Loan Products
Fix and Flip
Fix and Flip Terms
|
Term |
12 months standard 18 month option case-by-case |
|
Rehab/Construction Financing |
Up to 100% of rehab budget |
|
Maximum LTC (% of purchase price) |
Up to 90% LTC |
|
Maximum Loan-To-Value (LTV) |
Up to 70% ARLTV |
|
When Do We Use LTV vs. LTC? |
Generally, we use LTC on lopsided projects (where the purchase price is lower than rehab budget) |
|
Recourse |
Full Recourse Only |
|
Loan Amount |
$50K - $3MM |
|
Loan Purpose |
Rehab loan for non-owner occupied residential investment property |
|
Borrower Type |
Entity required |
|
Property Types |
Non-owner occupied: Attached or detached SFR 2-4 unit properties Townhomes Warrantable condos |
|
Foreign Nationals |
Not allowed from ineligible country list |
|
Minimum Experience |
NO prior experience required |
Ground Up
Ground Up Program
|
Maximum Loan-To-Cost |
Up to 75% of the lower of land value or purchase price/60% if unpermitted, plus 100% of construction Max 85% of total project costs LTC Catch Up Draw to raise initial advance to 75% at approval of required plans/permits post-closing |
|
Maximum Loan-To-ARV |
Up to 70% |
|
Recourse |
Full Recourse |
|
Reserves/Escrows |
Interest Reserve: Minimum 1 month |
|
Experience |
Previous real estate experience required: 1-2 ground ups GCs if experience if permits tie to ground ups Guarantors with no experience permitted on a case by case basis |
|
Loan Amount |
Min: $50,000 Max: $3,000,000 |
|
Term Length |
12 months, Up to 18 at Lender discretion |
|
Property Count |
Min: 1 Max: 2 |
|
Permitted Property Types |
Eligible: Non-owner occupied 1-4 unit residential Townhomes Condos Ineligible: Mixed use properties 5+ unit multifamily properties Condotels Co-ops/TICs Commercial property Log Homes Properties subject to oil and/or gas leases Operating farms, ranches, or orchards Vacation or seasonal rentals Rural properties |
Experienced Developer Program (3+ Similar Past Projects)
|
Maximum Loan-To-Cost |
Up to 75% of the lower of land value or purchase price/60% if unpermitted, plus 100% of construction Max 90% of total project costs with financed IR, 85% of total project costs without financed IR LTC Catch Up Draw to raise initial advance to 75% at approval of required plans/permits post-closing |
|
Maximum Loan-To-ARV |
Up to 70% |
|
Recourse |
Full Recourse |
|
Reserves/Escrows |
Interest Reserve: Minimum 1 month |
|
Experience |
Previous real estate experience required: 3+ similar ground-up builds + heavy rehabs with expansion. Professional development / builder. Guarantors with no experience permitted with experienced guarantor that meets the above experience criteria |
|
Loan Amount |
Min: $50,000 Max: $3,000,000 |
|
Term Length |
12 to 24 month loan terms available |
|
Property Count |
Min: 1 Max: 10 |
|
Permitted Property Types |
Eligible: Non-owner occupied 1-4 unit residential Townhomes Condos Ineligible: Mixed use properties 5+ unit multifamily properties Condotels Co-ops/TICs Commercial property Log Homes Properties subject to oil and/or gas leases Operating farms, ranches, or orchards Vacation or seasonal rentals Rural properties |
Stabilized Bridge
No DSCR
|
Maximum Loan-To-Cost |
85% of purchase price + verified completed capex if property owned < 6 months |
|
Maximum Loan-To-Value |
700 FICO: 70% if property owned > 6 months 660-699 FICO: 65% if property owned > 6 months |
|
Minimum DSCR |
N/A |
|
Minimum FICO |
660 |
|
Purpose |
To provide bridge financing on a property that was recently renovated or constructed and is currently/soon to be listed for sale |
|
Loan Amount |
Min: $50,000 Max: $1,500,000 / larger loans allowed at Lender discretion |
