• Initial Term: 12 months to 24 months.
• Extension: 3 months or 6 months, with a total term not longer than 36 months Extension fee of 0.50% per extension.
• Amortization: Interest only.
• Renovation Budget: < 50% of PP OR < 50% of As-is value for Rate/Term Refi.
•  Recourse/Non-Recourse available selectiviely : 1. All loans < $2MM are Full Recourse to warm body guarantor 2. All loans ≥ $2MM are Non Recourse with standard bad-boy carveouts, Completion guaranty & interest reserve replenishment guaranty as applicable.
•  Renovation Budget: Required to hold back 100% of budget and any applicable deferred maintenance.
• Fixed rate available for loans < $2MM.
• Loans ≥ $2MM float based on SOFR.
• 10% of loan amount Liquidity.
• Two most recent consecutive months of bank statements or investment account statements required Liquid reserves must be seasoned for a minimum of 3 months for purchase transactions.
• The cumulative amount including all guarantors is considered for loans with multiple guarantors.
•  IRAs/401ks and other restricted assets are considered with a 50% haircut to market value.
•  50% of cashout amount may be used to satisfy reserve requirement.

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