Fix & Flip Loans

MAKE SENSE UNDERWRITING CRITERIA FOR LOAN APPROVAL 

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

 

MINIMUM DOCUMENTATION  FOR FUNDING APPROVAL

1. Sub Form or Executive Summary

2. 1003 Loan Application & Borrower Auth.

3. Budget or Rehab Breakdown (ARV Summary)

4. Purchase Contract (if Purchase)

Man Measuring Window
  • 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


  • 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

The AvFund - A logo - Full Color (1) copy_edited_edited_edited copy_edited.png
AdobeStock_410363092.jpeg