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      I see that Fix and Flip and New Construction now have different document sets. Could you please explain the difference between the two document sets?

      Fix & Flip versus New Construction

      1. Our Fix and Flip offering should be ordered when Lender wants to memorialize a short term, business purpose property renovation loan, commonly referred to as a “rehab loan,” on an existing residential 1-4 unit property. When ordered, Lender will receive our standard InvestorDocs base document package coupled with a Repair Holdback and Security Agreement which contains a Schedule of Repairs as well as loan fund disbursement controls, project inspection rights, and other common provisions associated with a property renovation project. Notably, this offering allows the user to select one of three options to determine how loan funds are disbursed at closing (or held back), advanced to Borrower, and, in connection therewith, when interest on the loan funds begins to accrue, i.e., “Dutch” interest accrual or “non-Dutch” interest accrual. Our Fix and Flip offering supports a promissory note with an interest-only and/or a principal and interest repayment period(s).
      2. In the event Lender wishes to memorialize a loan that is further to a larger, more traditional construction project, e.g., new single family home construction, construction of a modular home, etc., then the user should opt to order our “Flex Construction” offering. “Flex Construction” contemplates projects larger in scope than “rehab” loans (which our Fix and Flip offering services); Lender will receive a true construction loan document set, which includes a Construction Loan Agreement that contains certain scope-appropriate loan fund disbursement controls, project inspection rights, loan balancing provisions, and other project related provisions which are necessarily more strict and robust than those found in our Fix and Flip offering, but also provide the lender flexibility when working with its borrower to avoid the laborious process of negotiating or changing the loan documents further to those provisions.