New LHP Loan
Our newest loan program, New LHP , answers the affordability issue within the states we lend in. Structured like a new Ground-Up Construction, our New LHP allows investors to purchase the land, the modular home, and affix the modular home to a foundation, turning it into real property.. Below are some highlights of our Fix & Flip loan program:
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We offer both purchase and refinance loans for this loan program, yet the project must still be in the new build phase. We do not refinance existing manufactured homes.
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This loan program is for Modular homes. Sometimes referred to as “Manufactured Homes”; however, this home is not designed to be mobile. It is designed and built for transportation to a site, and then lifted off the trailer by a crane, set, and secured to the foundation. The title is “retired,” and the property will then be deemed real property by the county appraiser’s office.
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This loan is valid in the following states: (*Rural Properties are OK!)
- Florida
- Georgia
- Alabama
- Louisiana
- Mississippi
- Texas
- Arkansas
- Tennessee
- Kentucky
- North Carolina
- South Carolina -
We only lend to entities. So the borrower must be an LLC or Corporation, owned by the real estate investor. Multi-member entities are approved, and we DO NOT require a credit check by any of the members or entity owners, nor a background check
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No prior experience is required. Experience will affect the LTV of the loan and the Max Loan-to-After-Repair Value
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We offer loan amounts for this program as little as $50,000 up to $1,000,000. We need to see 40 - 70% down (on the purchase of the land), depending on the investor's proven experience.
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We offer the following loan terms for this loan program; 3-month | 6-month | 13-month. These are the only terms we offer. 3-month and 6-month extensions are available, depending on the investor’s performance during the original term.
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Our rates are determined by the term of the loan. Our 6-month term = 11.50% APR | 9-month term = 12.25% APR | 13-month term = 13.00% APR. This is an interest-only loan with monthly payments deducted from the investor’s bank account via ACH Debit.
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We consider two primary metrics in this loan; Purchase Price Loan to Value “PPLTV” (if purchasing) ~or~ As-Is Loan to Value “LTV” (if refinancing) and Loan to After Repair Value “LTARV”. Our Max PPLTV/ LTV is 60% (with verified investor experience) and our Max LTARV is 70% (with verified investor experience).
To find out more about our Fix and Flip loan program, download our guidelines sheet below. We look forward to funding your next project soon!
