Fix & Flip Loans

MAKE SENSE UNDERWRITING CRITERIA FOR LOAN APPROVAL 

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​1. Loan to Value: Is it below 90%

2. Exit Strategy: Do you have a good plan to Fix Flip Sell

3. Ability to Pay: Can the monthly payments be made

4. Use of Funds: Is the budget enough, are the costs correct

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MINIMUM DOCUMENTATION  FOR FUNDING APPROVAL

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1. Sub Form or Executive Summary

2. 1003 Loan Application & Borrower Auth.

3. Budget or Rehab Breakdown (ARV Summary)

4. Purchase Contract (if Purchase)

• RESIDENTIAL- 85% LTV max (90% case by case)

• ​TYPES OF PROPERTIES- Stated Income, SIVA, SISA OK
  ·       Single Family Home (SFR)      · Manufactured      · Urban
  ·       Duplex                                      · Mobile                   · Rural
  ·       Triplex                                       · Modular                · City
  ·       4-plex                                        · Condo                   · Rehab
  ·       California - Texas

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  TYPES OF BORROWERS- Stated Income, SIVA, SISA OK
  ·       Non Owner Occupied or Investment or Second Home
  ·       Purchase Money
  ·       Refinance
  ·       Cash out
  ·       Property Listed for Sale/ REO/ Short Sale
  ·       Fix and Flip or Construction Ground Up OK
  ·       Owned by Sole Proprietorship, LLC or Corporation
  ·       Foreign Nationals OK
  
  LOAN TERMS
  ·       LTV up to 85%  (90% ltv case-by-case)
  ·       Loan Term: 90 days, 6 months, 1 year, 2 years
  ·       No Prepayment Penalty - 6 Month Prepayment
  ·       Interest-only Payment
  ·       Cross Collateralize for Maximum Loan Amounts
  ·       SIVA/SISA/No Doc
  ·       Not FICO Driven, Self Employed OK, Bad/No Credit OK