Becoming eligible for a loan with Onyx Capital Lending depends on the type of financing you’re seeking—whether it’s a fix-and-flip loan, rental loan, or bridge loan. While we offer flexible lending options, here are the general eligibility criteria and steps to improve your chances of approval.
General Eligibility Requirements:
Property Type – We fund investment properties only (residential, multifamily, and commercial). We do not offer loans for owner-occupied properties.
Credit Score – While we offer flexibility, a credit score of 620+ is generally preferred. Some programs may require 680+ for better terms.
Down Payment – For most loans, expect to contribute 10-25% of the purchase price.
Experience (Optional for Some Loans) – While prior real estate experience can help, we also fund first-time investors based on deal strength.
After-Repair Value (ARV) & Loan-to-Value (LTV) Ratios – For fix-and-flip loans, we fund up to 70-90% of the total project cost, depending on the deal.
Debt-Service Coverage Ratio (DSCR) for Rental Loans – Your rental income should ideally cover your loan payments (1.0-1.2x DSCR).
Proof of Funds – Some loans require proof of financial reserves for additional expenses.
Steps to Become Eligible:
Choose the Right Loan Type – Determine if you need a fix-and-flip loan, rental loan, or short-term bridge financing.
Prepare Documentation – Gather your credit report, property details, renovation budget, lease agreements (for rentals), and business entity documents (if applicable).
Improve Your Credit (If Needed) – If your credit score is low, work on improving it by paying off debts and ensuring on-time payments.
Build a Strong Investment Plan – Lenders look for clear, profitable investment strategies with a solid exit plan.
Work with a Lending Specialist – Our team can guide you through the process and help structure financing that fits your goals.
Ready to Apply?
Onyx Capital Lending offers fast approvals and flexible terms to both experienced and first-time investors. Contact us today to discuss your deal and see how we can get you funded!
