LENDING OVERVIEW
Spec Loan Terms:
- Streamlined Process
- Up to 100% Financing (including soft costs)
- 12 Month Term
- Builder/Borrower Owns Lot
- 2% Origination Fee (can be rolled in to loan at closing)
- 12% Interest rate charged only on Funds drawn
- BPO required (no appraisal requirement)
- Tax Returns not required
- Credit check & Personal financial statement required for first time borrowers
- Fast/simple draw processing (this means quick!)
- Building Permits required to close
Max Loan Amount:
- 65% LTV (Loan to Value) based upon BPO value (Non-owner occupied properties only)
Fix & Flip
"I use ALFIE for my quick turnaround rehab projects. They allow me to offer fast cash closings to sellers, and give me a quick turnaround for construction draws, which keep my sub-contractors happy."
-Wesley Greene, Asheville, NC
ALFIE does not provide loans on owner occupied residential properties, second homes or properties occupied / rented to family members.
