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We talk with real estate investors every day. Here’s a question we get a lot —
How do I qualify for your best rates and highest leverage?
So we thought it would be helpful to spell out just what we look for in a borrower, and what you can do to make your application even stronger.
Pay Attention To Your Credit Score
Although we don’t have any income requirements, we do want to know that you are on solid financial footing. One way we do that is by pulling your credit report (but only after you’ve filled out our full loan application and agreed to our conditional terms). Our minimum credit score requirements vary by loan program:
Fix and Flip Loans—600+
DSCR Loans—620+
Bridge Loans—660+
New Construction Loans—680+
Wish your credit rating was higher? Check out an earlier blog post for tips to strengthen your credit score.
Boost Your Experience Level
Another key consideration is your personal experience with real estate investing. The more the better! Although we are happy to work with investors at all experience levels, we can be more aggressive with our rates and leverage if you can demonstrate a successful track record. No experience? Consider partnering with someone with some real estate investing cred. That counts too!
Fix and Flip/Bridge Loans—No MInimum Experience Level
DSCR Loans—12 Month Payment History For Primary Residence
New Construction Loans—2+ Exits Within The Last Three Years
You may quantify your experience easily by taking advantage of our experience template. Download it for free here.
Have Some Liquidity On Hand
When we invest in your project, we commit to do everything in our power to help you succeed. We expect you to be equally committed and, to that end, ask that you bring some money to the closing table. Typically, borrower cash outlays amount to a minimum of 10% of the loan amount for purchases (sometimes less for refinance loans).
Qualify For More
Our strongest borrowers have a lot in common—they typically have solid credit, considerable relevant experience, and some cash on hand. But even if you are lacking in one or more of these areas, we can work with you to design a loan package that meets your needs.
