Loan Terms
We are based in Virginia Beach and lend to experienced real estate investors in the Hampton Roads area. Take a few minutes to read about our lending terms.
Experience Requirements
Fix and Flip - you must have completed at least 5 renovation projects within the past 24 months where your company is listed on title.
Hard Money Lending Terms
100% Financing
No Points, No appraisal fee, No application fee
Property funded at closing; rehab budget escrowed at closing and paid in draws
Maximum loan amount - 70% of the ARV
Ex: ARV = $200K. Purchase & renovation total loan amount = $140K
No Monthly Payments - all interest is paid at the sale or refinance of the renovated property at closing
Terms
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Up to 4 months for a flat fee of 9% of the total loan amount
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5 or 6 months for a flat fee of 10% of the total loan amount
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This is not APR, so if you borrow $140,000 for 4 months, the interest charged will be $12,600 & if you borrow $140,000 for 5 or 6 months, the interest charged will be $14,000.
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What Borrower Does Pay
Borrower closing costs, including required:
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Attorney loan document prep & review fee: $325, billed at closing
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Lender's title, builder’s risk, & commercial general liability insurance
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Lender wire funding fee: $20 – for initial wire
Inspection/Draw fee: $199, if Lender deems inspection is needed
Refundable Deposit:
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No deposit to hold funds for 1 week
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$500 deposit to hold for 2 weeks
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Longer than 2 weeks, case by case basis
Your Funds Required for Project
Enough to front draws, 10% of total rehab budget for unexpected repairs, funds to cover operating costs (utilities, lawn mowing, HOA due's, etc..)
Termite/moisture/crawl inspection required by lender's licensed pest company prior to closing; $115 inspection fee paid by Borrower
Types of Projects We Do Fund
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Fix & Flip residential properties in the Hampton Roads Area
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Bridge Fix & Flip Loan - short-term financing for the purchase and rehab of investment rental properties
Types of Projects We Don't Fund
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New Construction
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Renovations where you are expanding the footprint either upwards or outwards of the home
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Renovations where you are converting a basement to living square footage
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Projects in historical districts