Loan Programs
FIX & FLIP LOANS
LENDING PROGRAMS DESIGNED WITH THE BUILDER IN MIND
Whether you are looking to renovate an existing home, build a new one or expand your rental portfolio, Smart Source Capital has the capital for you. Our loan programs provide customized financing solutions for your short-term and long-term capital needs.
Fix & Flip Loans
Fix & Flip Loans are our most popular loan program which provides financing for the acquisition and renovation of non-owner occupied residential
investment properties. We can fund renovation projects from light cosmetic renovation to extensive rehabilitations. Short term and flexible loan solutions can also be provided when more time is needed to turn a property, complete a rehab project or acquire a property under tight timelines. We also can provide interim financing to cover the gap between when a construction loan comes due and long-term financing can be arranged.
MORE FLEXIBLE THAN TRADITIONAL LOANS
Below is a summary of our lending parameters. The criteria listed below are guidelines only. If you have an opportunity you would like to present, please contact us.
General Lending Guidelines
Fix & Flip Bridge Loans
Property Type
Residential single family homes
Loan Type
Non-owner occupied loans only
Use of Proceeds
Acquisition and renovation
Lending Area
Nationwide with a few exceptions
Loan Size
$100,000 to $1,500,000
Loan To Cost
Up to 90% of purchase price and 100% of renovation costs
Loan To Value
Up to 75% of completed project value
Terms
12 months and no prepayment penalty
Amortization
Interest only with monthly payments
Extension
Up to an additional 6 months
Pre-Approval
Commitment as fast as 48 hours
Loan Approval & Funding
In 10 days or less
Construction Draws
Typically within 24 to 48 hours of request
Lien Position
First
Recourse
Personal Guarantee
Origination Fees
Based on risk and leverage
Underwriting
All decisions made in-house
Credit Score
Our underwriting guidelines focus on equity, not borrower credit
Limitations
No limit on the number of properties we will fund
Brokers
Protected on the HUD
