Financing Programs
Bridge Loans
Renovation Loans (Fix and Flip)
| Property Types | Residential (1-4 Units) |
| Loan Amounts | $50,000 – $3,000,000 |
| Maximum Loan to Cost | 90% of Purchase 100% of Renovation Costs |
| Maximum Loan to ARV | 75% |
| Term Length | 12 months, up to 18 at lender discretion |
| Recourse | Full Recourse |
Ground Up Construction Loans
| Property Types | Residential (1-4 Units) |
| Loan Amounts | $50,000 – $3,000,000 |
| Maximum Loan to Cost | – Up to 75% of the lower of land value or purchase price. (60% if unpermitted) plus 100% of construction. – Max 85% of total project costs (Max 90% of total project costs available if interest reserve is financed) – LTC Catch Up Draw to raise initial advance to 75% at approval of required plans/permits post-closing |
| Maximum Loan to ARV | 70% |
| Term Length | 12 – 24 month loan terms available |
| Recourse | Full Recourse |
Stabilized Bridge Loan
| No DSCR | DSCR Exit | |
| Purpose | To provided bridge financing on a property that was recently renovated or constructed and is currently / soon to be listed for sale | To provide bridge financing on a property that is currently rented or soon to be rented, but is not yet ready for permanent financing |
| Loan Amount | $50,000 -$3,000,000 | $50,000 -$3,000,000 |
| Term Length | 12 months, up to 18 at lender discretion | 12 months, up to 18 at lender discretion |
| Property Types | Single Family / 2 – 4 Unit / Townhome / PUD / Warrantable Condos | Single Family / 2 – 4 Unit / Townhome / PUD / Warrantable Condos |
| Max LTC | 85% of purchase price + verified completed capex if property owned < 6 months | 85% of purchase price + verified completed capex if property owned < 6 months |
| Max LTV | 70% LTV | 70% LTV |
| Min DSCR | N/A | 1.10 Exit DSCR based on lower of in place rent and market rent |
| Property Condition | C2 or better | C4 or better with no deferred maintenance |
| Min FICO | 660 | 660 |
| Collateral Restrictions | Property value within 90th percentile of market. No rural, exotic, or unique properties | No rural, exotic, or unique properties |
Rental Loans
Single Property Rentals
| Property Types | Single Family / 2 – 4 Unit / Townhome / PUD / Warrantable Condos |
| Loan Amount | $75,000 – $2,000,000 |
| Loan Types | – 30 Year Fixed Rate Mortgage (Fully Amortizing or Partial IO) – 5/6, 7/6, 10/6 Hybrid ARMs (Partial IO or Fully Amortizing) |
| Maximum LTC | If Owned < 3 months 80% of Total Cost Basis |
| Maximum Loan to As-Is Value (subject to minimum FICO) | – Purchase / Rate-Term Refinance: 80% – Cashout Refinance: 75% |
| Minimum Debt Service Coverage Ratio (Gross Rent/PITIA) | 1.05x |
| Term Length | 30 Years |
| Recourse | Full Recourse Only |
| Minimum Guarantor FICO | Mid-Score 660 |
| Lease Requirements | – Leased Units: Lower of In-Place Rent and Market Rent – Unleased Units: 100% of Market Rent (Purchase Loans only or 1 unit of a 2 – 4 |
Rental Portfolios
| Property Types | Single Family / 2 – 4 Unit / Townhome / PUD / Warrantable Condos |
| Loan Amount | – Minimum Property Value: $100,000 – Maximum Loan Amount: $2,000,000 |
| Loan Amount | $50,000 -$3,000,000 |
| Loan Types | – 30 Year Fixed Rate Mortgage (Fully Amortizing or Partial IO) – 5/6, 7/6, 10/6 Hybrid ARMs (Partial IO or Fully Amortizing) |
| Maximum Loan to Cost | If Owned < 3 months 80% of Total Cost Basis |
| Maximum Loan to As-Is Value (subject to minimum FICO) | – Purchase / Rate-Term Refinance: 80% – Cashout Refinance: 75% |
| Minimum Debt Service Coverage Ratio (Net Cash Flow / Debt Service) | – For Portfolios with <,= $2MM AND <,= 10 Properties: 1.05x (Gross Rent/PITIA) – For all other portfolios: 1.20x (Net Cash Flow / Debt Service) |
| Term Length | 30 Years |
| Recourse | Full Recourse Only |
| Minimum Guarantor FICO | Mid-Score 680 |
| Lease Requirements | Minimum Occupancy Rate of 90% by Unit Count – Leased Units: Lower of In-Place Rent and Market Rent – Unleased Units: 100%555 of Market Rent (Purchase Loans only) |