Thank you for taking the time to provide more details on your Track Record! It is always exciting to see how much each of our Members have accomplished.
To ensure full transparency see our Experience Guidelines below. If you have any questions please ask!
Requirements
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- Multi-Units count as one property (e.g. – duplex or fourplex)
- Properties need to be Eligible Property Types
- Single family residential
- Townhouse, duplex, rowhouse
- Condominium unit
- 2-4 unit multifamily
- Properties need to have been “investment properties” and cannot have been a Primary Residence (e.g. no “live-in” flips)
- If a previous project was completed by an entity, the borrower needs to be a documented entity member
- Individuals whose experience is being counted need to sign a Personal Guarantee
- All experience needs to be verified via one of the methods below:
- public records in the name of a guarantor or related borrower entity
- Closing Statement showing borrower or related entity as the purchaser or seller, as applicable (or if not yet closed, a valid arm’s-length Purchase Contract)
- Deed of Trust or Warranty Deed showing borrower or related entity as the property owner
- Name on Title tied to the Borrowing Entity or relevant individuals
- Value-Add Projects (e.g. Flips or BRRRR)
- Investments completed within 3 years of term sheet execution (sold/under contract, or refinanced and converted to rental)
- For a rental to count as a Value-Add Project
- At least $10,000 of renovations needs to have been completed
- The property needs to have been refinanced with a rental/investment loan after the value-add work was completed
- The property needs to have been acquired within the 4 years of Term Sheet execution
- a “turnkey” rental does not equate to a Value-Add Project
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