Fix & Flip Loan

Loan Parameters:

Purpose:

Investment property loans for rehab financing (purchase or refinance)

Minimum Experience:

No experience needed. Experience is defined as a 36-month lookback period (includes flips, builds, and rentals)

Individual Loan Size:

$50K – $3MM

Exposure Limit Amount:

$500K – $10MM

Multi-Family and Mixed-Use Properties (Subject to LLPAs)

Standard Rehab: 80% LTC | 70% ARV LTV Extensive Rehab: 75% LTC | 65% ARV LTV

Rehab Holdback

100% of rehab budget must be financed

Borrower Type

Individuals and Entities (LLC, Corporation). Foreign Nationals eligible.

Eligible Properties

Non-owner occupied: Single Family Residence, 2-4 units, Condos1, Multi-family, Mixed

Eligible Costs Financed

We finance Hard Costs and all Soft Costs

Loan Term

12 months standard, interest-only with fixed rate. 18-month option available.

Minimum Interest

90 days of interest on the maximum loan amount

Interest Accrual

Interest on full balance or the actual drawn balance

Ineligible Project Scope

Tear downs, modular, ADU’s, add a story, remove exterior walls, addition > 500 square feet, conversions, and adding units is on exception basis only), no new construction

Valuation Requirements

No-fee alternative valuation option for eligible properties4; otherwise, full narrative appraisal with “as-is” and “ARV” values required. No rural properties.

Liquidity Requirement

Down Payment + Closing Costs + 10% of the Holdback + Any Equity Shortage + Required Reserves

Fix & Flip Boxwood Mortgage Program – Private Money Financing

Loan Parameters:

• 20% down payment / 80% Loan to value when refinance.
• No credit score or low credit scores is okay. With Alternative tradelines.
• No mortgage insurance required.
• Gift funds from a relative, for closing are allowed.
• Investment Property only.
• Fixed rates available.
• Terms 6-12 Months – Hard money loans.
• No prepayment penalties to pay early or extra each month.
• Borrowers with TAX ID or ITIN # are okay.
• Alternative income documents are acceptable.

Types of Income Documents Allowed:

• CPA / Accountants Letter required when self-employed.
• 12 Month Bank Statements.
• Two years of 1099’s.
• Two years of W2’s.
• Lease agreement on rental income from existing property.
• Two years tax returns.
• Verification of Employment for the last 2 years.