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Loan Program Summary for Correspondent Partners
Loan Program Summary for Correspondent Partners
Ben avatar
Written by Ben
Updated over a week ago

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

TERM

12 months interest only (2 x 3 months extensions available)

INTEREST RATE

10%+

ORIGINATION

1%+ ($2000 minimum)

EXPERIENCE

At least 1 fix and flip project in the past 36 months is required

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

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

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