Loan Purpose Residential business purpose: Acquisition, Refinance
Loan Strategy : Fix loans:  Fix to rent & Fix and flip
• Bridge loans:  Buy to rent &  Bridge  

Maximum LTV ratios:
• 75% of “as-is” LTV not to exceed 90% loan-to-purchase-price (LTPP)
• 70% LTV for refinance loans with the strategy of fix and flip and fix to rent
• 65% LTV for cash-out refinance

• 70% loan-to-after-repair-value (LTARV) on loans with construction reserves
(determined by appraisal)
• 65% LTARV for fix and flip and fix to rent refinance loans
• 55% LTARV for cash-out refinance

Lien Type First-position trust deeds and mortgages. All subordinate liens must be co-terminus with
or mature after the first mortgage (or deed of trust).

Location United States (excluding South Dakota and Minnesota). Will not purchase loans for rural
properties. Generally, if there are fewer than 3 sales comps within 3 miles, the property
will be considered rural.
High-rise condominiums in Las Vegas or Florida will not be considered. First-generation
condominiums or housing communities will not be considered

Junior Liens Allowed with intercreditor agreement

Recourse Recourse in the form of a personal guaranty is required for entity borrowers, and trust
borrowers with at least one guarantor must be an owner of the borrower entity. Individual
borrowers are allowed. Non-Recourse loan allowed with 10% less LTV or 750+ credit score or 6+ verified flips

Borrower Type Individual or U.S. entity required.
Borrower/Guarantor Minimum credit score of 600 for the borrower/guarantor is required, but exceptions may
apply on a case-by-case basis. We will obtain an updated credit score if it is over four months old.
Bankruptcy The borrower/guarantor must be at least one year removed from discharge/dismissal.

Borrower/Guarantor
Track Record: At least one previous project is required for rehab loans (exceptions on a case-by-case basis)
No track record is required for buy to rent and bridge loans

OFAC (Background) Checks: Required for all borrowers and guarantors.