Fix & Flip Residential Financing
ICS Fix & Flip Loans are fixed for 12 to 18-months with interest only amortization. Loan is due at the end of the 12 to 18-month term. No prepayment penalty. Eligible properties include multifamily 5+ units, 1-4 unit residential, townhomes, and condos. ICS Fix & Flip - Rehab Loans are short-term interim loans designed for properties needing minor to major renovations (not new construction) prior to securing long-term financing or disposition.
12 to 18-Month Fixed Interest Only Fix & Flip - Rehab Loan
Max LTV: 90% to 100% | Max ARV: 75% | Max LTC: 90% to 100% | Min Credit: 620
Non-Conforming Fix & Flip - Rehab Loans are for borrowers intending to hold the property for 4 to 18-months before selling or refinancing. Experience is not required, but does affect over rate and terms. These loans have less strict underwriting guidelines than institutional-grade conforming loans, offering competitive market rates for qualified properties and borrowers expanding their Fix & Flip - Rehab business.
Recourse and Non-Recourse options available.
Fix & Flip - Rehab Loans do not typically have a prepayment penalty beyond month four.
Loan limits range from $100k to $10MM on 1-4 unit properties and up to $100MM on multifamily 5+ unit projects.
30 to 45 Days
3 to 6-months mortgage reserves are required.
A strong schedule of real estate owned is important but not required.
LOAN TERMS & AMORTIZATION
Multifamily 5+ Units: 12 to 18-months, interest-only
1 to 4 Units Residential: 12 to 18-months, interest-only
An initial disbursement is completed at the time of purchase or refinance up to 90% to 100% of the property existing value/purchase price. Increment disbursements are provided throughout the project upon receipt of completed work invoices.
CREDIT SCORE REQUIREMENTS
- FULL or LITE-DOC UNDERWRITING
- Rent Roll (if applicable)
- P&L / Last 12 to 24-months (if applicable)
- Borrower 1003 or Personal Financial Statement
- Schedule Real Estate Owned
- Bank Statement(s) Verifying Down Payment/Reserves
- Minimum 3 Quality Property Photos
- No tax return options
- Scope of Work
- Borrower Resume / Project History