
Fix And Flip
High leverage program with minimal underwriting requirements for residential renovation projects. Stated income, no asset or liquidity verification. Leverage based on ARV appraisal.
- Property Types
- SFRs, Condos, PUDs, 2-4 units
- Loan Amounts
- $100,000 - $5,000,000+
- LTC
- Up to 90% of purchase + 100% of rehab
- LTV
- Up to 75% of After Repair Value
- Rate
- Start at 7.99%
- Points
- 2.0% - 3.0%, depending on the loan amount and state
- Term
- 12 months, interest-only, no prepayment penalty, extensions available
- Ownership
- Held in a Corporation or LLC
- Min Guarantor FICO
- 650
- Guarantor Experience
- Previous experience preferred, new flippers considered on a case by case basis
- Guarantor Background
- No BKs or foreclosures for past 5 years
- Property Location
- Nationwide except MN, ND, NV, SD, and VT.