Credit score
680 minimum FICO with no serious delinquencies during the previous two years.
Programs and eligibility
Know the guidelines.
Submit the right deal.
Review the starting criteria for short-term value-add financing and 30-year rental financing, then use the FAQs to prepare a complete submission.
680 minimum FICO$100K–$1.5M loan rangeNon-rural propertiesBusiness-purpose financing
Eligibility criteria
Value-Add Financing Fix & Flip
Short-term mortgages for qualified investors buying and renovating investment property.
Loan term
Typical terms range from 12 to 18 months.
Property value
As-is value, or purchase price when applicable, must be greater than $100,000.
Prepayment
No prepayment penalty.
Purpose
Short-term financing to purchase and renovate qualifying investment properties.
Maximum ratios
Up to 90% loan to cost and 75% loan to after-repair value, depending on experience.
Loan amount
$100,000–$1,500,000 per property, with a $50,000 minimum per unit for properties with two or more units.
Property type
Single-family, 2–4 unit and 5–8 unit properties. Manufactured housing and mixed-use properties are not eligible.
Location
The property cannot be rural. The metropolitan statistical area must exceed 75,000 residents. Properties in AK, HI, NV, ND, SD and WY are excluded.
Minimum liquidity
Down payment, closing costs, three months of mortgage payments and 15% of the renovation budget, with a $25,000 minimum.
Eligibility criteria
Long-Term Rental Financing
Thirty-year rental financing for qualified properties that meet credit, leverage, liquidity and debt-service requirements.
Credit score
680 minimum FICO with no serious delinquencies during the previous two years.
Maximum LTV
Up to 80% for a purchase or refinance and up to 75% for a cash-out refinance.
Loan amount
$100,000–$1,500,000 per property, with a $50,000 minimum per unit for properties with two or more units.
Property type
Single-family, 2–4 unit and 5–8 unit properties. Manufactured housing and mixed-use properties are not eligible.
Location
The property cannot be rural. The metropolitan statistical area must exceed 75,000 residents. Properties in AK, HI, NV, ND, SD and WY are excluded.
Minimum DSCR
A minimum debt service coverage ratio of 1.10.
Loan term
Thirty years.
Property value
As-is value, or purchase price when applicable, must be greater than $100,000.
Prepayment
A five-year step-down structure of 5-4-3-2-1 may be reduced to as little as two years.
Minimum liquidity
Down payment, closing costs and six months of mortgage payments.
Additional products
Financing for the full investment timeline.
Value-Add Loans
Purchase and renovation financing for qualified fix-and-flip opportunities.
Bridge Loans
Short-term financing for qualified acquisitions, stabilization and timing needs.
Construction Loans
Project financing based on the site, plans, budget, experience, equity and completed value.
DSCR Rental Loans
Amortizing fixed-rate and interest-only adjustable-rate options for qualifying rental properties.
Frequently asked questions
Details that can affect eligibility and timing.
Do you do a hard credit pull?
Rental loans use a hard credit pull after an offer is accepted and the loan enters underwriting. Short-term mortgage requests use a soft credit pull.
What counts as liquidity?
Checking, savings and money-market accounts can count. Retirement accounts, stocks and home-equity lines may also be considered at 50% of the balance.
Do you finance vacation rentals or short-term rentals?
Yes, although rates may be higher and leverage lower. The review uses operating history instead of a traditional lease. A short-term rental refinance generally requires six months of operating history.
What are the benefits of a portfolio loan?
A portfolio loan can provide lower rates and lower fixed costs, including loan fees and third-party closing costs. A portfolio request requires at least two properties.
Do you offer 100% loan-to-cost financing?
No. Value-add financing is limited to up to 90% loan to cost, depending on experience.
Can I add a partner if I do not meet the credit or liquidity criteria?
Yes. The partner must be included on title within the borrowing entity.
Is there a seasoning period for a cash-out refinance?
If the property has been owned for less than three months, the loan cannot exceed 80% of investment cost, including purchase and renovation. From three to six months, the loan cannot exceed 100% of investment cost. After six months, there is no investment-cost restriction.
Do you lend at property auctions?
Title insurance is required. Many local auction properties cannot provide it, although some online auctions use a closing agent that can. Confirm the title process with the seller or platform before submitting.
Can seller financing or private money provide additional capital?
Not when the additional financing creates a lien on the property. The investment loan must remain in first position without a second lien behind it.
How fast can you close?
Timelines begin after the file is ready for underwriting with all required information and documents. Rehab and bridge loans may require about 10 business days for a new client or 5–7 business days for a repeat client. A rental loan may require about four weeks for one property and 5–8 weeks for most portfolios. Construction loans may require three or more weeks. Multifamily properties with five or more units may require 4–6 weeks, depending on complexity and appraisal timing.
How is a rural property determined?
For short-term financing, the review considers whether the property is in a metropolitan statistical area with fewer than 75,000 people, a city or town with fewer than 7,500 people, more than 30 miles from a commercial hub or airport, or an area without typical street gridwork. The valuation may also identify the property as rural. For long-term rental financing, the appraisal is the primary determination, supported by geographic factors and the USDA designation.
What are common reasons a submission is denied?
- The property is in an excluded state or a rural location.
- The property value or purchase price is below $100,000, the requested loan is below the applicable minimum, or a multifamily request is below $50,000 per unit.
- The credit score is below 680 or serious delinquencies appear during the review period.
- Liquidity is below $25,000 or does not cover the required down payment, costs, payments and reserves.
- A newer investor is taking on an extensive renovation project without sufficient support.
What products are available?
Potential products include 12-month value-add loans, 24-month bridge loans, 12-month construction loans and 30-year DSCR rental loans with amortizing fixed-rate or interest-only adjustable-rate structures.
Ready for a deal-specific review?