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Appraisals are required for most bridge and perm transactions and permanent financed deals. Certain markets for single-family rehab and bridge loans will only require a BPO (Broker Price Opinion). Recently completed appraisal orders through 3rd parties will be considered.
Do you lend on owner-occupied?
We only lend on non-owner-occupied residential but will lend to borrower business-occupied spaces for commercial properties.
Any credit score requirements?
620 For DSCR residential
640 FICO for the SFR bridge and new construction
No FICO required for commercial bridge
Will you Fund Rehab Costs?
Yes. Rehab Funds are held back in escrow and disbursed in draws as needed by the borrower.
How long does it take to close?
Bridge loans are generally 14-21 days and permanent loans take roughly 25-30 days
Can I close under my LLC/Corp?
Yes, borrowers are welcome to close under an LLC, corporation, and also under their personal name
Do you lend based on ARV?
Yes. Maximum ARV is currently 70%
Are there any escrow requirements?
Yes. Taxes and insurance are to be held in escrow in most cases for all perm loans. Requirements are flexible on the bridge loan.
How Are monthly payments made?
Monthly payments are made by ACH and automatically withdrawn each month. Tax and insurance may be held back as well.
What Closing Cost can we expect?
On all loans, you can expect to pay costs for document preparation, title and legal, and origination. Appraisal cost (if required) is paid out of pocket once terms have been accepted by the borrower. Expense deposits are only required on large balance commercial loans above 5MM.
Are Borrowers Required to have experience for the rehab loans?
No, we work with borrowers of all experience levels. Were great for borrowers looking to get started in the RE investment careers.
Is Peak Choice Capital Direct Lending?
We lend directly as well as funding through our correspondent and wholesale partners.