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Borrower Criteria

We want all of our borrowers to have some experience in real estate/ construction.  There are 3 types of local, St. Louis borrowers we are looking for:

  1. Landlords who are looking to buy a house at a discount, fix up the property, and refinance the house out with a long term loan in 6 months or less.
  2. Rehabbers who do most if not all the work themselves and have a clear vision for which areas they want to work in OR rehabbers who have a full-time job but use their own funds to pay for the rehab part of the project and act as the general contractor overseeing the project.
  3. Wholesalers who need to close on a house before shopping it or feel they’ll get more money closing on a property, cleaning it out, and then listing it on the MLS.

Property Criteria

  • First Lien position only
  • The borrower must be pre-approved before we will look at a property.
  • The property must be in the St. Louis metro area – in Missouri. We do not lend in Illinois.
  • Typically we just lend on single-family homes but we will consider 2 – 4 families and townhouses/ condos.
  • We will lend purchase and/ or rehab, if the numbers make sense.
  • We will lend up to 70% of a conservative ARV if borrowers want to borrower purchase and rehab funds. For what we will lend on purchase – the formula we use is the ARV (After Repair Value) times 70% minus repairs. This equals the maximum amount we will lend towards purchase

Loan Terms

  • 6 Month, Interest Only Loan
  • 12% Annualized Interest Rate
  • 3% Origination Fee charged on the Backend
  • No Appraisal Required
  • No Pre-Payment Penalty