ARV — After-repair value What a property is worth once renovated and ready to sell or rent. The number we cap our loans against (max 75% of ARV).

LTC — Loan to cost Loan amount divided by total cost (purchase + rehab). Our program funds up to 100% LTC, with the ARV cap as the ceiling.

LTV — Loan to value Loan amount divided by the property’s value. For Evergreen, that value is the after-repair value — so our 75% LTV ceiling is measured against ARV, not today’s as-is price.

Points (origination fee) A one-time fee charged at closing, expressed as a percent of the loan. One point = 1% of the loan amount. It’s quoted up front on your term sheet — no surprises at the table.

Interest-only You pay only the interest each month, not principal. That keeps your monthly carrying cost low while you renovate. The principal is repaid in full when you sell or refinance.

Term The length of the loan. Ours are 6-month, interest-only, with no prepayment penalty — pay it off the day your deal is done. Need more time? Extend in two 3-month steps (to 9, then 12 months) for 1.5 points per extension, charged on the back end so it’s never out of pocket.

Prepayment penalty A fee some lenders charge if you pay off early. Evergreen charges none. Sell or refinance whenever you’re ready.

Draw / draw schedule Rehab money released in stages as work gets completed, instead of all up front. You request a draw, we verify the work, and funds are disbursed — your first few draws carry no fee.

Scope of work (SOW) The itemized rehab plan and budget for a project. It’s what your draw schedule is built from.

Fix-and-flip Buy, renovate, and resell for a profit. Our core loan product.

BRRRR Buy, Rehab, Rent, Refinance, Repeat — a buy-and-hold strategy. We fund the buy and rehab as a short-term bridge; you exit into a long-term refinance.

Wholetail A light-rehab resale — minimal work, quick turn, somewhere between wholesaling and a full flip. We lend on light wholetail deals.

Bridge loan Short-term financing that “bridges” you from purchase to your exit (sale or refinance). Every borrower loan we make is a bridge loan.

Hard money / private money Asset-based loans funded by a private lender (us) instead of a bank — underwritten on the deal and the equity, not just your tax returns. Faster, and priced for speed and certainty.

Business-purpose loan A loan made for investment or business use, not for a home you’ll live in. Evergreen lends business-purpose only, on non-owner-occupied property.

BPO — Broker price opinion A licensed agent’s estimate of a property’s value. We use internal valuation plus a BPO instead of requiring a full third-party appraisal — which saves you one to two weeks on every close.

Term sheet A written summary of your proposed loan terms — amount, rate, points, term — sent within 24–48 hours of a completed application. Sign it to lock your terms while underwriting finishes.

Pre-qualification A 60-second, no-credit-pull read on whether your deal and profile fit our box, before you fill out a full application.

Underwriting How we evaluate a loan — the deal’s numbers, the property’s equity, and your track record. Eric and Joseph underwrite in-house, so the person you talk to is the person who approves the loan.

Clear to close The email that confirms underwriting is done and your funding is locked in. Closing gets scheduled immediately after.

Liquidity The cash you have left after closing. We look for 10%+ liquidity post-close so you can comfortably carry the project.

First lien (lien position) The lender’s secured claim on the property. We lend in first-lien position — the senior claim, recorded against the property until the loan is repaid.