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Updated about 6 years ago,

User Stats

283
Posts
123
Votes
Kerry Boyle
Lender
  • Lender
  • Bethesda MD
123
Votes |
283
Posts

Rehab draws paid to you in advance!

Kerry Boyle
Lender
  • Lender
  • Bethesda MD
Posted

Experience = Sold flip properties in past 36 months + tenants (combined total of all members of the borrowing entity).

Credit = Credit score of applicant (must be at least 1% member of borrowing LLC or Inc).

Advanced Rehab draws = First draw paid at close as a credit. Second draw paid when first draw is complete, etc until the last draw which is paid in arrears.

  • 10+Experience & 680+ Credit - 100% of purchase price at close (90% purchase funding and 10% from rehab budget). Total loan not to exceed 70% ARV.
  • 10+ Experience & 600+ Credit - 100% of purchase price at close (80% purchase funding and 10% from rehab budget). Total loan not to exceed 70% ARV.
  • 5+ Experience & 660+ Credit - 95% of purchase price at close (85% purchase funding and 10% from rehab budget). Total loan not to exceed 70% ARV.
  • 5+ Experience & 600+ Credit - 90% of purchase price at close (80% purchase funding and 10% from rehab budget). Total loan not to exceed 70% ARV.
  • 2+ Experience & 600+ Credit - 90% of purchase price at close (75% purchase funding and 15% from rehab budget). Total loan not to exceed 75% ARV.
  • 0-1 Experience & 680+ Credit - 85% of purchase price at close (70% purchase funding and 15% from rehab budget).
  • 0-1 Experience & 600+ Credit - 80% of purchase price at close (65% purchase funding and 15% from rehab budget).

42 States including California, (DBO License #60DBO73498). 

  • Kerry Boyle
Offering

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