June 24, 2020
Introducing our New Terms
Contemplating a new hard money loan from Bay Mountain Capital? There’s no better time to apply for one than now! However, before you get started, learn more about Bay Mountain Capital’s new terms for its Single Family Loan Program.
Now, we offer two different lending options: the Preferred Program and the Limited Experience Program.
These new loan terms are dependent on experience. As such, the Preferred Program is available to those who have completed three flips or more within the past 36 months.
“We are excited to offer our borrowers new loan terms based on their experience levels. This will be an opportunity for us to do more work with our recurring borrowers and to foster relationships with our newer borrowers,” Will Dyer, Chief Investment Officer, said.
About Our Single Family Loan Programs
Those who qualify for the Preferred Program receive many benefits. For example, preferred loans are sized by the lesser of 90% of the total cost (purchase plus rehab) or by 70% of the ARV. We will determine the amount after completion of an appraisal. Additionally, the program features an 11% interest rate.
On the other hand, our Limited Experience Program is great for those who are just starting their flipping careers. This program applies to those who have only completed one or two flips in the past 36 months. These loans are sized by the lesser of 90% of LTC or by 65% of ARV. This program features a 12% interest rate.
However, there are exceptions to the 90% cost calculation within both programs. We will size the loan by lesser of 85% of cost or 65% of ARV for the Preferred Program (85% of the cost or 60% of ARV for the Limited Experience Program) if the rehab budget is over 80% or more of the As-Is Value or the scope of work requires the addition of square footage.
Starting Your Next Flip
Are you ready to start your next fix and flip project? If so, you will need to provide some information. If you completed any fix-and-flip project within the past 36 months, Bay Mountain Capital will need to see evidence. You can provide this evidence via a buy-side closing statement and sell-side closing statement. Also, if the borrower is an entity, we will need formation documents. These include:
- EIN Document
- Certificate of Good Standing
- Articles of Organization/Formation
- An Operating Agreement if there is one existing
Other standard documentation required includes a copy of the driver’s license of an individual borrower or the principals of an entity borrower, as well as a copy of one’s credit report.
Fix and flips present a great investment opportunity, especially right now! Because of our dedication to our borrowers, we offer programs tailored to your needs, regardless of whether you’ve completed three or thirty fix and flips with Bay Mountain Capital.
If you’re ready to participate in one of our loan programs, get in touch with us today. You can apply online or use our Residential Loan Calculator to identify your costs before you get started.
About Bay Mountain Capital:
Bay Mountain Capital has been in business for more than a decade, closing approximately 2,000 loans. We specialize in financing all types of residential and commercial property investments throughout Texas and Georgia. Using common sense and value-added approach, we strive to incorporate these principles into our underwriting and closing processes.
As a direct lender, Bay Mountain Capital can close a loan within one day after receiving a complete file and clear title. The process generally takes two weeks for a residential loan but can be accelerated where circumstances require it.
We are primarily an asset-based lender, which means that qualification requirements are limited. Our rates and fees are among the lowest in the industry.