We have surveyed a number of lenders to find out which are still lending.. Below are some updated guidelines for most lenders.
- Max LTV for purchase & refinance bridge loans: 65%
- Max LTP (loan-to-purchase) for fix & flip: 80%
- Must have 20-40% down payment
- Max LTC (loan-to-cost) for rehab projects: still 100% for most lenders
- Max LTARV (loan-to-after-repair value): 65%
- Max LTC for ground-up construction projects: 75%
- Minimum FICO Score: 640
- Many lenders are only considering borrowers with good credit
- Must have sufficient liquidity – meaning lots of cash in the bank
- Some lenders are requiring 3-12 months of interest payment in advance
- No Newbie Investors – for rehab projects, the borrower must have a lot of experience
