Fix & Flip
Purchase and renovation financing for non-owner-occupied 1–4 unit residential investment property.
- Up to 90%
- Loan-to-cost
- Up to 100%
- Of renovation budget
- 12 months
- Term
Program terms
- Loan amount
- $50,000 – $1,000,000. Above $1,000,000 subject to underwriter pre-screen, $3,500,000 maximum.
- Loan purpose
- Purchase or refinance of non-owner-occupied 1–4 unit residential requiring renovation.
- Term
- 12 months. 18–24 months available on expansion, addition, conversion and ADU projects, subject to pricing adjustment.
- Maximum LTC
- Up to 90% of purchase price.
- Rural property
- Eligible at Tier 3 experience or above, capped at 65% initial LTC.
- Renovation financing
- Up to 100% of the renovation budget.
- Maximum LTV
- Up to 75% ARLTV. Special requirements apply between 70% and 75%.
- Amortization
- Interest only, balloon at maturity.
- Interest accrual
- As-disbursed on loans of $100,000 or more; charged on the total loan amount below $100,000.
- Minimum FICO
- 660. Between 600 and 660 case by case, subject to underwriting.
- Experience
- None required. First-time investors are capped at a $100,000 renovation budget and 25% of purchase price.
- Renovation budget cap
- 2x the borrower's highest verified past project, up to $500,000.
- Recourse
- Full recourse. At least 51% of the borrowing entity must guarantee; all members on cash-out refinances.
- Borrowing entity
- LLC or corporation required. Nonprofits and charitable organizations not eligible.
- Foreign nationals
- Eligible with valid passport, valid US visa and US FICO where a personal guaranty is used.
- Prepayment
- No minimum interest earned.
- Credit history
- Bankruptcy discharged more than 4 years ago and foreclosures completed more than 4 years ago. Tri-merge report no older than 180 days.
- Assignment fees
- Wholesale or assignment fees permitted up to 20% of the original purchase price. Full chain of contracts required; double assignments at lender discretion.
- Mid-construction refinance
- No cash-out. 680 FICO and Tier 3 experience, and the borrower pays closing costs out of pocket.
- Appraisal
- Dated within 120 days. Structural engineer report where there is fire damage; architect letter or permits on expansions and condo conversions.
- Points
- Maximum 5 total points on the transaction.
- Pricing
- Call for quote.
- Geography
- Available in 37 states and the District of Columbia: AL, AR, CO, CT, DC, DE, FL, GA, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MS, MO, MT, NE, NH, NJ, NM, NY, NC, OH, OK, PA, RI, SC, TN, TX, VA, WV, WI, WY. Reduced leverage applies in FL and LA and in select counties. Four Florida counties (Lee, Charlotte, Sarasota, Collier) and Baltimore City are closed. Prepayment provisions vary by jurisdiction and transaction: several states prohibit a prepayment penalty outright and others cap it by loan size, term or property type, so the provisions available on a given loan are confirmed when the scenario is quoted.
Collateral
Eligible
- Single family residence
- 2–4 unit multifamily
- Condominiums
- Townhomes
- Planned unit developments
- Non-owner occupied only
Not eligible
- Mixed use
- 5+ unit multifamily
- Condotels
- Co-ops
- Mobile / manufactured
- Commercial
- Cabins / log homes
- Leasehold
- Oil or gas leases
- Operating farms, ranches, orchards
- Vacation or seasonal rentals
- Unique, exotic or luxury
- Unpaved / dirt roads
What we need from you
- 1Property address, purchase price and executed contract
- 2Scope of work with line-item renovation budget
- 3Borrower track record — last three years of investment properties
- 4Guarantor FICO and entity formation documents
- 5Architect letter or permits where square footage is being added