ACP Lending

Strategy and Market

Choosing Your Strategy and Your Market

By Steve Waller · Published September 2, 2026

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Executive Summary

Most investment deals that fail do not fail at the closing table. They fail at the offer. The financing was available, the renovation was manageable and the exit was real — but the property was bought at a price that never supported any of it. A lender sees this from an unusual angle. We underwrite the same deal you do, at the same moment, with none of the emotional investment in winning it.

This guide sets out three strategies in the order the current data supports them, shows how to run any property through the ACP calculators from both a lending position and a profitability position, names the six costs that actually decide whether a project makes money, and explains where financing structure — not rate — is the lever that protects your return and your liquidity.

Four things frame everything that follows.

  • The flip spread in Texas has compressed to almost nothing. ATTOM’s first-quarter 2026 data puts the statewide gross flipping return at 5.6% against a 25.4% national average. Four of the five thinnest large-metro margins in the country are Texas markets — Austin at 2.0%, Dallas at 4.3%, San Antonio at 5.1%, Houston at 7.2%. Those are gross figures, before a dollar of renovation, carry, points or selling cost. Most of those projects did not make money.
  • The same properties still work as rentals. Softer prices and firm rents are the same fact seen twice. A house that cannot be flipped at today’s basis can often be held — and a rent exit does not require a retail buyer to appear at your price on your timeline.
  • Acquisition is the constraint, not capital. Houston is carrying record active inventory at roughly 5.5 months of supply and 53 days on market. Supply is not scarce. Correctly priced supply is.
  • Structure beats rate. A quarter point on a six-month bridge is worth a few hundred dollars. Financing the renovation, sizing against after-repair value and keeping your reserves intact are worth tens of thousands — and they decide whether you can make a second offer next month.

Why deals die at acquisition, not at financing

The pattern is consistent across the files we see. An experienced investor with a real track record identifies a property, prices the renovation honestly, and cannot get the seller to a number that works. Sellers hold list prices that assume a finished house. Wholesalers tie a property under contract and assign it for ten to twenty thousand dollars, and that fee comes out of the only place it can — your margin.

Meanwhile the market has handed investors leverage that most of them are not using. Houston’s active listing count is at an all-time high. Days on market rose year over year in essentially every metro we reviewed, in Texas and outside it. San Antonio is running 81 days. Austin sellers are closing at 93.7% of list.

The discipline that follows is simple and unpopular: decide what a property is worth to you before you look at what it is listed for, and be willing to be wrong about it eighty times in a row. The deal calculator exists to make that number fast enough that being wrong eighty times costs you an afternoon rather than a quarter.

Primary Strategy: Fix and Rent, with a DSCR Takeout

The primary strategy for most investors in this market is to acquire with short-term financing, renovate, place a tenant, and refinance into a long-term DSCR loan that qualifies on the property’s cash flow rather than on personal income.

Why it leads

It is the only one of the three that does not depend on a retail buyer. The rent exit is negotiated with a tenant, not won in a bidding process. It also gives the deal two doors: if the market improves and a sale makes sense, you can still sell. A flip has one door, and it opens onto a market you do not control.

What it demands

A rent exit is unforgiving about carrying costs in a way a flip is not. A flip absorbs a high tax bill for six months. A rental absorbs it every year, and it is deducted from the cash flow that determines whether the DSCR loan closes at all. In Texas this is the most common reason a promising rental deal will not finance — see the cost section below.

The financing shape

The number that decides it

Whether the refinance returns your capital. If after-repair value multiplied by the refinance loan-to-value clears your bridge payoff plus refinance costs by a comfortable margin, the deal recycles your money and you go again. If it does not, you have bought yourself a job and locked up your cash. The Fix-or-Rent comparison on the calculator page computes exactly this and reports the cash left in the deal.

Secondary Strategy: Fix and Flip

Flipping is secondary in 2026 — not because it stopped working, but because the buy box narrowed sharply and most investors have not narrowed with it.

