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 can close in 45 to 60 days. 650+ credit score required. Used for stabilized properties. 2-3 years tax returns required, full-doc underwriting.
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.
Most commercial, multifamily, and investment property loans fall into 5 Core Program types. Learn more about the loan programs and underwriting guidelines most lenders use when funding bank and non-bank loans.
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