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Short-Term Financing
Renovation Loans
Truly Renovation Loans allow investors to execute business plans ranging from light renovations to complex property transformations, with financing terms structured to fit their needs.
Fix & flip financing
Up to 95% of the cost basis
100% of rehab costs financed
Interest-only payments
In-house Construction Management
12-18 month terms
Program Highlights
Loan Amounts$100K - $5M
Loan Terms12-18 Months
Interest TypeFixed, Interest Only
Property TypesSFR, Condo, Townhomes, 2-4, 5-9
Program Details
Renovation Loan Overview
Comprehensive financing for fix and flip or value-add investment projects.
Loan Terms & Requirements
Loan TypeBusiness Purpose RTL (Non-Owner Occupied)
Eligible Collateral1-4 Units, SFR/PUD, Condo, NW Condo, Townhome, 5-8 Units (exceptions: > 2 acres; Mixed-use)
Lien Position1st position lien secured by a mortgage, deed of trust, or other security instrument
Loan Term12 months - 18 months
Loan PurposePurchase, Delayed Purchase, Rate/Term Refinance, Cash-Out Refinance
Ineligible StatesNV, ND, SD, VT (AK & HI considered on an exception basis)
Interest ChargedFixed rate, Interest Only
Reserve Requirement6 months of interest only payments
Liquidity Requirement10% of the rehab budget + cash to close (equity shortage may be added)
Cost BasisSeasoned Refinance: As-Is Appraised Value + Remaining Budget | Unseasoned Refinance: Lesser of (Purchase Price or As-Is Value) + Remaining Budget
Prepayment PenaltyNot Applicable
Property Type Requirements
| 1-4 Unit Properties | 5-8 Unit Properties | |
|---|---|---|
| Minimum Loan Amount | $100K | $500K |
| Maximum Loan Amount | $5M | $2M (Tier 3 & 4 Ineligible) |
| Appraisal Requirement | Full Appraisal (URAR, 1025, 1073) CDA may be required | Commercial Narrative CDA may be required |
Ready to Get Started?
Connect with one of our renovation loan specialists today and get financing for the next fix and flip project.