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Fix & Flip $5M LOC

Approval and funding are within 14 business days of application submission.

 

For Preapproval please complete and return the Experience Sheet.

 

  1. 640 FICO Min
  2. $30k Bank Statement Tier I, $15k Bank Statement Tier II
  3. REO Schedule (Complete Experience Sheet)
  4. Need to show at least 4 Exits in the last 2 years – the more you list (10+ Exits) the better your terms (can use a partner’s experience)

 

Advantages:

  1. Revolving Line of Credit
  2. Financing up to 12 months
  3. Funding in 7 days
  4. Interest Only Payments
  5. No pre-payment penalty

 

LOC Approved States:

  1. AZ – Arizona
  2. CA – California
  3. CO – Colorado
  4. CT – Connecticut
  5. FL – Florida
  6. GA – Georgia
  7. IL – Illinois (Tier 1 borrowers only)
  8. KY – Kentucky
  9. MA – Massachusetts
  10. MD – Maryland
  11. MI – Michigan
  12. MN – Minnesota
  13. MO – Missouri
  14. NC – North Carolina
  15. NJ – New Jersey
  16. NV – Nevada
  17. NY – New York
  18. OH – Ohio
  19. OR – Oregon
  20. PA – Pennsylvania
  21. SC – South Carolina
  22. TN – Tennessee
  23. TX – Texas
  24. UT – Utah
  25. VA – Virginia
  26. WA – Washington
  27. WV – West Virginia

Fix & Flip Quote 

 

In order to provide a quote please have the following information for the property:

 

  1.  LLC Name
  2. Guarantor Name
  3. Estimated FICO
  4. Purchase Contract – if available
  5. Property Address
  6. Property Type
  7. Purchase Price $
  8. Rehab $ – if available complete spreadsheet
  9. ARV $
  10. AS IS Value $
  11. Experience – how many deals have you completed in the past 2 years
  12. Cash Available to Close – last two months bank statements

 

 

Closing Checklist

 

  1. Valid Photo ID
  2. SS Card
  3. 2 Most Recent Bank Statements
  4. Purchase Agreement
  5. Entity Documents
  6. Articles of Organization
  7. Operating Agreement
  8. Certificate of Good Standing
  9. Title Company (Contact Name, Email, Phone)
  10. Construction Budget – download the spreadsheet, see the sample page on how it needs to look.
  11. 12 Month Builder’s Risk Policy Quote
  12. Proof of Deals Completed in the past two years (Original Purchase HUD/Closing Statement)
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