Fix & Flip 
Financing Program for the Investor

Terms & Guidelines

Loan Terms

1.  6 month loan maturities & 9 month loans (Interest only
     amortization)
2.  Down payments of 20% - 30% of property purchase
     price 
3.  For experienced rehabbers and repeat customers we
     offer up to 80% of rehab,
4.  Points/Rate dependent on collateral and borrower
     relationship,
5.  Personal guaranty required
               *Loans offered on a case-by-case basis.

        Loan Closing Requirements

1.  Down payment, Payment of loan points, First month's
     interest (non-refundable if loan is paid within first 30
     days)
2.  During the term of the loan, borrowers are required to
     make monthly payments of interest only, in advance,
     according to the terms and conditions of their 

                    Loan Payoffs

Borrowers may prepay their loan, in full, at any time, without penalty. Partial loan payments are not accepted. Interest is prorated for loan payoffs received mid-month and any prepaid interest is credited to the borrower.

Underwriting Guidelines

Loan to Value ("LTV"): The maximum loan to value is 65% of the as repaired value of the property.

Minimum Down Payment: Borrowers are required to contribute a minimum of 20% - 30% equity for each loan. This must be in the form of cash consideration, not "created" equity.

Personal Guarantee: Personal guaranties are required for all loans for the entire loan amount. If a borrower is an entity then a personal guarantee is required by the entity owner(s). If the borrower is an individual, then the guarantor cannot be a spouse.

Interest Impound: Borrowers are required to deposit up to two months of interest payments at loan closing that are held in case of a loan default to be applied to the borrower's account at Center Street Lending's discretion.

In the event that the borrower complies with all of the terms and conditions of the loan, the interest impound is credited to the borrower at full loan payoff.

Allowed Collateral: Single family residential, detached, Single family residential, attached, Town homes, detached, Town homes, attached, Condominiums, Multi-family rental properties (1-4 units), Mostly constructed properties
​
Prohibited Collateral: Vacant land, Multi-family rental properties over 4 units, Mobile homes, Commercial properties, Construction loans, Partially constructed properties with significant unfinished work,