Fix & Flip Program (Lendsure)

There is the opportunity to purchase a home, rehab it, and sell. Until now, for funds investors had to go to hard money lenders but no more! See guildeline’ below and call to prepare a quote.

Program Guidelines

  • No DTI Ratio

  • No Income Documents

  • Credit:  660+, 2-Years since: Bankruptcy, Foreclosure, DIL, Modifications.

  • Non-Owner-Occupied Single Family, and 2-4 Multi Family property types

  • Purchase Loan Amount – up to 85% of Purchase price (LTV)

  • Loan to Cost (LTC) – 85%

  • LTC = Loan to Cost is loan amount divided by cost (purchase price + improvement cost)

  • Improvement cost financed, up to 100% (experienced investors only).

  • Total loan amount cannot exceed 70% of the new value AVR,  (After Rehab Value).

  • Loan/ARV = Loan amount divided by After Rehab Value

  • 12-month balloon term with Interest Only Payments with no prepayment penalty

  • Loan size  150,000 to 1.0M (Larger amount with investor approval up front).

  • 12-Month, I/O. Interest paid on disbursed amount

  • Funds escrowed and accessed in draws. Max per draw is $200,000.

  • Loan up to 100% of Construction Cost.

  • Total Loan Amount: Up To 70% of the After Repair Value (ARV) and Up To 80% of Total Cost.

  • $150,000 to $1,000,000, maximum 3-properties or $3,000,000

  • Property Types:

    • Non-Owner Investment Properties Only

    • SFR, 1-4F, Condo, Townhomes, PUDs only, Mixed-use and 4+ units on exception basis

  • Assets Sourced and Seasoned 60 days

  • Reserve Requirements: 3 months PITI, 3 Months of Construction Carrying Cost [(Total Construction Cost/12) * 3)

  • Secondary Financing is Not Allowed

  • Rate Estimates:

    • <=60% = 10.25%

    • <=70% = 10.50%

    • <=80% = 10.99%

Draw Process

  • Construction loan will be disbursed in stages/draw

  • Client will be submitting draw request that will be processed by LendSure. LendSure will request:

    • Construction progress inspection.

    • Copies of paid invoices for completed work.

    • Title rundowns.

  • Client will be reimbursed a certain amount (typically a percent of completed work based on the loan/cost ratio)