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San Antonio, Austin, Corpus Christi Metro Areas
Rehab/Flip Investor Loan Program Description


(DFW / HOUSTON ON CASE BY CASE BASIS)

  • We fund 90%-95% of purchase price.
  • Funds for rehab available up to 65%-70% of the ARV
  • Min Loan amount $40,000 ($50,000 outside of San Antonio)
  • 12 month interest only balloon at 12.0%
  • 2-3 Lender points paid at closing
  • No prepayment penalty
  • Up to 2% Referral Fee to Broker (if applicable)
  • $250-$325 Attorney fee to draw our docs
  • $750-$1250 Lender fees for underwriting, processing, inspection…etc
  • Actual Title fees, Pre-paid Interest, escrow for taxes/insurance, etc


Our rehab/flip program offers 90% to 95% LTV (not to exceed 65% to 70% of the properties after repaired value/ARV).   All borrowers are required to pay closing costs and show evidence of funds to complete the necessary fix-up and repairs to the subject property over and above what lender will hold in escrow. 

  • San Antonio, Austin, and Corpus Christi Metro areas only (DFW and Houston case by case)
  • Close in as little as 7-14 days
  • No new survey required on most loans
  • Single Family Residential Investment Purchase only


Approvals are based on a combination of the following:

  • Verification of assets to complete the project
  • Past rehab experience
  • Subject property itself (“as-is” and “after repaired value”)
  • Credit (no minimum score required, but credit is pulled to review total debt, mortgage pay history and public records). 


Prior to closing an appraisal or broker’s price opinion (BPO) will be ordered by GCMAC and approved.  This third party $300-$500 fee must be paid in advance and is non-refundable.  The appraisal / BPO is used to determine the “as-is” value and “after repaired value/ ARV” of the subject property. For those properties with significantly increased after repaired values some additional funds may be available for disbursement.  Any additional money available would be disbursed in two draws (1st draw when the rehab is 50% complete and the balance when the rehab is 100% complete).

(Additional money held in escrow will only be released after GCMAC inspects and approves work completed.  Please allow 3-5 days to schedule an inspection and release funds.)



Example assuming 10% down (only 5% required in some cases):

Sales Price: $75,000
ARV: $120,000
Repairs Needed: $15,000
   
Down Payment: $7,500
Initial Loan Amount:  $67,500




           
   

 


$15,000 to be held in escrow and released in two draws of $7,500 (1st draw when rehab is 50% complete, 2nd draw when rehab is 100% complete). 

Finall loan amount $82,500 when project complete.

ITEMS NEEDED PRIOR TO CLOSING:

  • GCMAC Real Estate Info Form (PDF available on website)
  • Copy of driver's license and SS #
  • Copy of ratified contract for subject property
  • Copy of existing survey may be required
  • Copy of all entity docs (LLC, LTD…etc)
  • Evidence of funds for closing and repairs
  • Brief Bio on borrower’s rehab experience
  • Detailed Repair List (with contractor info, costs and estimated timeline)
  • Name and # of insurance agent to set up 12 month policy to be paid at closing
  • Upfront fee for appraisal or BPO
  • Additional documentation may be required upon review of file



*All rates, terms, fees and guidelines are subject to change without notice.
** Borrower may not net cash back due to low ARV.  Any money to be held in escrow for repairs must go towards repairs.


Complete the following Rehab Online Submission Form to begin the process: