Bridge Loans
Fix & Flip
- residential (1 - 4 Units)
- $70,000 - $5,000,000
- Up to 100% of purchase and
- 100% of rehab costs
- 70% Max ARV
- 12 months, up to 24 at lender DISCRETION
- Funding in 39 states
Ground UP
- Residential (1 - 4 units)
- $50,000 - $5,000,000
- Up to 75% of the lower
- land value or purchase
- price/60% if unpermitted plus 100% of construction
- Max 80% of total project costs. Max ARV 70%
- 12 Months, up to 18 months at lender discretion
- Full Recourse
Small Balance
Multi-Family
- Residential (5+ Units)
- $500,000 - $5,000,000
- INTEREST only|Fixed/Adjustable rate mortgage options
- purchase loans: 75% of purchases/As-is value + 100% of rehaB COSTS
- rEFINANCE LOANS: 65% OD aS-IS VALUE +100% OF REHAB COSTS
- cASHOUT rEFINANCE: sUBJECT TO % ABOVE + 100% OF REHAB: NOT TO EXCEED 75% OF pp AND 100% OF RENOVATION.
- pURCHASE/RATE -TERM REFINANCE 70%
- CASHOUT REFINACE 65%
- uP TO 24 MONTHS + TWO 6-MONTH EXTENSIONS
- lOAN < 2mm: fULL rECOURSE
- lOANS > 2MM FULL RECOURSE OR
- LIMITED RECOURSE WITH BAD-BOY CARVEOUTS
- COKMPLETION GUARANTY/RESERVE REPLENISHMENT GUARANTY WHEN APPLICABLE
- MID SCORE OF 680
NO DSCR
To provide bridge financing on a property that was recently renovated and is currently soon to be listed for sale
- min: $75,000
- Max: $1,000,000 / larger loan allowed at lender discretion
- 12 months, up to 18 at lender discretion
- single family/2-4 unit/ townhomes/pud/warrantable condos
- 85% of purchase price+verified completed capex if property owned <6 months
- 700 FICO
- 70% if property owned> 6months
- 660 - 699 FICO
- 65% if property owned >6 MONTHS
- Property condition c2 or better
- min fico: 660
- collater restrictions: property value within 90th percentaile of market. o rural, exotic, or unique properties.
DSCR EXIT
To provide bridge financing on a property that is currently rented and to be rented out
- Min: $75,000
max: $1,000,000 for SFR, $2,000,000 for 2-4 unit/ larger loan allowed at lender discretion
12 months, up to 18 at lender discretion
single family/2-4 unit/townhomes/pud/ warrantable condos
85% of purchase price+ verified completed capex if property owned <6 months
70% Ltv
1.10 exit dscr based on lower of in place rent and market rent
c4 or better with no deferred maintenance
min fico: 660
no rural, exotic, or unique properties
Rental Term Loans
SINGLE FAMILY RENTALS
SINGLE FAMILY/2-4 UNITS/TOWNHOMES/PUD WARRANTABLE CONDOS
- LOAN TYPES: 30 -YEAR FIXED RATE MORTGAGE (FULLY AMORTIZING)
- 5/6,7/6,10/6 HYBRID ARMS (PARTIAL IO OF FULLY AMORITIZING
- MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO: pURCHASE/RATE-TERM REFINANCE: 80%
- cASH OUT rEFINANCE: 75%
- mINIMUM DEBT SERVICE COVERATE RATIO (GROSS RENT/PITIA): 1.10X
- TERM LENGTH: 30 YEARS
- RECOURSE: FULL RECOURSE ONLY
- MINIMUM GUARANTOR FICO: MID SCORE OF 660
- lEASE REQUIREMENTS: LEASED UNITS: LOWER OF (I) iN-PLACE RENT & (II)MARKET RENT
- UNLEASED UNITS: 90% OF MARKET RENT (PURCHASE LOANS ONLY)
rental portfolio
SINGLE FAMILY/2-4 UNITS/TOWNHOMES/PUD WARRANTABLE CONDOS
- loan amount: $75,000 - $2,500,000
- loan types: 30-yeAR FIXED RATE MORTGAGE(FULLY AMORTIZING) 5/6, 7/6, 10/16 HYBRID ARMS (PARTIAL IO OR FULLY AMORITIZING)
- MAXIMUM LOAN TO COST : IF OWNERD < 3 MONTHS, 80% OF TOTAL COAST 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) 1.10X
- TERM LENGTH: 30 YEARS
- RECOURSE: FULL RECPOURSE ONLY
- MINIMUM GUARANTOR FICO: MID-SCORE 660
- LEASE REQUIREMENTS: LEASED UNITS: LOWER OF (I) iN-PLACE RENT 9II) MARKET RENT
- UNLEASED UNITS: 90% OF MARKET RENT (PURCHASE LOANS ONLY)
mULTIFAMILY TERM
PROPERTY TYPES: 5 - 8 UNIT RESIDENTIAL PROPERTIES
- lOAN aMOUNT: $250,000 - $3,000,000
- LOAN TYPES: 30 -YEAR FIXED RATE MORTGAGE, OR 5/6, 7/6,10/6,HYBRID ARMS (P[ARIAL IO OR FULLY AMORTITIZING)
- MAXIMUM LOAN TO COST: IF OWNED <3 MONTHS, 70% OF TOTAL COST BASIS IF OWNED BETWEEN 3 -6 MONTHS, ADDITIONAL 5% HAIRCUT ON MAX ELIGIBLE LTV
- MAXIMUM LOAN AS -IS VALUE (SUBJECT TO MINIMUM FICO): pURCHASE RATE/RATE-TERM REFINANCE : 70%, cASHOUT rEFINANCE: 70%
- mINIMUM DEBT SERVICE COVERAGE RATIO (NET CASH FLOW/DEBT SERVICE) 1.20 - 1.40X Based on subject market classifaction (top, standard, small, very small)
- Term Length: 30 Years
- recourse: full recourse3 or non recourse with bad boy carveouts and pledge of equirty.
- minimum guarantoor fico: mid scxore of 680
- Lease requitements: minimum occupency rate of 90% by unit cout
- Leased Units: Lower of (i) In-Place Rent & (ii) market rent
- Unleased uitsw; 90
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