Loan Criteria
Property
| Property type | Single family residential Business purpose only |
| Loan type | Bridge (no or light rehab) Bridge (heavy rehab) New Build Rentals Cash Out |
| Maximum LTARV | Up to 70% |
| Maximum LTC (total project cost) | Up to 90% |
| Maximum property value | $1,000,000 |
| States | AL, FL, GA, IN, KS, KY, MO, NC, NM, OH, PA, SC, TX, VA |
Loan
| Loan term | 6 to 12 months |
| Loan size | $50,000-300,000 |
| Lien position | First lien only |
| Total leverage | 80% of LTARV including all creditors |
Borrower
| Minimum credit score | 660 |
| Experience | 3 properties For Bridge (heavy rehab) and new build – 3 properties of the type of loan requested |
| Liquidity | Minimum of 3 months of interest, taxes, insurance |
| Credit event | No BK or late mortgages in the past 36 months, or current foreclosures No Tier 1 criminal events, or Tier 2 without LOE |
| Maximum total borrower lending | 3 loans or $600,000 |
| Borrower residency | Must reside in the US permanently US citizen or permanent resident (green card holder) |
Originator Criteria
| Experience | Has experience in the area with at least 5 loans within 100 miles |
| Performance | Meet performance minimums |
| Loan purchase agreement | Use American Century Servicing loan purchase agreement and, preferably, use American Century Servicing loan documents |
Servicing
| Servicer | American Century Servicing, an affiliate of American Century Life Insurance Company |
| Servicing fee | Servicing fee schedule is here |