After successfully applying and being approved you will be able to take individual loans off the line of credit for the purpose of purchasing and fixing and only paying interest on that individual loan. You can also use the line of credit to purchase parcels of land to do Ground Up Construction. The Fix and Flip line of credit with line amounts from $250,000 - $100,000,000. Line of credit, including dollar amount of line, and Interest rate are based on your Liquid Assets, your Credit Score and your Investment Experience. To get a Line of Credit:
1. Liquid Assets: This includes, but not limited to liquid assets for both personal and business: Savings, Checking, Money Markets, Mutual Funds, Cash Value Life Insurance, 401K, IRAs (retirement funds are only counted 70% of value - for example if you have $100k in 401k, $70k is counted as liquid). Our advice is to send in as much liquid assets as possible. Interest is only charged on money that is drawn off the line including purchase and monies for rehab.
2. Credit Score as low as 620 to be considered
3. Investment experience can be: Fix and Flip, Rentals, and Ground Up Construction• Rates start @ 6.99% Interest Only Payments locked for a year at a time
• LTV on Purchase and Delayed financing as high as 90%
• LTV for Rehab and Building up to 100% up to 75 ARV
• Mixed Use is fine
• Up to 200 Units