|
Term Length |
12 months, up to 18 at Lender discretion |
|
Property Types |
Single family/2-4 unit/Townhomes/PUD/Warrantable condos |
|
Property Condition |
C2 or better |
|
Collateral Restrictions |
Property value within 90th percentile of market No rural, exotic, or unique properties |
DSCR Exit
|
Maximum Loan-To-Cost |
85% of purchase price + verified completed capex if property owned < 6 months |
|
Maximum Loan-To-Value |
70% LTV |
|
Minimum DSCR |
1.10 exit DSCR based on lower of in place rent and market rent |
|
Minimum FICO |
660 |
|
Purpose |
To provide bridge financing on a property that is currently rented or soon to be rented, but is not yet ready for permanent financing |
|
Loan Amount |
Min: $50,000 Max: $1,000,000 for SFR, $2,000,000 for 2-4 unit / larger loans allowed at Lender discretion |
|
Term Length |
12 months, up to 18 at Lender discretion |
|
Property Types |
Single family/2-4 unit/Townhomes/PUD/Warrantable condos |
|
Property Condition |
C4 or better with no deferred maintenance |
|
Collateral Restrictions |
No rural, exotic, or unique properties |
Single Property Rentals
Single Property Rental Terms
|
Term |
30-year fixed, ARM options available |
|
Recourse |
Full Recourse only |
|
Loan Types |
30-year fixed rate mortgage (fully amortizing) 5/6, 7/6, 10/6 Hybrid ARMs (partial IO or fully amortizing) |
|
Experience |
not required |
|
Loan Purpose |
Purchase, rate-term refinance, or cash-out of a single rental property |
|
Minimum FICO |
660 |
|
Borrower Type |
Entity required |
|
Interest Rate |
Call for quote |
|
Property Types |
Single family residences (SFR) 2-4 unit properties Warrantable condos Townhomes PUD |
|
Vacancy Maximum |
Purchases only or leased within 30 days |
|
Rural Properties |
Not permitted |
|
Foreign Nationals |
Not allowed from ineligible country list |
|
Lease Requirements |
Leased Units: Lower of (i) in-place rent & (ii) market rent Unleased Units: 90% of market rent (purchase loans only) |
|
Maximum Loan-To-Cost |
If owned < 3 months, 80% of total cost basis |
|
Minimum Loan Amount |
$75k - $2MM |
|
Maximum Loan-To-Value (LTV) |
Up to 80% on purchase and rate & term. Up to 75% on cash-out |
|
Property or Unit Acquisition Minimum |
1 property per loan |
|
Minimum Debt Service Coverage Ratio (Gross Rent/PITIA) |
1.05x |
|
Seasoning Requirement (To use value vs. cost basis) |
180 days |
Rental Portfolios
Rental Portfolios Terms
|
Term |
30-year term, fixed rate mortgage (fully amortizing) 5/6, 7/6, 10/6 hybrid ARMs (partial IO or fully amortizing) |
|
Lease Requirements |
Minimum occupancy rate of 90% by unit count Leased Units: Lower of (i) In-place rent & (ii) Market rent Unleased Units: 90% of market rent (purchase loans only) |
|
Recourse |
Full Recourse with Pledge of Equity of Borrowing Entity |
|
Loan Purpose |
Blanket loan for purchase, rate-term refinance, or cash-out of a portfolio of rental properties |
|
Minimum FICO |
660 |
|
Borrower Type |
Entity required |
|
Property Type |
Non-Owner Occupied: Single family residences (SFR) 2-4 unit properties Warrantable condos Townhomes PUD |
|
Minimum Debt Service Coverage Ratio (net cash flow/debt service) |
1.05x |
|
Vacancy Minimum |
Min. 90% occupancy rate by unit count |
|
Rural Properties |
Not permitted |
|
Foreign Nationals |
Eligible at maximum 65% LTV |
|
Loan Amount |
Minimum Property Value: $100K Maximum Loan Amount: $2MM |
|
Property Restrictions |
No vacation or seasonal rentals |
|
Maximum Loan-To-Value (LTV) |
Up to 80% on purchase and refi. Up to 75% on cash-out |
|
Seasoning Requirement (to use value vs. cost basis) |
90 days |
|
Minimum FICO |
660 |