Greater Houston – Frequently Asked Questions
What types of fix & flip properties do you lend on?
Single Family, 2 – 4 Units
What are your rates?
Contact us for interest rates – Rates typically run 11-13% with 2 points.
What is the minimum credit score required to get a fix & flip loan?
A minimum FICO score of 650.
Will you finance a house I want to live in?
No, we only provide loans for non-owner-occupied properties.
Do you lend to companies?
Yes, we only lend to entities – LLC’s, corporations, etc.
Will you finance repair costs?
Yes, we will hold the repair amount in escrow and release the money in draws as repairs are completed.
How do you handle funds for property repairs?
At closing, the repair funds will be held in escrow and released to you in draws.
We require the borrower to have a minimum of 30% of the repair costs in liquid assets to begin the repairs.
The borrower will submit a draw request and within 24 hours one of our servicing specialists will review the request. The draw is usually released within 48 hours after the request is submitted as long as adequate documentation has been provided.
What are the terms of your loans?
We will loan as high as 70% of the appraised value. Our appraisers are equipped to provide an ARV appraisal, or an As-Is appraisal based on the borrower’s request.
We do a 6-month term on all loans with an option to extend.
What are the minimum and maximum loan amounts?
We have no minimum loan amount. Maximum loans can go up to $250,000.