Where it still works

ATTOM’s national data contains one finding that should govern every flip acquisition decision. Properties purchased between $100,000 and $200,000 produced the strongest returns, around 32% gross margins. Properties purchased under $50,000 averaged a negative 14%. The cheap house is not the safe house. Below a certain basis the fixed costs — roof, HVAC, sewer line, closing costs, agent — consume the entire spread.

What it demands

Speed and scope discipline. The national average hold is 165 days and rising. Every month past your model is another month of interest, taxes, insurance and utilities charged against a fixed sale price. A flip is a bet on time as much as on price.

The financing shape

Short-term bridge financing, interest-only, 12 to 24 months, up to 90% of purchase and 100% of renovation, capped by the lower of 90% loan-to-cost and 70% of after-repair value. Experienced borrowers reach considerably higher — see the tiers below. Take the longer term even if you plan a four-month project. An extension negotiated under pressure is expensive; an unused month costs nothing.

The number that decides it

The spread between total project cost and defensible after-repair value. As a working rule, if that spread is under roughly $50,000 the property is a rental, not a flip — because selling costs, carry and one unexpected repair will consume it.

Third Strategy: Build or Buy at Scale

The third strategy is for investors who have concluded that competing for retail resale inventory is a losing game. It splits two ways.

Ground-Up Construction

You set your own basis instead of bidding on someone else’s. Buy land, build to a plan, and the finished product is new — which is what the retail buyer wants and what the appraiser rewards. Financing runs from $100,000 to $10 million, advanced against a percentage of cost and of completed value, released in milestone draws verified by inspection. Slower, and less forgiving of a bad plan — but the acquisition problem largely disappears.

Multifamily and Portfolio

Five or more units qualify on the asset rather than on comparable single-family sales, which changes the valuation conversation entirely. Investors already holding rentals can consolidate them into a single portfolio facility, releasing trapped equity and simplifying the debt stack. Multifamily bridge and long-term financing covers the acquisition side.

Both routes solve the problem the first two strategies work around: neither requires you to win a competitive bid on a house that three other investors also want.

Running the Numbers: Both Positions, Every Time

Every property should be run twice — once from the lending position and once from the profitability position. They answer different questions, and a deal can pass one and fail the other.

Position one: what will the loan actually be?

Enter purchase price, renovation budget, after-repair value, the advance percentage, rate, term, property state, taxes, insurance, association dues, origination, closing and legal fees, and any fee owed to your own broker. The calculator returns the maximum supportable loan, cash required at closing, monthly carry and a twelve-month carrying cost.

This is the lender’s arithmetic, run before you are in front of a lender. It answers the one question that decides whether you can even make the offer: how much money do you have to bring?

One Texas-specific behavior is worth understanding. When the property is in Texas and financed on the hard-money advance structure, the loan is sized against after-repair value alone and the 90% loan-to-cost test is not applied. The calculator shows both figures side by side, marks the loan-to-cost line “not applied,” and computes the break-even after-repair value at which the advance structure starts adding anything. It only helps when after-repair value runs above roughly 1.29 times total project cost at a 70% advance. Below that threshold both structures produce the same number, and the calculator tells you so rather than leaving you to guess.

Position two: does the project make money?

The same inputs produce net profit, cash invested and return on invested capital, plus a liquidity breakdown separating renovation dollars from carrying dollars. Then run Compare Exits. It re-runs the flip from identical inputs and models the rent exit alongside it — refinance loan at your chosen loan-to-value, cash out after bridge payoff and refinance costs, cash left in the deal, net operating income after vacancy, management and maintenance, the amortizing payment, and the resulting coverage ratio.

Here is the reference deal the calculator was verified against: $200,000 purchase, $50,000 renovation, $350,000 after-repair value, 70% advance, six months, $2,600 market rent.

Flip — standard structure$225,000 maximum loan · $31,500 cash at closing · $2,729 monthly carry · roughly $52,600 net profit
Flip — Texas advance structure$245,000 maximum loan · $11,900 cash at closing · $2,912 monthly carry · roughly $51,100 net profit
Rent — DSCR refinance at 75%$262,500 refinance · $31,500 out · $15,838 still in the deal · $1,498 net operating income against a $1,791 payment — negative $293 per month, 0.84 coverage

Read that last row carefully, because it is the most useful thing on this page. The identical deal that produces a respectable flip profit does not carry itself as a rental at that basis. It is roughly $300 a month short and coverage sits below 1.0. Meanwhile the flip structure that requires the least cash at closing also produces slightly less profit and a higher monthly carry. None of that is visible from the listing, the comps or a conversation. It takes ninety seconds in the calculator.

