Bridge loans, often referred to as Hard Money loans, can close in 2-3 weeks. No minimum credit score requirement. Used to stabilize properties. Less documents and fewer underwriting requirements.
Permanent loans are offered by banks and private money lenders and can close in 45 to 60 days. 650+ credit score required. Used for stabilized properties. 2-3 years tax returns required for most permanent bank loans. Private money permanent loans have less document requirements.
Fix & Flip loans are non-bank loans and can close in 2-3 weeks. 600 minimum credit score required. 10% to 15% down payment required for purchase fix and flip transactions. Experience required in most cases, or substantial cash reserves.
New construction loans are offered by banks and can close in 45 - 60 days. 650+ credit score required in most cases. Minimum 20% down payment required for new construction purchase transactions. Minimum 20% cash contribution to total costs.
SBA Business loans can close in 45 to 60 days. 650+ credit score required. Used to purchase or refinance properties owned by business owner. Owner must occupy 51% or more of the total property SF.
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ICS processes, underwrites, and approves loans in-house, which are sold, assigned, or brokered to hundreds of lenders nationwide. As a direct correspondent lending company, we ensure timely closings and the most competitive market rates available.