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