Eligible Properties
1 – 4 Unit Residential
CA and 22 other states
Properties within close proximity to comparables for valuation purposes.
No agricultural.

Eligible Borrowers
Individuals, LLCs, Non-Profits and Other Entities

Credit Requirements
630+ Credit Score

Income Requirements
Recommended:
50% DTI Ratio.
Verified.

Reserve Requirements
Recommended:
Monthly carrying costs x [project term (unless interest reserves) + 3 months]
Verified.

Loan Purpose
Acquisition & Construction costs

Loan Term
6 month term, with reasonable extensions
No payments for 6 months possible with interest reserves
(Interest reserves must not exceed max LTV)

Loan Sizes
$100K to $6MM

Construction Draws
Typically 1 - 4 draws, upon inspection approval
Wired directly to borrower's account

LTFV
75% LTFV

LTC
85% LTC with a 630+ credit score
95% LTC with a 660+ credit score
100% LTC with a 690+ credit score
Rehab portion of the loan typically not to exceed 150% of acquisition cost unless otherwise approved

Amortization
Fixed Interest-only.

Pre-payment Penalty
None.

Appraisal
Ordered by lender.
Outside appraisals subject to underwriter’s approval.

Fees
14.99% rate
4 - 7 points
Plus $2,000 - $3,000 in lender fees
$500 incentive rebate for early payoff
$395 up-front non-refundable application fee
3rd Party Fees for Appraisal & Inspection, due upon acceptance of Letter of Interest