• 100% Purchase & 100% Rehab

• Allowed states: AL, AR, GA, IN, MO, NC, NM, OH, TN, TX - specific areas on all these states. More states to come.

• Minimum Total loan amount: $100K

• Minimum ARV $150K

• 6 month term (9 month term is available, 3 month optional extension, extension fees will apply) 

• 100% LTC (no down payment)

• up to 75% of ARV

• No experience required

• New Investors welcome

• close in 25 business days

• Required reserves are 25% of the rehab budget (ex $135K x 25% = $33,750) but a minimum of $15,000. 

• funds do not need to be seasoned

• Is it non-dutch interest: This will be traditional Interest meaning the interest payment will be based on the entire loan amount and not as each draw adds more and more to the loan amount.

• Do Not get the HOI bound until a closing date has been confirmed for this product and title work is all done

• Floor plans & rehab budget must not change otherwise what is not agreed upon will come out of pocket 

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Loan Fees:  

• Origination starting at 3.00%+ (depends on deal and location)

• Appraisal Fee: $500 on average (varies by market and turnaround time needed)

• Loan Documents: Starting at $350.00

• Loan Admin Fee: $650

• Credit Report Fee: $80 ($120 for Joint)

• Flood Certificate Fee: $15

• Monthly Servicing Fee: $15

• *Interest Rates starting at 10.99% interest-only* 10.99% interest is reserved for our Repeat Program for borrowers who have successfully paid off three deals with us and are in good standing.

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 Loan Terms: 

• A mortgagee’s title policy is required.

• An insurance policy is required on all loans for the term of the loan.

• Up to 75% of the After Repaired Value in Rental properties (excluding points and fees), not to exceed 100% of cost *Proof of Refinance Required

• Up to 70% of the After Repaired Value on Flips (excluding points & fees), not to exceed 100% of cost.

• (if the home is going to be used as a rental then the capped ARV goes up to 75% - in order for this to happen i need to give you a pre approval when we submit the scenario to processing (before underwriting gets involved) that the home once fixed up will be able to get a rental loan and that the exit will be a rental, and in case you change your mind once the home is fixed or the exit strategy changes to a flip/sale then nothing changes and nothing happens, its as if the exit strategy was always a rental exit 

• if the home is going to be a flip, and that's stated since the beginning then its only up to 70% of the ARV

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Borrower Criteria: 

• Minimum Median Credit Score of 600

• Minimum of $15,000 or more in a Checking, Savings, IRA and/or 401(k) account

• No Recent Bankruptcy or Foreclosures (subject to review by underwriting)

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Property Criteria: 

• First Liens Only

• Single-family, 2-4 unit, townhomes (no condominiums or manufactured homes).

• Our loans are made on the After-Repaired Value (ARV)

• Appraisals must be ordered by underwriting and performed by a third-party appraiser.

• Properties should be located in or around suburban and/or major metropolitan areas: Such as Dallas, Fort Worth, Houston, Austin, San Antonio, El Paso, St. Louis, Kansas City, Indianapolis, Charlotte, Greensboro/Winston-Salem, Raleigh/Durham, Nashville, Chattanooga, Knoxville, Huntsville, Birmingham, etc 

• Underwriting reserves the right to adjust advance rate requirements as deemed necessary.

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Appraisals / Insurance: 

• All appraisals will be based on After-Repaired Value (ARV)

• Appraisals will only be ordered by underwriting

• Borrower MUST provide a minimum 6-month insurance policy to be paid in full at closing. Borrower's insurance agent should provide a certificate of insurance or evidence of insurance, including invoice, to our processing department prior to closing.

• Insurance premiums are to be paid in full at closing. NO EXCEPTIONS.

• Dwelling only coverage must include vacancy and vandalism riders. A builder's risk policy is preferred for rehabs over $20,000.

• If a borrower has a blanket policy, the insurance agent must provide proof of insurance showing the addition of the new property and showing proof of in-force blanket policy.

• Replacement cost coverage is required.

• The lender must be named as loss payee and additional insured.

• Order your insurance early! Delay in providing insurance coverage can delay the closing of your loan!

• We require the $1m PL policy whenever a project is over $100k in work needed

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• If this is a teardown, we would have a different set of terms. That would be new construction and it would involve a 10% down payment required.

• extension fee is 1% of the total loan amount for 3 months.

• We can do a 9 month loan when the rehab budget exceeds $100k. If it is below that amount, it will be a 6-month loan. You do not need to get 12-monhts of insurance, 6-months should be plenty.

• You will get a summary of your hard credit pull. It will be mailed to the address you provided.

• The $15 flood cert fee is paid to a company that will certify that the property is or isn’t in a flood zone. If it is in a flood zone, we will require that you also get flood insurance.

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