Currently unavailable in Alaska, Hawaii, Nevada, North Dakota, South Dakota, Wyoming.
Purpose
Short-term mortgages to buy and renovate properties
Minimum Liquidity
Down payment, closing costs, three months of mortgage payments, and 15% of renovation budget; $25,000 minimum.
Credit Score
660 minimum FICO and no serious delinquencies in the past 2 years.
Max Loan Ratios
Up to 90% Loan to cost and 75% Loan to after-repair value (depending on experience)
Loan Term
12-18 months
Loan Amount
$100,000 - $1,500,000 per property; minimum $50,000/unit on 2+ units
Property Value
As-is value (or purchase price if applicable) greater than $100,000
Property Type
Single family, 2-4 unit, or 5-8 unit. Manufactured housing and mixed use not eligible.
Prepay Penalty
None
Location
Property cannot be rural. MSA population must be greater than 75,000. Located in states outside of AK, HI, NV, ND, SD, WY.
