FAQs

Fix & Flip Loans

1. What are iFinance Fix & Flip loan rates?

Rates are between 7.49% – 14.99%. All rates are based on the individual property and borrower.

2. Property types eligible for iFinance Fix & Flip loans?

  • Single Family Residence (SFR)
  • 2-4 Unit Properties
  • Condominiums
  • Condo Conversions
  • Townhouses

3. What is the min and max iFinance Fix & Flip loan amounts?

Minimum loan amount is $75K and maximum loan amount up to $10 Million (exceptions granted). 

4. What is the minimum FICO score for iFinance Fix & Flip loans?

We don’t have a minium FICO score. Low credit scores or derogatories will factor into your loan pricing and terms.

5. Who can apply for your iFinance Fix & Flip loans?

Our fix-and-flip loans are available to the following borrowers:

  • U.S. Citizens
  • Canadian Citizens
  • Permanent Resident Aliens
  • LLCs, Limited Partnerships, General Partnerships, Corporations

6. What type of documentation is required for iFinance Fix & Flip loans?

We require the following documentation from borrowers interested in our Fix & Flip loans:

  • Online application completed by borrower
  • 1-month bank statement
  • A list of properties you currently own (a REO Schedule)
  • Last two year’s tax returns required
  • Sales Contract (on purchase) or HUD
  • LLC Operating Agreement or Articles of Corporations
  • Driver’s License
  • Certification of Business Purpose/Non-Owner Occupied Affidavit

Other documents and/or materials may be requested based on the individual borrower’s circumstances and collateral.

7. Can I use iFinance for my personal residence?

No. iFinance only does commercial loans for non-owner occupied properties aka investment properties

Rental Loans

1. What are iFinance Rental loan rates?

Rates start at 5.39%. All rates are based on the individual property and borrower.

2. Property types eligible for iFinance Rental loans?

  • Single Family Residence (SFR)
  • 2-4 Unit Properties
  • Condominiums
  • Condo Conversions
  • Townhouses

3. What is the min and max iFinance Rental loan amounts?

Minimum loan amount is $75K and maximum loan amount up to $4 Million (exceptions granted). 

4. What is the minimum FICO score for iFinance Rental loans?

We don’t have a minium FICO score. Low credit scores or derogatories will factor into your loan pricing and terms.

5. Who can apply for your iFinance Rental loans?

Our Rental loans are available to the following borrowers:

  • U.S. Citizens
  • Canadian Citizens
  • Permanent Resident Aliens
  • LLCs, Limited Partnerships, General Partnerships, Corporations

6. Can I or a family member use iFinance for my personal residence?

No. iFinance only does commercial loans for non-owner occupied properties aka investment properties

7. What type of documentation is required for iFinance Rental loans?

We require the following documentation from borrowers interested in our Rental loans:

  • Online application, completed by borrower
  • 1-month bank statement
  • A list of properties you currently own (a REO Schedule)
  • No Tax Returns Required
  • Lease(s) – (if currently rented)
  • Certification of Business Purpose / Non-Owner Occupied Affidavit
  • Sales Contract (on purchase) or HUD
  • LLC Operating Agreement or Articles of Corporations
  • Driver’s License

Other documents and/or materials may be requested based on the individual borrower’s circumstances and collateral.

8. What type of properties are eligible for iFinance Cash Out Rental loans?

Cash Out eligibility and restrictions are the following:

  • 3-Month seasoning from note date
  • Delayed Financing Exception per FNMA permitted and prior Fix & Flip loans qualify.
  • Loans not eligible for cash-out: Properties listed for sale by the borrower in the past three months.