Fix + Flip
& Bridge

Get the funds needed to invest in your next property flip 

Single or Multifamily

Project size as big as you need

Short & Long-Term Rentals

Duration of the lease flexibility for your tenants

AVAILABLE PROGRAMS

FIX AND FLIP

PROPERTY TYPES Residential (1-4 Units)

LOAN AMOUNT $50,000 - $5,000,000

MAXIMUM LOAN TO COST

  • 90% of purchase and
  • 100% of Rehab Costs

MAXIMUM LOAN TO ARV 75%

TERM LENGTH 12 months, up to 18 at lender discretion

RECOURSE Full Recourse

GROUND UP

PROPERTY TYPES Residential (1-4 Units)

LOAN AMOUNT $50,000 - $5,000,000

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 for experienced developers with 3+ similar projects).
  • LTC Catch Up Draw to raise initial advance to 75% at

MAXIMUM LOAN TO ARV 70%

TERM LENGTH 12 months, up to 18 at lender discretion

RECOURSE Full Recourse

SMALL BALANCE MULTIFAMILY

PROPERTY TYPES Residential (5+ Units)

LOAN AMOUNT $500,000 - $5,000,000

LOAN TYPES Interest Only | Fixed/Adjustable Rate Mortgage Options

MAXIMUM LOAN TO COST

  • Purchase Loans: 75% of Purchase/As-is Value + 100% of Rehab Costs
  • Refinance Loans: 65% of 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

MAXIMUM LOAN TO STABILIZED VALUE

  • Purchase/Rate-Term Refinance: 70%
  • Cashout Refinance: 65%

TERM LENGTH Up to 24 months + Two 6-month Extensions

RECOURSE

  • Loans ≤ $2MM: Full Recourse
  • Loans > $2MM: Full Recourse or
  • Limited Recourse with bad-boy carveouts
  • Completion Guaranty/Reserve Replenishment Guaranty when applicable

MINIMUM GUARANTOR FICO Mid-Score of 680

SINGLE PROPERTY RENTALS

PROPERTY TYPES Residential (1-4 Units)

LOAN AMOUNT $75,000 - $2,500,000

LOAN TYPES

  • 30-Year Fixed Rate Mortgage (Fully Amortizing)
  • 5/6, 7/6, 10/6 Hyrbid ARMs (Partial IO or Fully Amortizing)

MAXIMUM LOAN TO COST If Owned less than 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) 1.10x

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 and (ii) Market Rent
  • Unleased Units: 90% of Market Rent (Purchase Loans only)

RENTAL PORTFOLIOS

PROPERTY TYPES Single Family, 2-4 Unit, Townhomes, PUD, Warrantable Condos

LOAN AMOUNT $250,000 - $50,000,000

LOAN TYPES

  • 30-Year Fixed Rate Mortgage (Fully Amortizing)
  • 5/6, 7/6, 10/6 Hyrbid ARMs (Partial IO or Fully Amortizing)

MAXIMUM LOAN TO COST If Owned less than 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: 1.10x (Gross Rent/PITIA)
  • For all other portfolios: 1.20x (Net Cash Flow/Debt Service)

TERM LENGTH 5, 10 and 30 Years

RECOURSE Non Recourse with "bad-boy" carveouts and Pledge of Equity of Borrowing Entity

MINIMUM GUARANTOR FICO

  • For portfolios with ≤ $2MM AND ≤ 10 properties: Mid-Score of 660
  • For all other portfolios: Mid-Score of 680

LEASE REQUIREMENTS

  • Leased Units: Lower of (i) In-Place Rent and (ii) 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 Hyrbid ARMs (Partial IO or Fully Amortizing)

MAXIMUM LOAN TO COST

  • If Owned less than 3 months, 70% of Total Cost Basis
  • If owned between 3-6 months, additional 5% haircut on Max Eligible LTV

MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO)

  • Purchase/Rate-Term Refinance: 70%
  • Cashout Refinance: 70%

MINIMUM DEBT SERVICE COVERAGE RATIO (NET CASH FLOW/DEBT SERVICE) 1.20x - 1.40x, based on subject market classification (Top, Standard, Small, Very Small)

TERM LENGTH 30 Years

RECOURSE Full Recourse or Non Recourse with bad-boy carveouts and Pledge of Equity

MINIMUM GUARANTOR FICO Mid-Score of 680

LEASE REQUIREMENTS

  • Minimum Occupancy Rate of 90% by Unit Count
  • Leased Units: Lower of (i) In-Place Rent and (ii) Market Rent
  • Unleased Units: 90% of Market Rent (Purchase Loans only)

STABILIZED BRIDGE

No DSCR DSCR Exit
Purpose To provide 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 Min: $75,000 Max: $1,500,000 / larger loans allowed at lender discretion Min: $75,000 Max: $1,000,000 for SFR, $2,000,000 for 2-4 unit / larger loans allowed at lender discretion
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/Townhomes/PUD/ Warrantable Condos Single Family/2-4 Unit/Townhomes/PUD/ Warrantable Condos
Max LTC 85% of purchase price + verified completed capex if property owned less than 6 months 85% of purchase price + verified completed capex if property owned less than 6 months
Max LTV 700 FICO: 70% if property owned greater than 6 months 660-699 FICO: 65% if property owned greater than 6 months 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
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