Exposure Limits (LOC) to renovate or build multiple properties up to the approved Limit.
FIX & FILP | NEW CONSTRUCTION | ||
---|---|---|---|
Description | Exposure limit to fund rehab for investors and flippers | Exposure limit to fund ground-up construction for developers and investors | |
Loan Size1 | $50K - $2MM | $100K - $2MM | |
Term | 12 months or 18 months3 interest-only fixed rate, drawn balance available | ||
Rate | 6.75% and up | ||
Acquisition Financing | Funding up to 90% of purchase price | Funding up to 75% of land value2 | |
Rehab Financing | Up to 100% of rehab or construction costs, max 75% ARV | ||
Minimum Interest Charge | 90 days minimum interest | ||
Borrower | Individuals and Entities (LLC, Corporation) | ||
Credit | 620+ | ||
Property Types | Non-Owner Occupied: Single family residences, 2-4 family units, Condos4, Multi-family properties up to 20 units, Mixed-Use |
Exposure limits and property loans are subject to investor and business credit approval, appraisal and geographic location of the property and other underwriting criteria. Loan amounts and rates vary depending upon loan type, LTV, verification of application information and other risk based factors. Application fees, closing costs and other fees may apply. 1. Each loan is subject to property approval under Lenders Commercial terms and conditions. Each property has an individual secured loan. 2. Land must be already be improved/developed for use (ie., ready for utilities and plumbing.) All applicable building permits must be submitted; if building permits not submitted, funding limited to 60% of lower of land value or purchase price. 3. 18 month term is available for loan exposures ≥ $500K. 4. Only detached or townhouse style condos are eligible for Fix & Flip and New Construction loans. REV. 08.15.2019