Fix & Flip
Short-term financing to buy and renovate properties with up to 10 units. We support experienced and new investors with competitive terms and pricing.
- Finance up to 92.5% loan to cost
- Single-family & multifamily properties
- No Prepayment Penalties
- Close in as little as 5 business days
Lending Criteria
| 0-3 completed projects | 4-14 completed projects | 15+ completed projects | |
|---|---|---|---|
| LOAN AMOUNT | $100,000 to $1.5 Million | $100,000 to $1.5 Million | $100,000 to $1.5 Million |
| PAYMENT TYPE | Interest-Only | Interest-Only | Interest-Only |
| LOAN TERM | 6, 12, or 18-months | 6, 12, or 18-months | 6, 12, or 18-months |
| LOAN TO COST | Up to 85% | Up to 85% | Up to 85% |
| LOAN TO ARV | Up to 70% | Up to 70% | Up to 70% |
| CLOSING TIME | 5-10 Business Days | 5-10 Business Days | 5-10 Business Days |
Guidelines
| FICO | 680 min soft credit assessment |
| EXPERIENCE | Fix & flip’s and BRRRR’s (rehab converted to a rental) completed in the last three years count towards experience |
| ELIGIBLE PROPERTIES | Single-family, townhomes, warrantable condos, and 2-4 units (5-10 units considered) |
| ELIGIBLE STATES | Nationwide except ND, NV, SD, VT, and WV |
| DRAWS | Materials, labor, demolition, and customary soft costs reimbursable. Draw request takes 1-3 business days with a virtual inspection |
| BORROWER | Loans are made to entities. A personal guarantee is customary. |
| *LOAN AMOUNT | 1) Loan amounts outside of this range considered. 2) 100% financing of the rehab. 3) No interest on undrawn funds. |