Loan Programs

Fix & Flip     |     Rental Bridge     |     Cash-out/Refinance     |     Transactional

Green Block will only write loans to business entities, not individuals, for non-owner occupied properties. All loans are secured by first position mortgages.

Fix & Flip Loans

These loans are ideal for investors who want to purchase, rehab, and sell a property quickly.

Terms:

  • Property types allowed:1-4 units and multi-family apartments (5+)

  • LTV up to 85% of purchase + 100% of rehab

  • Term maximum of 12 months

  • No prepayment penalty

  • Minimum FICO score 680

  • Minimum loan amount $85,000

  • Minimum as-is property value $100,000 (SFR), $80,000/unit (multi-family)

Rates:

  • Rates start at 12% per year (1% per month)

  • Origination points: 3.0

  • Fees: loan documents fee, draw fees

Requirements*:

  • Application

  • Appraisal or BPO (to be paid for by borrower)

  • Rehab budget and estimates

  • Credit/Background report (to be paid for by borrower)

  • List of Real Estate Owned/Experience

  • Bank statements to demonstrate liquidity (tax returns not required)

  • Corporate entity documents (e.g., Articles of Organization, Operating Agreement, Certificate of Good Standing, EIN letter)

  • Lender's title policy (to be paid for by borrower)

  • Proof of insurance with Green Block listed as mortgagee (specific insurance requirements to be provided)

Rental Bridge Loans (BRRRR strategy)

These loans are designed to allow you to buy a rental property with the intention of refinancing after a seasoning period.

Terms:

  • Property types allowed:1-4 units and multi-family apartments (5+)

  • LTV up to 85% of purchase + 100% of rehab

  • Term maximum of 12 months

  • No prepayment penalty

  • Minimum FICO score 680

  • Minimum loan amount $85,000

  • Minimum as-is property value $100,000 (SFR), $80,000/unit (multi-family)

  • Minimum Debt Service Coverage Ratio of 1.25

Requirements*:

  • Application

  • Appraisal or BPO (to be paid for by borrower)

  • Rental comps

  • Rehab budget and estimates (if applicable)

  • Credit/Background report (to be paid for by borrower)

  • List of Real Estate Owned/Experience

  • Bank statements to demonstrate liquidity (tax returns not required)

  • Corporate entity documents (e.g., Articles of Organization, Operating Agreement, Certificate of Good Standing, EIN letter)

  • Lender's title policy (to be paid for by borrower)

  • Proof of insurance with Green Block listed as mortgagee (specific insurance requirements to be provided)

Rates:

  • Rates start at 12% per year (1% per month)

  • Origination points: 3

  • Fees: loan documents fee, draw fees

© 2018-2020 by Green Block Inc.

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