Fix & Flip

For those who have a good credit score (620+) and verifiable income/cash flow

Details

• Term: 6-12 months

• Amount: $50k – $750k

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

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

• 1st liens only- no subordinate liens

• Flexible draw schedule

• Interest-only payments (only on money drawn)

• No prepayment penalty

• One-time $250 application fee (after online app 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

• Builders risk insurance policy may be required (ex. renovation includes extensive foundation work)

• No SRO’s, Condo’s, Primary Residences, Assisted Living or nursing homes, environmental issues (ex. asbestos) and minimum of 500 sqft