Term
Up to 60 months, per property (budget)
Purpose
Purchase, refinance, or cash-out refinance
Property Type
Single Family
Condo
Multifamily
Townhouses
Total Units
No limit on units per loan
6-10 units require preapproval
Loan Size
Minimum $10,000,000
LTV
Up to 70% (based on as-improved value)
LTC
Up to 90% (based on cost to build)
Borrower Experience
Must have built and sold the same number of units or more
Example: Borrower applying for a 20-unit loan, Borrower must show 3 completed and sold projects in the last rolling 24 months
Funds and Closing
For purchase (if not already owned), and reimbursement of work in progress (if approved)
Payments
Interest Reserve or monthly payments
General Requirements
All lending for investment purposes only
Interest calculated on drawn balance
Construction draws based on inspection report
No rural properties
Apartments and Development-only loans
1st Lien Position at all times
Borrower Requirements
No individuals. Must be an LLC or Corporation
Minimum 660 credit scores, 620-659 considered with compensating factors
Reserve requirement: Reserve calculation is based upon 5% of the Commited Loan Amount
Personal Guarantee Preferred: Limited Guarantee, and PG Waivers on Case- by-case basis