Real Estate

FLEXIBLE & FAST REAL ESTATE LOAN PROGRAMS

Get financing for your next real estate project, with full funding in as little as 7 days. Whether you’re looking for capital for a Fix & Flip, Rental, or Commercial property, we have a program to meet your needs. Once you’ve funded your first loan, faster approval times and more financing options can make the process even easier for future loans.

Single Family, Multi-Family, Rental, Commercial, & Ground-Up Construction

Nationwide Lender | Leverage Up to 85% | Up to 100% Rehab Budget | Low Min. FICO | No Income Verification

Fix & Flip

Short-Term Rental

Long-Term Rental

Commercial

Ground-Up

Project Type

Single Family Residential
2–4 Units
Condominiums
Townhomes
Multi-Family (5+ Units)
Mixed Use Buildings
(Min. 50% Residential)
Small Balance Commercial

Single Family Residential
2–4 Units
Condominiums
Townhomes
Multi-Family (5+ Units)
Mixed Use Buildings
(Min. 50% Residential)

Single Family Residential
2–4 Units
Condominiums

Multi-Family (5+ Units)
Mixed Use
Office
Retail

Single Family Residential
2–4 Units
Condominiums
Multi-Family (5+ Units)

Loan Amount

$75,000–$3,000,000+

$75,000–$5,000,000

$250,000–$5,000,000

Up to $5,000,000

LTV

Up to 85% on Purchase
Up to 75% on Refinance

Up to 75%

Up to 80% on Purchase
Up to 75% for R/T Refinance
Up to 65% on Cashout

Up to 80%

DSCR

N/A

1.25x

N/A

1.1x

N/A

Loan Term

12 Months
(No Prepayment Penalty)

24 Months
(With 1 Year Extension Option)

5/1 ARM, 10/1 ARM,
30-Year
(Interest-Only Option)

12 Months
(No Prepayment Penalty)

FICO

Minimum 600

Minimum 620

Minimum 600

Interest Rate

From 7.5%

From 5.99%

From 8.5%

From 9.25%

Proceeds Usage

Purchase
Refinance
Renovation
Bridge
Cashout

Purchase
Refinance
Bridge
Cashout

Purchase
Refinance
Cashout

Purchase
Refinance
Renovation
Bridge

Ground Up

GENERAL LENDING PARAMETERS

We take a holistic, ‘makes sense’ approach to our underwriting, which allows us to be flexible and cater to the specific needs of our borrowers. Our general lending parameters are as follows:

BORROWER EXPERIENCE

We do not require borrowers to have any previous experience for Fix & Flip, Rental, or Commercial loans. However, in order to obtain maximum leverage, a borrower has to have purchased a minimum of 3 investment properties in the last 3 years. First-time borrowers with at least 5 years of experience as a contractor, property manager, or real estate agent may still qualify. We ask that the experience is relevant to the financing requested. For Ground-Up Construction Loans, we ask that the borrower has successfully completed at least 1 Fix & Flip in the last 24 months.

GEOGRAPHY

We do not currently lend in the following states:

AZ, MN, NV, SD, and UT. Restrictions apply in South Chicago and Newark on Ground-Up Construction loans.

BORROWER LIQUIDITY

We need to see that a borrower has enough money in their bank account to cover the down payment, all closing costs, and at least 3 months of interest payments.

CREDIT

We require an exception for anyone with a FICO under 600. We also require a FICO of 620+ for Long-Term Rental Loans.

LIENS AND JUDGMENTS

Liens and judgments need to be paid off prior to or at closing. Outstanding amounts less than $10,000 may be waived on a case by case basis.

IMMEDIATE DISQUALIFIERS

Bankruptcy in the last 2 years
Foreclosure in the last 2 years
Short sales or deeds in lieu of foreclosure in the last 2 years
Financial crimes or fraud

PROCESS

We pride ourselves on closing deals quickly, however a quick closing is dependent on the cooperation of the borrower. We can typically close 7–10 business days from the moment we receive a full package. The document list can be viewed in the Processing Requirements Document.

Below are the general steps of the process:

Initial call or email to determine feasibility of the loan
Borrower submit application
Loan Officer issues term sheet
Borrower pays application and appraisal fee
Borrower submits full document package
Underwriting reviews file after a full package is in hand
Underwriting request clarifying information (if needed)
Borrower submits clarifying information (if needed)
File goes to closing
Done deal!

HOW DO I START?

You can sign up online at:
moneylenders.com/derekcovington
Or contact Derek Covington directly:
D.Covington1994@gmail.com
312-391-9054

EXCEPTIONS: We understand that there are extraordinary circumstances in which a favorable lending opportunity does not meet our standard guidelines and thus allows for exception loans. Exceptions are made to accommodate opportunities outside of our standard loan types or those that do not meet our lending parameters. Exceptions are presented to and reviewed by our credit committee. Exceptions are requested at the discretion of your loan officer and typically add 2 business days to the processing timeline.