Position three: will the takeout actually close?

The DSCR calculator models the permanent loan on its own, and it deliberately reports two coverage ratios.

Both appear because the gap between them is where investors get hurt. A verified example: $300,000 value, $225,000 loan, 7.25%, thirty-year amortization, $2,600 rent, $6,000 annual taxes, $2,000 annual insurance. Lender coverage is 1.18 — comfortably financeable. Conservative coverage is 0.92, and actual cash flow is negative $127 a month. The loan closes. The property still costs you money every month. Both statements are true, and you should know both before you buy.

The rate field on both calculators ships blank on purpose. DSCR pricing tracks the ten-year Treasury, which closed at 4.75% on August 31, 2026. A rate printed on a web page is wrong within weeks. Enter what you were actually quoted.

The Six Costs That Decide Every Project

Investors tend to fixate on the interest rate, which is usually the fifth or sixth largest cost in a project. Here they are in the order they actually matter, with what to do about each.

1. The acquisition price — and the wholesaler’s assignment fee

The cost. Every dollar overpaid at purchase is a dollar of profit that no amount of good renovation work recovers. A $10,000 to $20,000 assignment fee on a $200,000 house is five to ten percent of basis paid to someone who never owned the property, charged against the thinnest margin in the deal.

  • Use the inventory. Record active listings and rising days on market are acquisition leverage. A property past 60 days has a seller whose expectations have already moved, whatever the list price says.
  • Work aged, expired and fallen-through listings rather than wholesaler lists. The wholesaler’s inventory has, by definition, already been marked up.
  • Negotiate terms when you cannot negotiate price. A faster close, an as-is purchase, proof of funds, or flexibility on the move-out date is often worth more to a motivated seller than the last $8,000 — and costs you far less.
  • Know your maximum before you look at the list price, and let the calculator produce it rather than your enthusiasm.
  • If you do buy from wholesalers, model the fee as acquisition cost, not as a rounding error — and walk when it breaks the deal. Contracts that do not sell get repriced.

2. Renovation overrun

The cost. ATTOM notes that experienced flippers put renovation at typically 20% to 33% of after-repair value. Budgets submitted with financing requests are routinely half of what the property needs. We have reviewed files where a stated $40,000 scope was realistically $95,000 to $115,000 — a difference that turned a projected profit into an $83,000 loss.

  • Understand that renovation dollars have declining returns. In a full scenario analysis on a deal we reviewed this summer, each successive tier of work added less value than it cost: a lean $46,000 scope supported a $129,000 purchase price, a $75,000 cosmetic scope supported $116,100, and a $100,000 full renovation supported only $102,300. The leanest defensible scope supports the highest offer. Gold-plating a rehab is a way of paying the seller more.
  • Get a written contractor bid before the option period expires, not after closing. This single habit prevents most overruns.
  • Carry a 10% to 15% contingency inside the budget you submit, so it is financed rather than paid out of your reserves.
  • Renovate to the neighborhood, not to your taste. The appraiser is comparing your house to the ones around it.
  • Price the five unknowns before you commit — foundation, sewer line, roof age, electrical panel, HVAC age. These are what turn a cosmetic project into a gut.

3. Time and carrying cost

The cost. The national average hold is 165 days. In the reference deal above, monthly carry runs $2,729 to $2,912 — roughly $17,000 over six months, against a fixed sale price. Austin’s average payoff period runs 154 days; Dallas–Fort Worth is closer to 90. Every additional month is pure erosion.

