Fix & Flip Loans

Make an Old Property New Again

Our Fix and Flip Loan is for the purchase or refinance of your next renovation investment opportunity. We will finance your rehab budget with flexible options to service your monthly payments.

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Details

1-4 Units

$500k-$3MM

Up to 75% after rehab value

Up to 18 Month Term

Max LTC - 95% of Purchase Price & 100% of Rehab Cost

LOAN GUIDELINES

TERM
  • Up to 18 months
    • LTV (Loan to Value)
  • Up to 75%
    • PURPOSE
  • Purchase or refinance with Renovation
    • LTC (Loan to Cost)
  • Up to 95%
    • PROPERTY TYPE
  • Single Family
  • Condo
  • 2-4 Unit Properties
  • Townhouses
    • BORROWER EXPERIENCE
  • Must have built and sold the same number of units or more
  • Example: Borrower applying for a 3-unit loan, Borrower must show 3 completed and sold projects in the last rolling

    • 12 months

  • Proven track record with a similar scope project
    • LOAN SIZE
  • Projects Up to – $50,000,000
  • Min Loan Amount – $500,000
  • Max Loan Amount Per Property/Lot – $3,000,000
  • Total Max Loan Amount – $15,000,000
  • Total Max Loan Amount Condo – $30,000,000
  • Max Guarantor Loan Commitment with Builders Capital – $50,000,000
  • See Borrower Requirements for concentration limits
    • FUNDS, CLOSING & PAYMENTS
  • For purchase (if not already owned), and reimbursement of work in progress (if approved)
  • Interest Reserve or monthly payments

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    GENERAL REQUIREMENTS
  • All lending for investment purposes only
  • Interest calculated on drawn balance
  • Construction draws based on inspection report
  • No rural properties
  • Apartments and Development-only loans not allowed
  • 1st Lien Position at all times
    • BORROWER REQUIREMENTS
  • No individuals. Must be an LLC or Corporation
  • Minimum 660 credit score
  • Reserve requirement: Borrower / Guarantor must demonstrate a minimum aggregate 5% liquidity

    • relative to all BC committed loans

  • Personal Guarantee preferred: Limited Guarantee on case-by-case basis
  • Concentration limit per guarantor is $50,000,000 on total portfolio

    • Continue down to Documentation Requirements

    DOCUMENTATION REQUIREMENTS

    Getting Started

    BORROWER / GUARANTOR

  • Signed Estimated Loan Terms
  • Completed Loan Application
  • Borrower/Builder/Guarantor Resume

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    PROJECT

  • Purchase and Sale Agreement w/ All Addendums (if Purchase)
  • Scope of Work
  • Preferred Title Insurance Company & Contact
  • Preferred Insurance Company & Contact
  • Breakdown of Costs Already Paid into Project
  • Builder Resume (if different from Borrower/Guarantor Resume)

    • Getting Funded

    BORROWER / GUARANTOR

  • Most Recent Two Months Bank Statements (Borrower & Guarantors)
  • Most Recent Two Years Tax Returns (Borrower & Guarantors)
  • Borrower Entity Documents and Appropriate Business Licenses:

    • – Legal Filing Documents

    – Operating Agreement & Certificate of Formation (LLC)

    – Articles of Incorporation & Bylaws (Corporation)

    PROJECT

  • Builder Material Specs
  • Project Budgets on Builders Capital Budget Template
  • Completed Construction Agreement (if using a 3rd Party Builder)

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    *The list above shows Borrower provided documentation. All third-party order outs still apply, including standard appraisals, title and 3rd party project reviews.

    **Non rural markets only.  |  Effective Date: 5/25/2022 – Product Guidelines are subject to change at any time.

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    Overall Lending

    $6.0 Billion

    Active Loans

    $3.5 Billion

    New Capital Available

    $700 Million