Irving, TX 75039
You know the drill. You just found a killer deal. But to get it, you have to move fast. There’s no time to do a thorough inspection and put together an air-tight rehab budget before you secure funding.
It’s just the risk real estate investors have to take, right? Not anymore!
The Option80 Fix-And-Flip loan* is designed to give you the flexibility to get your rehab right before adding it to your loan. Now you can take the time to:
Close in as
up to 80%
up to 100%
of your rehab
No, not at the time of closing on the purchase. Before closing, we will do a drive-by, as-is appraisal. If you choose to add the rehab to your loan, we will require an interior subject-to appraisal at that time.
You have up to 120 days to take the rehab — fees will apply.
The rehab portion can not exceed 100% of the purchase price.
You have to have owned 3 investment properties in the past 10 years.
“One of the biggest challenges our borrowers come up against is time. With so many unknown variables, it’s hard to plan a solid rehab budget before closing. With our new Option80 loan this isn’t an issue. Investors can close fast and then take their time after closing to get contractor bids, plan their rehab and apply for permits before adding the rehab to their loan. We hope this added flexibility helps our customers achieve even more success.“
Vice President, Sherman Bridge Lending
When you find a good deal, you need to move fast. And you need a lender you can count on. We pride ourselves on our ability to consistently deliver on time and under pressure because that’s when it matters most.
Apply online and one of our loan officers get in touch to help you get pre-approved and provide a proof of funds letter should you need one.
Submit Your Deal
After you’ve found your deal, your loan officer will gather your documentation and guide you through the underwriting and closing process. If approved, you can expect to close in as little as 7 days.
Flip or Hold
Rehab your property and resell within 12 months or buy and hold for up to three years.
*Option80 Loan Details: 12-month interest-only term. 7.99% rate and 2.0% points due at closing. A $600 modification fee will be collected out of the rehab escrow if and when rehab is activated, at which time the rate will increase to 10.99% and an additional 1.5% finance points will be deducted from the rehab escrow. If the rehab option is refused or otherwise not activated by the 120th day following closing, the rate stays at 7.99% and no additional finance points are collected. Requires 650+ FICO score (680+ in CA) and a minimum 3 flip or rental properties (non-owner occupied) purchased in the last 10 years.
All applications are subject to underwriting guidelines and approval. This does not constitute an offer to lend. Not all applicants will qualify for all loan products offered. All loan programs, terms, and interest rates are subject to change without notice. Other restrictions and limitations may apply.