Lending Criteria
- 1-4 single family residences
- Non-owner occupied
- 70% to After Repair Value (ARV) lending ratio
- Rehab funds held in escrow and released via draw process
- Lenders Title Policy required with all loans
- Builders Risk - Hazard Insurance required with all loans
- Flood Policy required with properties in 100-500 year flood plains
- Personal guarantees required with all loans
- Title Company closing required with all loans
Frequently Asked Questions
We do short term lending to house flippers and those looking to buy and hold to build their rental portfolios. Typical loan term is one year or less.
It provides quick access to funds that would generally take 5 to 10 times longer as in using a conventional lender, as well as reducing the requirements in qualifying for a loan.
Providing we have access to all pertinent information, we can generally fund as quickly as 5 business days.
We generally charge 10-14% APR with monthly interest only payments, 2 to 4 points, and two loan extension options (additional fees apply).
Your credit score does not affect your ability to qualify for a loan. We are a 100% asset based lender, thus your ability to borrow funds is based on the asset criteria.
We lend 70% to after repair value (ARV) of subject collateral, which includes purchase price and rehab costs. Example of 70% loan: Purchase price $50k, rehab $20k, ARV of $100k.
Here are some general fees that you can expect. Loan docs fees $550 to $650, Admin Fees from $175 to $450, Wire Fees $35 each. All fees will be disclosed prior to loan approval and acceptance.
Yes, appraisals are required in all circumstances
Yes, we require survey in all circumstances.
Yes, we require and highly recommend an inspection report with any real estate purchase. A small fee to pay that may end up saving you thousands.
Yes, we will require hazard insurance with 6 months prepaid coverage prior to closing and lenders title insurance for loan amount.
Simply click on “Get Started” link to access our loan application page.