Dominick Prevete: Instant Fix-and-Flip Term Sheet

What a fix-and-flip term sheet request needs, before you make one: every field, which are required, and the accepted values; the scope (a business-purpose fix-and-flip loan to buy and renovate a non-owner-occupied 1–4 unit investment property); and what the investor gets back. Read-only: nothing is priced, stored or sent. Fix-and-flip loans close in an LLC or corporation; it can be formed before closing. Every request, purchase or refinance, needs the property's full street address: number, street, city, state and ZIP. Reviewer mode: a request whose email address is at example.com, example.org or example.net, or at a .test or .invalid domain, is priced and answered in full with a download link, but nothing is emailed and no lead is recorded.

{
  "type": "object",
  "properties": {}
}

Request a written fix-and-flip term sheet for a business-purpose loan to buy and renovate a non-owner-occupied 1–4 unit investment property, emailed to the investor with a private download link. Instant where the deal fits the programs; otherwise an answer within 24 hours. A term sheet is indicative and not a commitment to lend. Fix-and-flip loans close in an LLC or corporation; it can be formed before closing. Every request, purchase or refinance, needs the property's full street address: number, street, city, state and ZIP. Each option in the answer carries the label the term sheet prints for it (for example "Option A, Lowest rate"); refer to options by that label. Read fix_and_flip_term_sheet_requirements first for the fields.

