Program guidelines
How much we can finance, by program and experience
The leverage tables for our investor loans — fix and flip, new construction, bridge and long-term rental. Find your program, find your experience or credit score, and you have the number to plan around. Your rate is on your term sheet.
Experienced investors: up to 100% of purchase and 100% of rehab
Fix and flip, single-family 1–4 units, with 10+ completed flips in the last 3 years. On light rehab, 100% of purchase also needs 5+ in-state projects, a 720+ credit score and a loan of $800,000 or less. Loans are also capped at 75% of the after-repair value.
Single-family, 1–4 units
Fix and flip
- Property
- Non-owner-occupied 1–4 family, condos, townhomes
- Term
- 12 months (extensions available)
- Loan amount
- From $75,000
- Minimum property value
- $100,000 after-repair value
- Minimum credit score
- 650
- Refinance
- Up to 75% of as-is value + 100% of rehab
- Cash-out
- Up to 60% of as-is value + 100% of rehab
- Prepayment penalty
- None
Leverage by experience
| Experience, last 3 years | Maximum loan-to-cost | Maximum after-repair value | |
|---|---|---|---|
| Light rehab | 0 flips | Up to 85% of purchase + 100% of rehab | Up to 70% of ARV |
| 1–4 flips | Up to 90% of purchase + 100% of rehab | Up to 75% of ARV | |
| 5–10 flips | Up to 95% of purchase + 100% of rehab | Up to 75% of ARV | |
| 10+ flips* | Up to 100% of purchase + 100% of rehab | Up to 75% of ARV | |
| Moderate rehab | 0 flips | Up to 85% of purchase + 100% of rehab | Up to 70% of ARV |
| 1–4 flips | Up to 90% of purchase + 100% of rehab | Up to 72.5% of ARV | |
| 5–10 flips | Up to 92.5% of purchase + 100% of rehab | Up to 75% of ARV | |
| 10+ flips | Up to 100% of purchase + 100% of rehab | Up to 75% of ARV | |
| Heavy rehab | 0 flips | Up to 70% of purchase + 100% of rehab | Up to 60% of ARV |
| 1–4 flips | Up to 80% of purchase + 100% of rehab | Up to 65% of ARV | |
| 5+ flips | Up to 85% of purchase + 100% of rehab | Up to 70% of ARV |
- *100% of purchase on light rehab needs 5+ in-state projects, 10+ in total, a 720+ credit score, and a loan of $800,000 or less.
- Light rehab: a renovation budget of 2.5%–50% of the starting value.
- Moderate rehab: a budget of 50.01%–100% of the starting value.
- Heavy rehab: a budget above 100% of the starting value, an addition of more than 20% of the square footage (or at least 750 sq ft), or a change of use.
Multifamily, 5+ units
Fix and flip
- Property
- Apartment buildings, 5+ units
- Term
- 12 months (extensions available)
- Loan amount
- From $250,000
- Minimum property value
- $75,000 per unit
- Minimum credit score
- 650
- Refinance
- Up to 70% of as-is value + 100% of rehab
- Cash-out
- Up to 65% of as-is value + 100% of rehab
- Prepayment penalty
- None
Leverage by experience
| Experience, last 3 years | Maximum loan-to-cost | Maximum after-repair value | |
|---|---|---|---|
| Light rehab | 0 flips | Up to 70% of purchase + 100% of rehab | Up to 65% of ARV |
| 1–4 flips | Up to 80% of purchase + 100% of rehab | Up to 70% of ARV | |
| 5+ flips | Up to 80% of purchase + 100% of rehab | Up to 70% of ARV | |
| Moderate rehab | 0 flips | Up to 70% of purchase + 100% of rehab | Up to 65% of ARV |
| 1–4 flips | Up to 75% of purchase + 100% of rehab | Up to 70% of ARV | |
| 5+ flips | Up to 75% of purchase + 100% of rehab | Up to 70% of ARV | |
| Heavy rehab | 0 flips | Not available | Not available |
| 1–4 flips | Up to 70% of purchase + 100% of rehab | Up to 65% of ARV | |
| 5+ flips | Up to 70% of purchase + 100% of rehab | Up to 65% of ARV |
- Light rehab: a renovation budget of 2.5%–50% of the starting value.
- Moderate rehab: a budget of 50.01%–100% of the starting value.
- Heavy rehab: a budget above 100% of the starting value, an addition of more than 20% of the square footage (or at least 750 sq ft), or a change of use.
