We are a private lender who have renovated numerous properties in multiple States. We also have a portfolio of rentals. So, we understand the challenges of this industry: sub contractors, suppliers, tenants AND LENDING. We also hold a valid General Contractor’s license so we understand the construction side.
We provide Fix/Flip lending for 1-4 units in selected States. We go up to 70% of ARV (combined loans…1st and 2nd). Under the right circumstances, we can do GAP lending and/or equity participation loans (and/or 2nd position loans).
We only lend on NON-OWNER OCCUPIED properties that are in average or above average areas, with improving neighborhoods and not in rural areas or acreage.
Our typical transaction is 12% and 2 points (with a $2k minimum) Other lender fees (docs, legal and processing) are $2,000 . The borrower pays all 3rd party costs (title, escrow, recording, appraisal or BPO, etc.) and our typical term is 6 months. We typically do 80% of the purchase and between 80%- 100% of the renovation, based on the deal and experience. Equity is a bigger concern than income and credit.