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For our Fix/Flip, New Construction, and Bridge our typical term is 12-18 months depending on the project size. For our DSCR rental loans the term is 30 years with varying options for prepayment penalty and ARM’s with interest only periods if they are desired.

 For our Fix/Flip, New Construction, and Bridge we will close typically in 2-3 weeks but can close faster with appraisal, title, and other necessary docs in hand. Our Rental DSCR can close in 4-5 weeks. We can close quicker with above-average response times, great organization, and preparation.

Depending on the loan product and duration the rates will vary based on experience, credit, and the overall deal.

We charge 2-3 points on most deals and are dependent on the experience, credit, and loan type. On some deals we charge 5. 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 hire a vetted third party AMC or appraiser for all the properties we fund.

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.

We are looking at both, the deal and the borrower(s). Part of the asset in the deal is the operator and a good deal can be spoiled by a bad borrower. We want to understand if the deal makes sense and that we are comfortable that the borrower will make their payments on time, complete the project within the term period, and pay back the loan.

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 only perform a hard pull on live fix/flip, new construction, and bridge loans. That credit report can be used for subsequent deals usually up to 3-6 months and after that time we may request to have an updated credit report on file for upcoming projects.

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.

Generally 3-5 business days. It can be quicker and as we complete more draws and deals together it can be completed quicker. Also, it can sometimes get delayed from the time we order the inspection once the request is submitted when the inspector reaches out to schedule the inspection and coordinate payment for the report to be sent to us for final review.

We lend in all states except for North Dakota, South Dakota, Minnesota, Vermont, Oregon, Wyoming, Nevada, Arizona 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.

Up to 2MM or 3MM.

Depending on where the property is located we may not be able to lend if it is designated as rural.

We don’t lend on 5+ Multifamily or any other commercial non-residential properties.

No.

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…

No.

After our application has been completed and submitted to an underwriter. A funding advisor would reach out to go over the deal and information provided including financials, experience, and next steps. 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.

We find and manage multiple capital sources to provide you with the very best options and flexibility for you.

No. Our funding source must be in the first and only lien position. In case of a seller carryback the lender cannot lend unless they pay off the seller carryback lien and then they can refinance into a new loan where they are the sole and only lien holder.

No. Specialized housing like bed and breakfast, rooming homes, hotels/motels, fall under “comemercial use”, whereas 2-4 mulitfamily properties fall und “residnetail use”. Our funding sources only lend on “residential use”.