Single-family, 1–4 units
New construction
- Property
- Non-owner-occupied single-family, condos, townhomes
- Term
- 12 to 24 months
- Loan amount
- $100,000 to $2 million (based on the maximum loan)
- Minimum property value
- $175,000 as-completed value
- Minimum credit score
- 650
- Prepayment penalty
- None
Leverage by experience
| Ground-up projects, last 3 years | Initial advance: max loan-to-value | Initial advance: max of purchase price | Max after-repair value | Max total loan-to-cost |
|---|---|---|---|---|
| 0 | Up to 70% of as-is value | Up to 70% | Up to 65% of ARV | Up to 85% |
| 1–4 | Up to 75% of as-is value | Up to 75% | Up to 70% of ARV | Up to 85% |
| 5+ | Up to 75% of as-is value | Up to 80% | Up to 75% of ARV | Up to 90% |
Single-family, 1–4 units
Stabilized bridge
- Property
- Non-owner-occupied 1–4 family, condos, townhomes
- Term
- 12 months (extensions available)
- Loan amount
- $75,000 to $2 million
- Minimum property value
- $100,000 as-is value
- Minimum credit score
- 650
- Refinance
- Up to 70% of as-is value
- Cash-out
- Up to 60% of as-is value
- Prepayment penalty
- None
Purchase leverage by experience
| Investment properties owned, last 3 years | Maximum loan-to-value | Maximum loan-to-cost |
|---|---|---|
| 0 | Up to 75% of as-is value | Up to 75% loan-to-cost |
| 1–4 | Up to 75% of as-is value | Up to 75% loan-to-cost |
| 5+ | Up to 80% of as-is value | Up to 80% loan-to-cost |
- Properties owned by any guarantor count toward experience.
Multifamily, 5+ units
Stabilized bridge
- Property
- Apartment buildings 5+ units and mixed-use
- Term
- 12 months (extensions available)
- Loan amount
- $250,000 to $3 million
- Minimum property value
- $75,000 per unit
- Minimum credit score
- 650
- Purchase
- Up to 75% of as-is value and loan-to-cost, at any experience level
- Refinance
- Up to 70% of as-is value
- Cash-out
- Up to 65% of as-is value
- Prepayment penalty
- None
Single-family, 1–4 units
Long-term rental
- Property
- Non-owner-occupied 1–4 family, condos, townhomes
- Term
- 30 years: fixed, 5/1, 7/1 or 10/1 ARM, interest-only options
- Loan amount
- $70,000 to $1.5 million
- Minimum property value
- $115,000
- Minimum credit score
- 660
- Prepayment penalty
- 0 to 5 year options
Purchase
| Credit score | Maximum loan-to-value | Maximum loan-to-cost |
|---|---|---|
| 740+ | Up to 80% of as-is value | Up to 80% loan-to-cost |
| 700–739 | Up to 80% of as-is value | Up to 80% loan-to-cost |
| 680–699 | Up to 75% of as-is value | Up to 75% loan-to-cost |
| 660–679 | Up to 65% of as-is value | Up to 65% loan-to-cost |
Refinance and cash-out
| Credit score | Refinance: max loan-to-value | Cash-out: max loan-to-value |
|---|---|---|
| 740+ | Up to 80% of as-is value | Up to 75% of as-is value |
| 700–739 | Up to 80% of as-is value | Up to 75% of as-is value |
| 680–699 | Up to 75% of as-is value | Up to 70% of as-is value |
| 660–679 | Up to 65% of as-is value | Up to 60% of as-is value |
Multifamily, 5–9 units
Long-term rental
- Property
- Non-owner-occupied apartment buildings, 5 to 9 units
- Term
- 30 years: fixed, 5/1, 7/1 or 10/1 ARM, interest-only options
- Loan amount
- $150,000 to $1.5 million
- Minimum property value
- $80,000 per unit
- Minimum credit score
- 700
- Prepayment penalty
- 0 to 5 year options
By credit score
| Credit score | Purchase: max loan-to-value and loan-to-cost | Refinance: max loan-to-value | Cash-out: max loan-to-value |
|---|---|---|---|
| 740+ | Up to 70% | Up to 70% of as-is value | Up to 65% of as-is value |
| 720–739 | Up to 70% | Up to 70% of as-is value | Up to 65% of as-is value |
| 700–719 | Up to 70% | Up to 70% of as-is value | Up to 65% of as-is value |
Want your exact number?
Send the purchase price, rehab budget and your track record, and we will come back with the loan amount and a term sheet. It does not affect your credit.
Guidelines for business-purpose loans on non-owner-occupied investment property. This is not an offer to lend or a commitment. Every loan is subject to the lender's underwriting, appraisal and approval; not every borrower will qualify, and not every borrower who qualifies will receive the highest leverage shown. Terms can change without notice.