My direct lender has the unveiling of one of their new Line of Credit (LOC) Programs for experienced operators. They are also rolling out a new construction and commercial rehab program as well.
Fix N Flip LOC - Up to 90% LTC with rates between 7.49-9.49%. Typically 2-3 points and the option for a 6, 9, or 12 month term (point discount available for shorter term). No PPP and rehab can exceed purchase price.
Fix N Flip - Up to 90% of PP and 100% of rehab with rates between 10-11%. Typically 2-3 points and a 12 month term. No PPP and rehab cannot exceed purchase price.
New Construction - Up to 75-80% LTC with rates between 7.49-9.49%. Typically 2-3 points and the option for a 6, 9, or 12 month term (point discount available for shorter term). No PPP and rehab can exceed purchase price.
Commercial Rehab - Up to 85% LTC with rates between 7.49-9.49%. Typically 2-3 points and the option for a 6, 9, or 12 month term (point discount available for shorter term). No PPP and rehab can exceed purchase price.
All that is needed is 2 forms, purchase contract, and scope of work to get a formal quote.