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Fix & Flip program snapshot (key terms)

Eligible collateral / occupancy

• Non-owner-occupied investment properties
   

• Single-family (1–4 units): 1–4 family, condos, townhomes
   

• Multi-family (5+ units): multifamily apartment buildings (5+ units)
   

Term, minimums, credit

• Term: 12 months (extended terms available)
   

• Minimum FICO: 650
   

• Min loan amount / min property value
   

  • 1–4 units: from $75,000; min property value $100,000
     

  • 5+ units: from $250,000; min property value $375,000
     

Renovation financing + leverage (program matrix)

• Renovation costs: up to 100% of renovation costs (when structured as purchase/refi/cash-out)
   

• Single-family (1–4) Fix & Flip – matrix caps
   

  • Purchase: up to 95% of purchase price + 100% reno
     

  • Refinance: up to 75% As-Is value + 100% reno
     

  • Cash-out: up to 60% As-Is value + 100% reno
     

• Multi-family (5+) Fix & Flip – matrix caps
   

  • Purchase: up to 80% of purchase price + 100% reno
     

  • Refinance: up to 70% As-Is value + 100% reno
     

  • Cash-out: up to 65% As-Is value + 100% reno
     

• Prepayment penalty: N/A
   

Leverage details (what “depends on experience + rehab scope” means)

• RCN defines rehab scope by renovation budget vs. the property’s initial value:
   

  • Light rehab: 2.5%–50% of initial value
     

  • Moderate rehab: 50.01%–100% of initial value
     

  • Heavy rehab: >100% of initial value OR >20% expansion OR +750 sq ft OR change in use
     

Single-family (1–4 units): max purchase leverage + max ARV cap (by experience)

• Experience is measured by completed flips in the last 3 years, in the same state as the subject property.
   

• Light rehab
   

  • 5+ flips: up to 95% purchase + 100% reno, up to 75% ARV
     

  • 1–4 flips: up to 90% purchase + 100% reno, up to 75% ARV
     

  • 0 flips: up to 85% purchase + 100% reno, up to 70% ARV
     

• Moderate rehab
   

  • 5+ flips: up to 92.5% purchase + 100% reno, up to 75% ARV
     

  • 1–4 flips: up to 90% purchase + 100% reno, up to 72.5% ARV
     

  • 0 flips: up to 85% purchase + 100% reno, up to 70% ARV
     

• Heavy rehab
   

  • 5+ flips: up to 85% purchase + 100% reno, up to 70% ARV
     

  • 1–4 flips: up to 80% purchase + 100% reno, up to 65% ARV
     

  • 0 flips: up to 70% purchase + 100% reno, up to 60% ARV
     

Multi-family (5+ units): max purchase leverage + max ARV cap (by experience)

• Also based on completed flips in the last 3 years, in the same state as the subject property.
   

• Light rehab
   

  • 5+ flips: 80% purchase + 100% reno, 70% ARV
     

  • 1–4 flips: 80% purchase + 100% reno, 70% ARV
     

  • 0 flips: 70% purchase + 100% reno, 65% ARV
     

• Moderate rehab
   

  • 5+ flips: 75% purchase + 100% reno, 70% ARV
     

  • 1–4 flips: 75% purchase + 100% reno, 70% ARV
     

  • 0 flips: 70% purchase + 100% reno, 65% ARV
     

• Heavy rehab
   

  • 5+ flips: 70% purchase + 100% reno, 65% ARV
     

  • 1–4 flips: 70% purchase + 100% reno, 65% ARV
     

  • 0 flips: Not permitted

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DISCLAIMER

• RCN notes this is not an offer to lend; all offers are subject to due diligence, underwriting, and approval, and rates/terms can change.