These program are available to approved Correspondent partners. To learn more about the available partner program, please visit the Partner+ page.
COLLATERAL | Non-Owner-Occupied Residential Investment Properties: 1-4 units, condos, townhomes (rural locations, modular or manufactured homes not allowed) |
ELIGIBLE STATES (all except listed) | Alaska, Nevada, Arizona, Vermont, South Dakota, North Dakota, Idaho, Minnesota, Oregon, Louisiana, Alabama and Utah. We do not lend in Territories of Guam or Puerto Rico. |
LOAN SIZE | $200K - $5M |
CREDIT | 650+ |
BORROWER | Business Entity (LLC or Corp) with personal guarantees from 20%+ members |
DISQUALIFIERS | Bankruptcy or Foreclosure within past 48 months, criminal litigation in past 24 months, financial crimes |
FIX AND FLIP
STRUCTURE | Up to 85% of the total project cost with 100% of the rehab reserves not to exceed 70% ARV Up to 90%LTC – 75%ARV for institutional level borrowers
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TERM | 12 months interest only (2 x 3 months extensions available) |
INTEREST RATE | 10%+ |
ORIGINATION | 1%+ ($2000 minimum) |
GROUND UP CONSTRUCTION
STRUCTURE | Up to 85% of the total project cost with 100% of the rehab reserves not to exceed 70% ARV Up to 90%LTC – 75%ARV for institutional level borrowers
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TERM | 12 months interest only (2 x 3 months extensions available) |
INTEREST RATE | 10%+ |
ORIGINATION | 1%+ ($2000 minimum) |
EXPERIENCE | 2+ in the past 3 years with at least 1 ground up investor or builder/GC experience acceptable if part of the borrowing entity |