for down payment at the time of purchase + 3 to 6-months reserves. No exceptions.
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