Purchase, Rehab, Construction, Multi Family, 30 year rental loans

[Mike Lewis]

Purchase & Rehab (1-8 unit) (Exit is a Flip or Refi):

1-8 unit residential and mixed-use properties (min 75% residential & non-residential no restaurant or bar)

Min.$50K; Max $1MM

Either 100% of purchase & rehab OR 65-70% of ARV, whichever is less (65% of the ARV if LESS THAN 3 completed purchase & rehabs

New investors okay on 1-4 unit loans (we restrict the rehab budget to $50k for new investors)

75% of ARV available for 3+ experience the last 3 years,

700+ mid

$500K min.

1-4 units

Ground-up Construction Loan (1- 8 unit):

1-8 unit residential properties and mixed-use properties (at least 75% residential & non-res can't be a restaurant or bar)

Min. loan is $50K

Max loan is $1MM

70% of the lot value and 100% of the vertical construction OR 65-70% of ARV, whichever is less (65% if client has less than 3 ground-up builds in the last 12 months)

New investors are okay - must have completed at least 3+ builds in the last 12 months.

The same applies to builders – 3 / 12 mo.

9-20 Unit Multifamily Loan:

85% of purchase

100% of rehab OR 65% of ARV

Investors with multifamily experience

Min. loan $250K; max loan $2.5MM

30 Year Rental Loan (1-4 units):

Mid-FICO of 680+- will consider down to 660 mid-FICO

Min. loan $75K, min. property value is $100K

NO rural properties

Max LTV on Cash Out Refi's 70%-75%

Must have ownership of at least 6 months to use current value in loan calculations

Must have a tenant lease NO rooming houses NO short-term rentals (Air BNB's)

NO condos Must be under 3 acres of yard space

[e-mail] 440-637-5646