Fix to Rent Loans for Real Estate Investors
Serving Ohio, Indiana & Kentucky
Source Community Lending is a trusted private money lender, funding over $30m in loans.
As your go-to source for funding, we offer competitive rates, fast closings, and local market expertise.
Fix to Rent BRRRR Loans
Loan Program Terms & Features
- Loan to Value: Up to 70% of After Repair Value
- Credit Score: 680 minimum
- Finance: 90% of Purchase and 100% of Budgeted Rehab Cost
- No Prepayment Penalty
- Deferred Interest: up to 6 months of interest payments can be deferred to loan payoff
- Same-Day Draw Funding: fastest in the industry
- Term: 12 months with extension options
- Time to Close 10 days or less
- Rates: 11-12%
- Points: 1-2, deferred to loan payoff
- Processing Fee: $1,200
- Appraisal Fee: $500 average
- Property Types: 1-4 unit residential properties
- Loan Types: Non-owner occupied residential properties
- Geography: key metropolitan areas of Ohio, Indiana, and Kentucky
- Business Loan: we only lend to LLCs, partnerships, corporations, or trusts
- No Junk Fees
Qualification Requirements
There are three ways to get pre-qualified for a loan from Source Community Lending
Experience
A minimum of 2 completed flips in the prior 36 months where the investor was at least a 51% owner, managed the rehab, and the property was sold on MLS or refinanced into a rental. Investors should also have cash reserves sufficient for down payment, closing costs, working capital and some contingency funds.
Financial
For new investors that do not have experience, Source Community Lending offers a financial qualification which includes a combination of strong cash reserves, credit score and annual income.
Sponsor – Mentor
Don’t have the experience or financials to qualify? Find an investor who does, have them pre-qualify with Source Community Lending, and then partner with them.
Why Choose Source Community Lending?
Fast
Get pre-approved in 24 hours and close within 7-10 days
Simple
Communicate with real people for a hassle-free experience
Experienced
Since 2005 our team has helped thousands of real estate investors
Take the First Step