{
  "type": "object",
  "properties": {
    "contact": {
      "type": "object",
      "properties": {
        "name": {
          "description": "The investor's full name.",
          "type": "string"
        },
        "email": {
          "description": "Where the term sheet is emailed: a permanent address at a domain that receives email.",
          "type": "string",
          "maxLength": 254
        },
        "phone": {
          "description": "Optional: the investor's phone number. Accepted only with phoneConsent true.",
          "type": "string",
          "pattern": "^\\+?[0-9 ().-]{7,24}$"
        },
        "phoneConsent": {
          "description": "Required with a phone number: true only when the investor agrees to be contacted, recorded with the number as National Loan Provider's form words it: \"By checking this box, I expressly consent to being contacted by National Loan Provider & Dominick Prevete.\"",
          "type": "boolean"
        }
      },
      "required": [
        "name",
        "email"
      ],
      "additionalProperties": false,
      "description": "The investor: who the term sheet is for and where it is emailed."
    },
    "property": {
      "type": "object",
      "properties": {
        "address": {
          "description": "Required on every request, purchase or refinance: the property's full street address on one line, with the number, street, city, state and ZIP, for example \"12 Example Street, Columbus, OH 43215\". A partial address, a county in place of the city, or a placeholder such as TBD is refused.",
          "type": "string"
        },
        "state": {
          "type": "string",
          "enum": [
            "AL",
            "AK",
            "AZ",
            "AR",
            "CA",
            "CO",
            "CT",
            "DE",
            "FL",
            "GA",
            "HI",
            "ID",
            "IL",
            "IN",
            "IA",
            "KS",
            "KY",
            "LA",
            "ME",
            "MD",
            "MA",
            "MI",
            "MN",
            "MS",
            "MO",
            "MT",
            "NE",
            "NV",
            "NH",
            "NJ",
            "NM",
            "NY",
            "NC",
            "ND",
            "OH",
            "OK",
            "OR",
            "PA",
            "RI",
            "SC",
            "SD",
            "TN",
            "TX",
            "UT",
            "VT",
            "VA",
            "WA",
            "WV",
            "WI",
            "WY",
            "DC",
            "AS",
            "GU",
            "MP",
            "PR",
            "VI"
          ],
          "description": "The property's state, as a two-letter code."
        },
        "county": {
          "description": "Optional: the property's county, as its five-digit FIPS code. Left out, it is read from the address's ZIP code.",
          "type": "string",
          "pattern": "^\\d{5}$"
        },
        "propertyType": {
          "type": "string",
          "enum": [
            "sfr",
            "townhome",
            "pud",
            "two_to_four",
            "condo"
          ],
          "description": "The property type: sfr (a detached single-family home), townhome, pud (a home in a planned unit development), two_to_four (a 2–4 unit residential building) or condo."
        },
        "soldInLast3Years": {
          "type": "string",
          "enum": [
            "yes",
            "no",
            "not_sure"
          ],
          "description": "Whether the property has sold in the last 3 years: yes, no or not_sure."
        }
      },
      "required": [
        "address",
        "state",
        "propertyType",
        "soldInLast3Years"
      ],
      "additionalProperties": false,
      "description": "The property."
    },
    "deal": {
      "type": "object",
      "properties": {
        "transaction": {
          "type": "string",
          "enum": [
            "purchase",
            "delayed_purchase",
            "refinance"
          ],
          "description": "purchase (buying the property with this loan), delayed_purchase (bought already, financed after the purchase) or refinance."
        },
        "purchasePrice": {
          "type": "number",
          "exclusiveMinimum": 0,
          "description": "The contract price the investor pays, in dollars, any assignment fee included."
        },
        "sellerCredits": {
          "default": 0,
          "description": "Optional: seller credits, in dollars; 0 for none.",
          "type": "number",
          "minimum": 0
        },
        "assignmentFee": {
          "default": 0,
          "description": "Optional: the assignment fee inside the purchase price, in dollars, where the contract is assigned; 0 for none.",
          "type": "number",
          "minimum": 0
        },
        "rehabBudget": {
          "type": "number",
          "minimum": 0,
          "description": "The rehab budget, in dollars."
        },
        "rehabScope": {
          "type": "string",
          "enum": [
            "cosmetic",
            "systems_layout",
            "adds_sqft_or_units"
          ],
          "description": "The rehab scope: cosmetic (cosmetic or interior work), systems_layout (systems and layout) or adds_sqft_or_units (adding square footage or units)."
        },
        "arv": {
          "type": "number",
          "exclusiveMinimum": 0,
          "description": "The after-repair value (ARV): what the property is expected to be worth once the rehab is done, in dollars."
        }
      },
      "required": [
        "transaction",
        "purchasePrice",
        "rehabBudget",
        "rehabScope",
        "arv"
      ],
      "additionalProperties": false,
      "description": "The deal: the purchase, the rehab and the after-repair value."
    },
    "borrower": {
      "type": "object",
      "properties": {
        "fico": {
          "description": "The borrower's representative credit score: the lowest middle score among everyone guaranteeing the loan. Where there is none, leave it out and set noScore to true.",
          "type": "integer",
          "minimum": 300,
          "maximum": 850
        },
        "noScore": {
          "description": "true where the borrower does not have a credit score. Never given with fico.",
          "type": "boolean",
          "const": true
        },
        "experienceCount": {
          "type": "integer",
          "minimum": 0,
          "maximum": 1000,
          "description": "How many investment properties (flips or rentals) the borrower has bought or sold in the last 3 years; 0 for a first project."
        },
        "largestRehabCompleted": {
          "description": "Where experienceCount is 1 or more: the largest rehab budget the borrower has completed, in dollars.",
          "type": "number",
          "minimum": 0
        },
        "licensed": {
          "type": "boolean",
          "description": "true where the borrower holds an active real estate or general contractor license."
        },
        "citizenship": {
          "type": "string",
          "enum": [
            "us_citizen",
            "permanent_resident",
            "non_permanent_resident",
            "foreign_national",
            "itin"
          ],
          "description": "The borrower's citizenship or residency: us_citizen, permanent_resident, non_permanent_resident, foreign_national or itin."
        },
        "vesting": {
          "type": "string",
          "enum": [
            "entity",
            "entity_to_be_formed"
          ],
          "description": "How title will vest: entity (an existing LLC or corporation) or entity_to_be_formed (one formed before closing). Fix-and-flip loans close in an LLC or corporation; it can be formed before closing."
        },
        "housingHistory": {
          "type": "string",
          "enum": [
            "clean",
            "1x30x12",
            "0x60x12",
            "0x90x12",
            "no_history"
          ],
          "description": "The borrower's mortgage payment history over the last 12 months: clean (no late payments), 1x30x12, 0x60x12 or 0x90x12, or no_history where the borrower has had no mortgage."
        },
        "creditEvents": {
          "type": "object",
          "properties": {
            "none": {
              "description": "true where the borrower has had no bankruptcy, foreclosure, short sale or deed in lieu, and no foreclosure is pending on this property. Given alone, with no other credit event field.",
              "type": "boolean",
              "const": true
            },
            "mostRecentMonths": {
              "description": "Months since the most recent credit event of any kind (bankruptcy, foreclosure, short sale, deed in lieu); null for none.",
              "anyOf": [
                {
                  "type": "number",
                  "minimum": 0
                },
                {
                  "type": "null"
                }
              ]
            },
            "bankruptcyMonths": {
              "description": "Months since the latest bankruptcy was discharged or dismissed; null for none.",
              "anyOf": [
                {
                  "type": "number",
                  "minimum": 0
                },
                {
                  "type": "null"
                }
              ]
            },
            "foreclosureMonths": {
              "description": "Months since the latest foreclosure completed; null for none.",
              "anyOf": [
                {
                  "type": "number",
                  "minimum": 0
                },
                {
                  "type": "null"
                }
              ]
            },
            "foreclosureOnSubject": {
              "description": "Whether a foreclosure was on this property.",
              "type": "boolean"
            },
            "foreclosureBailout": {
              "description": "Whether the loan refinances this property out of a pending foreclosure.",
              "type": "boolean"
            }
          },
          "additionalProperties": false,
          "description": "The borrower's credit events: bankruptcy, foreclosure, short sale or deed in lieu. Never empty: none: true, alone, where there have been none; otherwise the months since the most recent event of any kind, and since the latest bankruptcy and foreclosure where there has been one."
        }
      },
      "required": [
        "experienceCount",
        "licensed",
        "citizenship",
        "vesting",
        "housingHistory",
        "creditEvents"
      ],
      "additionalProperties": false,
      "description": "The borrower."
    },
    "attestations": {
      "type": "object",
      "properties": {
        "businessPurpose": {
          "type": "boolean",
          "description": "true only if the investor confirms the loan is for a business purpose."
        },
        "nonOwnerOccupied": {
          "type": "boolean",
          "description": "true only if the investor confirms the property is a non-owner-occupied investment property: not the borrower's residence."
        },
        "vestingAsStated": {
          "type": "boolean",
          "description": "true only if the investor confirms title will vest as the vesting field says."
        }
      },
      "required": [
        "businessPurpose",
        "nonOwnerOccupied",
        "vestingAsStated"
      ],
      "additionalProperties": false,
      "description": "The investor's three representations. A request that does not make all three is answered as out of scope and not priced."
    }
  },
  "required": [
    "contact",
    "property",
    "deal",
    "borrower",
    "attestations"
  ],
  "$schema": "https://json-schema.org/draft/2020-12/schema",
  "additionalProperties": false
}