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Tiling a Roof

Fix & Flip Funding

No Income Docs – No Prepayment Penalty

PROGRAM #1
 

Diamond

90% Purchase + 100% Rehab with 5+ Completed Flips!  

The Diamond Program Available Nationwide, Except In The Following States:  MN, ND, OR, SD, UT & VT and no rural properties.
 
  • For Max 90% Purchase & 100% Rehab – Borrower and/or members of business entity must have five (5+) completed/renovated flips within last 36 months!

  • Minimum 660+ Credit To Qualify for 90% Purchase!

  • 90% Financing Consist of 85% Purchase + Up to 5% Towards Interest Carry Cost!

  • 1st Time Investors Allowed At Lower LTV With Documented Experience!

  • No Credit Report Pull Required For Prequalification! 

  • Max Loan Amount 70% Of After Repair Value! 

  • Loan Amounts $50,000,00 – $5,000,000.00!

  • Close In About 15 Business Days from payment date of appraisal, with clear title!

  • No Interest Charged On Rehab Budget Funds Until Drawn!

  • No Prepayment Penalty!

  • Single Family, 2-4 Units, Condo’s & Townhomes!

  • No Rural Properties!

Seller Paid Closing Cost Allowed If Included In The Purchase Agreement! Refinance with Rehab Loan Allowed On Case By Case Basis!

PROGRAM #2
 
620+ Credit

Fix & Flip
Funding Program

85% Financing Of Purchase Price & Rehab Budget Combined With 620+ Credit & 1 Completed Flip!

Funding is available nationwide, except in the following states:  Alaska, Nevada, North Dakota, Oregon, South Dakota and Vermont.
 

  • 85% Of Purchase Price & Rehab Budget Combined with 1+ Completed Flip in last 24 months!

  • Up To 75% Of After Repair Value (ARV) Maximum Loan Amount!

  • Minimum 620+ Credit Score Required! 

  • Single family, 2-4 units, condo’s, townhomes & multifamily 5+ units!

  • No traditional appraisal required for loan amounts under $500K.  Use BPO with average cost of BPO $200-$300+ (depending on local market).

  • No source or seasoning of funds!

  • Loan Amounts $150,000.00 to $2,000,000.00!

  • Up to 3% seller paid closing cost allowed!

  • No Interest Charged On Unused Rehab Budget!

  • No Hard Credit Report Pull! 

  • No Prepayment Penalty! 

  • 24 Hour Prequalification With No Credit Pull Required!

  • Fast Closing In 7-10 Business Days (With Clear Title)!

PROGRAM #3
 

Platinum Funding Program

Up To 85% Fix & Flip Financing With 680+ Credit & 3+ Completed Flips
 

Funding is available nationwide, except in the following states:  Nevada, Oregon, Minnesota, North Dakota, South Dakota and Vermont.

  • Up To 85% Of Purchase Price with 3+ Completed Flips/current rentals and 681+ credit! (see guidelines paragraph 8 below)

  • 100% Financing Of Rehab Budget!

  • Up To 70% Of After Repair Value (ARV) Maximum Loan Amount!

  • Minimum 680+ Credit Score with 3 qualifying deals of experience Required For Max 85% Purchase Price Financing!

  • First Time Investors With No Experience OK.  Lower LTV issued for underwriting approval!

  • Loan Amounts from $50,000.00 To $2,000,000.00!

  • Minimum Purchase Price is $40,000.00!

  • No Interest Charged On Unused Rehab Budget Balance Each Month When Purchase Price is $50K+!

  • No Sourcing Of Deposits Under $50,000.00 (only written letter of explanation required)!

  • No Prepayment Penalty! 1% Exit Fee After 9 Months!

  • 24 Hour Prequalification With No Credit Pull Required!

  • Can use 50% Of Face Value Of 401K, stocks & Retirement Accounts Towards Liquid Assets!

24 Hour Pre-Qualification With No Credit Pull Required

Platinum Fix & Flip Funding Guidelines

1. States Currently Funding:

Funding is available nationwide, except in the following states: Nevada, Oregon, Minnesota, North Dakota, South Dakota and Vermont.

Minimum As-Is value may be required in certain market areas.

2. Qualifying Property Criteria:

– Non-owner occupied, single family and 2-4 units. Including condo’s and townhomes.

– Property must be a minimum of 750 sq ft. No exceptions.

– Up to maximum of 10 acres allowed.

– In determining current As-Is value, investor must place weight on the overall material condition of the property compared to other similar properties. A property in a C5-C6 condition will see the current value of property significantly adjusted downward.

3. Qualifying Credit Criteria:

– Must close in the name of a business entity. Cannot close in individual personal name.

– No bankruptcies, foreclosures charge-offs judgments within past two (2) years

– Minimum of two credit scores available from the three credit bureaus.

– If 2 credit scores are reported, the representative score is the lower score.

– If 3 credit bureau scores are reported, the representative score is the numerical middle credit score.

– All mortgage payments reporting on credit report must be current prior to closing.

 

4. Qualifying Experience Criteria:

Qualifying experience is based on the documented number of completed flips AND/OR number of rental properties currently owned.

– Completed flips are defined as: residential investment property (1-4 units) that has been sold within the last 36 months.

– Rental properties are defined as: residential investment property (1-4 units) currently owned (regardless of date of purchase).

Qualifying properties for experience are as below and pertain to any members of the business entity with 10% or more ownership:

– Total number of current rentals

– Properties sold in last 36 months

 

5. Basic Loan Terms:

– 12 month term.

– Monthly interest only payment.

– No prepayment penalty.

– No escrow of taxes and insurance

– Pay no monthly interest carry cost on the unused balance of renovation budget

6. Property Appraisal:

A property appraisal is required for all bridge loan funding transactions. The cost of the appraisal is required to be paid upfront prior to ordering the appraisal. The cost of appraisal typically ranges from $400.00 – $1,200.00 depending on the local real estate market.

7. Required Documentation For Underwriting Approval

– Clear and legible copy of government issued ID

– Copy of executed purchase and sales agreement (if applicable)

– Copy of most recent two (2) months of personal OR business bank statements (all pages)

– Copy of IRS EIN letter for business entity

– Copy of Articles Of Organization for LLC or Incorporation for a Corporation

– Copy Of Operating Agreement for LLC or Corporate Charter/Bylaws for Corporation

– Real Estate Experience Spreadsheet (template provided by email)

– Renovation Construction Budget Spreadsheet (template provided by email)

– Executed electronic authorization to run credit report and background check (provided by email after receipt of all required docs)

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