If you’ve been thinking about acquiring a new hard money loan from Bay Mountain Capital for your fix and flip, there’s no better time than now! However, before you get started, Bay Mountain Capital is pleased to announce the new loan terms for its Single Family Loan Program.
There are now two lending options available: the Preferred Program and the Limited Experience Program.
These new loan terms are dependent on experience, with the Preferred Program 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. This includes the loan being sized by the lesser of 90% of the total cost (purchase plus rehab) or by 70% of the ARV, to be determined with an appraisal. The program features an 11% interest rate.
The Limited Experience Program is also a great way for those who have had the opportunity to invest in only one or two projects within the past 36 months to get started. In this program, the loan is sized by the lesser of 90% of the total cost or by 65% of the ARV. This program features a 12% interest rate.
There are exceptions to the 90% cost calculation within both programs. The loan will be sized 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.
Getting Started on Your Next Flip
Are you ready to get started on your next fix and flip? If so, you will need to provide some information. Bay Mountain Capital will need to see evidence of fix and flip projects completed in the last 36 months, which can be offered via a buy-side closing statement and sell-side closing statement. If the borrower is an entity, formation documents will be needed. 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! That’s why we now offer programs tailored to the needs of our customers, regardless of whether you’ve completed three or thirty fix and flips with Bay Mountain Capital.
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.