ACQUISITION & RENOVATION LOANS

Whether you’re planning a “fix and flip” or buying a distressed property that you plan to hold as a rental after completing renovations, this product will meet your needs. These loans can be used on properties of all sizes – 1-4 family as well as multi-family buildings.

Terms

• Up to 90% of Purchase Price
• Up to 100% of Renovation Cost
• Loan Maximum = 65% ARV
• One Year Loan
• Interest only payments due monthly
• No prepayment penalty and no interest
   due on unused renovation funds

Process

• You provide a contract or proof of
   ownership
• You provide scope of work and budget
• We order an ARV Appraisal
• We underwrite within 48 hours
• We close as soon as you’re ready

Borrower Requirements

• Loans to an LLC or other
   corporate entity
• Minimum Credit Score of 620
• Experience such as:
  • Completed at least one flip
  • Own at least one rental
  • Licensed Contractor
  • Realtor/Appraiser

Newburgh 3 Unit Rental

Acquisition Cost: $45,000
Renovation Cost: $140,000
ARV: $235,000
Loan: $152,000 (82% LTC)

Orange County Fix and Flip

Acquisition Cost: $190,000
Renovation Cost: $60,000
ARV: $335,000
Loan: $170,000 (90% LTC)

Suffolk County Fix and Flip

Acquisition Cost: $190,000
Renovation Cost: $61,000
ARV: $320,000
Loan: $208,000 (82% LTC)

Essex Family Home

Acquisition Cost: $400,000
Renovation Cost: $250,000
ARV: $900,000
Loan: $585,000 (90% LTC)

Bergen County Fix and Flip

Acquisition Cost: $700,000
Renovation Cost: $175,000
ARV: $1,300,000
Loan: $712,000 (82% LTC)

Dutchess County Fix and Flip

Acquisition Cost: $116,000
Renovation Cost: $90,000
ARV: $206,000
Loan: $170,000 (85% LTC)

Jersey Fix and Flip

Acquisition Cost: $185,000
Renovation Cost: $55,000
ARV: $325,000
Loan: $210,000 (88% LTC)

Rockland County Fix and Flip

Acquisition Cost: $208,000
Renovation Cost: $0
ARV: $275,000
Loan: $160,000 (75% LTC)

Essex County Fix and Flip

Acquisition Cost: $325,000
Renovation Cost: $55,000
ARV:   $480,000
Loan: $312,000 (82% LTC)