Fix & Flip: the full tear sheet, in plain words

Fix & Flip is our flagship program. Most people know the headline numbers: up to 90% of purchase price, up to 100% of the renovation budget and up to 75% of after-repair value. The rest of the tear sheet matters just as much, so here it is in plain words.

What it finances

The purchase or refinance of a non-owner-occupied 1 to 4 unit residential property that needs renovation. Eligible collateral includes single family homes, 2 to 4 unit properties, warrantable condominiums, townhomes and planned unit developments.

Loan size and term

Loans run from $50,000 to $1,000,000. Above $1,000,000, the file goes to an underwriter pre-screen, up to a $3,500,000 maximum.

The term is 12 months. Expansion, addition, conversion and ADU projects can run 18 to 24 months, subject to a pricing adjustment.

Leverage

• Up to 90% of purchase price
• Up to 100% of the renovation budget
• Up to 75% after-repair LTV, with special requirements between 70% and 75%

Reduced leverage applies in FL and LA and in select counties.

Budget caps

The renovation budget is capped at 2x your highest verified past project, up to $500,000. First-time investors are eligible, capped at a $100,000 renovation budget and 25% of purchase price.

Credit and structure

The minimum FICO is 660. Scores between 600 and 660 are considered case by case, subject to underwriting. Any bankruptcy must be discharged, and any foreclosure completed, more than 4 years ago.

An LLC or corporation must hold title. The loan is full recourse, and at least 51% of the borrowing entity guarantees it. On a cash-out refinance, all members guarantee.

How the loan is paid

Interest only, with a balloon at maturity. On loans of $100,000 or more, interest accrues as funds are disbursed. Below $100,000, interest is charged on the total loan amount. There is no minimum interest earned.

What to send the desk

• Property address, purchase price and executed contract
• Scope of work with a line-item renovation budget
• Your track record: the last 3 years of investment properties
• Guarantor FICO and entity formation documents
• Architect letter or permits where square footage is being added

Pricing is quoted per deal. The full tear sheet, with the collateral list, is on the Fix & Flip program page.

Program figures are indicative only and subject to complete documentation, underwriting, appraisal and final credit approval. This post is general information, not financial or legal advice.