  • Do not start demolition until materials are ordered and the trades are sequenced. The most expensive month is the one where nobody is on site.
  • Model your carry at your real timeline, not your optimistic one. If your last three projects took five months, model five.
  • Take the 24-month term. There is no penalty for finishing early and a real one for needing an extension.
  • Ask about an interest reserve. Financing the carry rather than paying it monthly out of your own funds keeps your reserves available for the next acquisition.
  • Start marketing before the punch list is finished. Marketing time and construction time can overlap.

4. Property taxes and insurance — the Texas rental killers

The cost. This is the most consistently underestimated cost in the business, and in Texas it is the reason sound rental deals fail to finance. Combined tax rates in Harris County run to roughly 2.03% of value, and municipal utility districts add anywhere from $0.25 to over $1.00 per $100 of value on top of that across many suburban subdivisions. Investment property receives no homestead exemption and no 10% appraisal cap, so the tax bill you inherit is not the tax bill you will pay.

Insurance has moved faster still. The Texas Department of Insurance reports the average homeowners premium rising from $1,961 in 2019 to $3,291 in 2024. In August 2026 the Governor directed the department to address property and casualty costs, citing a 79% increase in the average Texas premium since 2020, to over $3,500 annually. Nine of the ten largest homeowners rate filings in the United States in the first quarter of 2026 were in Texas.

On a $2,600-a-month rental, an extra $200 a month of taxes and insurance is roughly 0.09 of coverage ratio. That is frequently the entire difference between a loan that closes and one that does not.

  • Underwrite the tax bill at post-sale assessed value, not the seller’s frozen basis. If the seller held a homestead exemption and a capped appraisal, your bill may be dramatically higher than the figure on the listing.
  • Get a real insurance quote during the option period, on the actual property, with the actual roof age. Never use a percentage of value as a placeholder on a Texas rental.
  • Check for a MUD before you offer. Two nearly identical houses in adjacent subdivisions can differ by several hundred dollars a month in tax, and only one of them is a viable rental.
  • Consider a higher deductible where you can afford to self-insure the small losses. Premium savings flow straight into coverage ratio.
  • Protest the appraisal every year. Across a portfolio this is real money, and most investors never do it.
  • Prefer lower-tax counties when yield is otherwise comparable. El Paso and parts of the Rio Grande Valley behave very differently from Harris and Bexar on this line.

5. Selling costs

The cost. Commissions, title, closing costs and seller concessions typically run 6% to 8% of sale price. On a $350,000 exit that is $21,000 to $28,000 — often larger than the entire profit margin on a marginal Texas flip.

  • Model it as a percentage of after-repair value from the first offer. The calculator has a selling-costs field for exactly this reason; leaving it blank produces a confident and badly wrong answer.
  • Expect to pay concessions. With Austin sellers closing at 93.7% of list and San Antonio around 93% of original ask, budget for the negotiation that is coming.
  • Consider the rent exit instead. A refinance costs a fraction of a sale, and that is the strongest single argument for the primary strategy in this guide.

6. The cost of capital

The cost. Points, origination, legal and closing fees are charged at the front and are not recoverable if the deal underperforms. On a $225,000 loan, two points is $4,500 before the first interest payment.

How to beat it — and this is where a lender earns a place in the deal. The next section is entirely about this.

How Your Lender Improves Your Return and Protects Your Liquidity

Rate is the part of a financing conversation investors ask about first and that matters least. Here is what actually moves the outcome.

Leverage that reflects your track record

Advance rates are tiered by experience, and a great many investors are financing at a lower tier than they qualify for, simply because nobody asked. Every tier funds 100% of the renovation budget; what changes is the purchase advance and the after-repair cap.

Standard

Preferred — 720+ credit, 10+ flips in three years

Maximum — 720+ credit, 10+ flips with five in state, loan $800,000 or less

Both caps are applied and the lower one governs. The difference between the Standard and the Maximum tier on a $200,000 purchase is $20,000 of your own money — which is to say, an entire additional down payment on your next deal.

The tiers attach to whoever guarantees the loan, not to the property. An investor who does not yet clear the experience gate alone can often reach a higher tier by placing a qualifying partner on the file. Whether that partnership is a good idea is your judgment and not ours — but the mechanism exists, and most people do not know it.

