Flippers Acquisition/Construction Funding
A Loan Specially Designed For Residential & Commercial Property Flippers! Purchase and Rehab that non-owner occupied Single or Multi-family residential property with our 6 or 12 month interest only Acquisition & Construction loan. Whether funding your Partnership, Corporate Entity or you individually we focus primarily on the value of the real estate deal. Our flexible underwriting approach allows us to make a loan with rates and credit scores as low as 10% and 600 respectively. And with our generous loan limits of $10,000.00 to $2 million dollars per deal you be able to acquire the funds you need on most any flip deal. We will also fund certain commercial mixed use projects on a case-by-case basis with this product. PRE-APPROVAL & PROOF OF FUNDS LETTERS AVAILABLE
Criteria & Guidelines
| |
|
| Application Response Time |
24 hours |
| Processing & Closing |
5 – 20 day Turnaround |
| Loan Type |
First Mortgage Deed of Trust |
| Max Loan Amounts |
$2,000,000 No Minimum |
| Loan to Value |
70% of 'As Rehabed' appraised value |
| Minimum Credit Score |
600+ |
| Borrower purchase equity |
10% Minimum |
| Property Type |
Non-Owner Occupied Single Family Residential, 1-4 Family, Mixed Use, Commercial |
| Term/Amortization |
6 or 12 Months / Interest Only |
| Rate |
8%-14.99% Fixed |
| Points |
2-6 Points |
| 60 day & 6 Month Extensions |
Available |
| Fees |
| Appraisal Fee (Typically) |
$300-$500 |
| Commitment Fee |
$895 |
| Document Prep |
$500 |
| Rehab Escrow Fee |
$300 |
| Draw Inspection Fees |
$150 (each) |
BANK REO - FLIPS - REHABS - NEW CONSTRUCTION
Foreclosure Pre-Approved Credit lines Available
Liberal Underwriting & Credit Approvals
- Must be Non-Owner Occupied
- 10% to 20% Equity Required depending on determined Loan To Value
- Loan Amount based on "As Completed" Value
- Rates are Interest Only
- Fixed Rate
- 6 or 12 Month Start Terms
- Liberal Draw Structure
- Commercial & Mixed-Use Considered
OPTIONS:
- Permanent Takeout 30 Year Mortgage with 3 or 5 year fixed rate adjustable
- 100% Joint Venture Financing with lender Affiliate
- 60 Day Loan Extension
- 6 Month Loan Extension
- Construction Management & Supervision Services
- Contrator & Sub-contractor assistance for your job
Above Rates include borrower using our approved title company and property insurer. Additional rate and/or fees may apply should borrowers elect to use their own title and property insurer.
*BE SURE TO ALWAYS CALL FOR CURRENT RATES, TERMS AND FEES.
*THIS PRODUCT IS CURRENTLY AVAILABLE IN PENNSYLVANIA AND NEW JERSEY ONLY.
| Amortization |
Rate |
Points |
Loan to Value |
Equity Required |
| 6 months Fixed/ Int Only |
| 12 Months Fixed | 0.000 | 2.000 | | |
