Updated over 8 years ago on . Most recent reply
Rehab Loans - Asset Based - Nationwide
As of 1/1/2017 we are proud to announce that we are now a direct lender for fix and flips. Commercial and bridge loans will be available starting Q3 of 2017 as for now we are focused on 1-4 unit residential properties. Below is a brief overview and some key points to how we will lend:
-90% of purchase price
-100% of rehab (we prefer rehab be equal to or less than 50% of PP but can go higher)
-10%-12% interest rate
-2-3 Points
-12 month term
-No PPP
-Up to 70% of ARV
-Stated underwrite with no seasoning or sourcing of assets
-We do NOT look at as is value
-Brokers protected on the HUD
We will lend nationwide, except CA NV, SD, ND, and VT, as long as the sponsor has experience and cash for the down payment, closing costs, and monthly interest payments.
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- Sean Richway
