Fix & Flip Line of Credit
- Lines of credit for multiple transactions – 95% of rehab, up to 75% LTV
- Loans from $50K to $2.5MM
- Single loans available for first-time investors; no experience required
- Recourse and non-recourse options available
| FIX & FLIP LINE OF CREDIT | NEW CONSTRUCTION LINE OF CREDIT | |
|---|---|---|
| Description | Exposure line for experienced investors (1+ completed flip in the past 2 years) | Exposure line to fund ground-up construction for developers and investors (1+ completed flip in the past 2 years) |
| Loan SizeTerm & Amortization | $50K – $2.5MM30 year fixed, full amortization | $150K – $2.5MM |
| Acquisition Financing | Funding up to 90% of purchase price | Funding up to 75% of land value |
| Rehab FInancing | Up to 95% of rehab costs, max 75% of ARV | Up to 95% of construction costs, max 75% ARV |
| Term | 12 months (standard), with optional extensions | 12 months (standard), with optional extensions |
| Rate | As low as 6.99% for qualified borrowers. 90 days minimum interest charge. | As low as 6.99% for qualified borrowers. 90 days minimum interest charge. |
| Borrower | Individual, LLC, Limited Partnership, or Corporation | Individual, LLC, Limited Partnership, or Corporation |
| Credit | 620+ FICO with no late mortgage payments over the past 2 years (for all members) | 620+ FICO with no late mortgage payments over the past 2 years (for all members) |
| Property Types | Non-Owner Occupied: Single family residences, 2-4 family units, Condos, Town-homes, and Multi-family properties up to 20 units | Non-Owner Occupied: Single family residences, 2-4 family units, Condos, Town-homes, and Multi-family properties up to 20 units |
Loans are subject to investor and business credit approval, appraisal and geographic location of the property and other underwriting criteria. Loan amounts and rates may vary depending upon loan type, LTV, verification of application information and other risk-based factors. Application fees, closing costs and other fees may apply. Products not available in Alaska, North Dakota or South Dakota.
