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Depending on the loan product and duration the rates will vary based on experience, credit, and the overall deal. For our Fix/Flip, New Construction, and Bridge rates are currently between 10-12%. Rental DSCR are between 7.5-9.5%
We charge 2-3 points on most deals and are dependent on the experience, credit, and loan type. The points are paid up front at closing with your other associated closing costs.
Our lender’s legal fee is $1000 and the commitment fee is $995 and a $40 wire fee. For each draw request the draw inspection fee is $250.
We will work with you if you need additional time and the loan is current and up to date with payments and the insurance is current. We offer on a case by case basis 30 day, 3 month, and 6 month extensions depending on the situation. When extending the loan it is subject to a 1-2 point extension fee.
For our Fix/Flip, New Construction, and Bridge loans we do not have any prepayment penalties. Our Rental DSCR loans have varying prepayment penalties that can be chosen from 1-5 years.
Our loans are considered “light doc” loans where we are looking at the liquidity, creditworthiness, experience of the borrower, and deal specifics. We require proof of liquidity through bank statements and a stated income personal financial statement but we are not looking at tax returns and income verification.
For experienced investors our minimum is 650 and for newer investors and our rental DSCR loans 680 is our minimum..
We cannot fund within 5 years of a recent bankruptcy or foreclosure.
Depending on experience we require for 10-30% of the purchase price for money invested in the deal that is not covered by the approved loan amount. In addition, we look to see there is enough money available for closing costs, interest payments, and working capital before draws are paid.
Yes. Our leverages (LTC) and/or the percentage of the project that is needed to be brought into the deal (skin in the game) by the borrower will be lowered as more deals are completed. It is merit based and once you have completed 6+ projects you can unlock our highest leverage tier of 90% of Purchase and 100% of Construction up to a maximum of 70% ARLTV
We cannot count deals that were not either fix/flips, new construction, or rental properties purchased. Wholesale and performing projects for other investors where you are not on the LLC or loan as a guarantor would not be counted towards experience.
Yes. Prior to closing we will responsibly source the funds that will be needed to close on property and also get through the project without running out of money. The funds would need to be moved into a personal or business bank account prior to closing. For our Rental DSCR there is a 3 month seasoning period for all funds to be in your accounts.
We do not fund construction funds up front. Depending on your relationship with your contractors we will reimburse completed work. As you complete work you can request a draw reimbursement and once we get the inspection.
We lend in all states except for Arizona, Nevada, North Dakota, South Dakota, Minnesota, Vermont, Wyoming, and Idaho.
Our minimum loan size is $100,000. We will lend sometimes below $100,000 on a case by case basis from $75,000-$100,000 depending on the deal structure and location. Our rental DSCR loans require a minimum of $100,000/unit for a refinance/purchase with our term loan program.
Depending on where the property is located we may not be able to lend if it is designated as rural. This usually is an issue due to population density and if we are not comfortable with getting comps that are within a reasonable distance to the property.
Our term and bridge loans will allow for commercial properties but only 5+ unit multifamily and mixed-use where more than 50% of the property is made up of residential units and is over $250,000. We do not lend on pure commercial or special use properties.
We cannot lend to a personal name due to our loans being commercial loans. We can only lend to an entity i.e. LLC, S-Corp, C-Corp, etc…
Trust can be complicated to lend on or refinance with but we can look at the trust documents on a case-by-case basis and determine what challenges or if it would preclude us from lending to one. The trust would be required to be irrevocable in all cases if we were able to lend to one.
After our application has been completed and submitted an underwriter from our team would reach out to go over the deal and information provided including financials, experience, and next steps. After the borrower interview call if we mutually decide to move forward we would order the appraisal from one of our vetted sources by either an AMC (Appraisal Management Company) or approved appraiser.
If you have a preferred relationship with a title company and insurance broker you can order both of them yourself once we complete the borrower interview. If you would like recommendations on both we can direct you with some of our preferred vetted partners in each category. You would provide to us the contact information for each vendor and our team would include them on all correspondence.
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