Bridge

For investors that need interim financing to give them time to achieve their next step

Details

• Term: 6-12 months

• Amount: $100k – $1.5M

• Interest Rate: 10-12% based on loan amount, % LTV, experience and credit score

• Up to 70% of LTV to fund purchase and rehab

• 1st liens only- no subordinate liens

• Flexible draw schedule

• Interest-only payments

• No prepayment penalty

• One-time $250 application fee (if online application is accepted)

• Underwriting & closing costs paid as incurred (not noted, appraisal, legal paperwork, extended title insurance, credit report)

• 1-3 point origination fee

Requirements

• 620 Minimum FICO Score

• Completed Application (with releases)

• Cash flow/reserve minimum of all closing costs, 6-months interest + 15% rehab budget

• Last 2 years’ tax returns

• 3 months most recent bank statements

• 2 most recent pay stubs (if applicable)

• Copy of driver’s license or passport

• Itemized list of repairs/improvements (if applicable)

• Appropriate insurance (ex. Homeowners, GL, etc.)