Zero out of pocket, where the deal supports it

On Texas properties a structure is available that advances 70% of after-repair value against all project costs — purchase and renovation together — with nothing required at closing, provided the whole project fits inside that ceiling. It is deliberately more expensive money, and it should be understood as a trade: you are buying leverage and paying for it.

That trade is frequently correct. An investor with $75,000 of liquidity who puts $30,000 into one deal has one deal. The same investor doing three deals at zero down has three chances at a profit and three completed projects on their record — and the record is what moves them into the cheaper tiers above. Every deal closed on expensive money buys down your future cost of capital.

Term, structure, and the things nobody asks for

  • Take the longer term. Interest-only, 12 to 24 months. An extension negotiated at month five with a house half-finished is negotiated from weakness.
  • Finance the renovation rather than funding it. 100% renovation financing released in draws keeps your cash in your account. Understand the draw mechanics before you close — whether the first draw is reimbursed or funded changes your working-capital requirement materially.
  • Ask for an interest reserve. It converts a monthly cash drain into loan proceeds.
  • Ask for interest on the drawn balance rather than the full commitment, where the program allows it. On a $50,000 renovation drawn over four months, that is real money.
  • Trade points against rate deliberately. On a six-month flip, points dominate and rate barely registers. On a thirty-year DSCR loan the arithmetic inverts completely. Price the two structures against your actual hold period, not against a general preference for a low rate.
  • Get the exit approved at origination. If the plan is a DSCR refinance, size and stress-test that loan before you close the bridge. A bridge with no pre-underwritten takeout is a deadline, not a plan.
  • Ask about portfolio and cross-collateral facilities once you hold three or more properties. Consolidating releases trapped equity, and equity in a property you are not selling is capital you are not using.

What preserving liquidity is actually worth

Liquidity is not a comfort item. It is what lets you make the next offer, absorb the renovation surprise, and carry two extra months without a distressed sale. A structure that costs 1% more and leaves $30,000 in your account is almost always superior to the cheaper structure that strips you bare — because the cheaper one ends your season the first time something goes wrong. The calculator reports a liquidity breakdown separating renovation dollars from carrying dollars for exactly this reason. Run it before you decide which structure you want.

What Makes a Good Flip, and What Makes a Good Rental

These are different properties. Investors who treat them as one category, and let the exit be decided by whichever happens later, are the ones who end up with an unsellable house and a mortgage.

The Flip Profile

  • Basis between $100,000 and $200,000 where the market allows — the tier producing roughly 32% gross margins nationally, against a negative 14% below $50,000.
  • Cosmetically dated, structurally sound. Kitchens, baths, flooring, paint and fixtures are predictable. Foundations, sewer lines and unpermitted additions are not.
  • A spread of at least $50,000 between total project cost and defensible after-repair value.
  • Three or more genuine comparable sales in the last six months, in the same subdivision, at your intended finish level. If you cannot find them, your after-repair value is a hope.
  • No functional obsolescence. A two-bedroom among four-bedrooms, or a house on a commercial corner, is priced low for a reason renovation does not fix.
  • An exit price inside the active buyer band, ideally an FHA-eligible range where the buyer pool is deepest.

The Rental Profile

  • Rent-to-price is the whole game. Appreciation is a bonus; coverage ratio is the loan condition.
  • Low tax burden. Check the total rate and check for a MUD. In Texas this is the first filter, not the last.
  • Insurable at a sane premium. Roof age, wiring and claims history drive this. Get a quote, not an estimate.
  • Three bedrooms, two baths, a garage, a fenced yard — the configuration that rents fastest and turns over least.
  • Durable finishes over impressive ones. You are optimizing for the next ten tenants, not for one buyer.
  • A school zone and commute that hold a tenant for three years. Turnover is the largest hidden cost in a rental and it never appears in a pro forma.
  • A lighter renovation scope than a flip of the same house would justify. You are not being paid a retail premium for finish level.

The practical test. Run both exits in the calculator on the same inputs. If the flip profit is thin but lender coverage clears 1.15, it is a rental. If coverage sits below 1.0 but the spread is $70,000, it is a flip. If neither works, it is not a deal — and finding that out in ninety seconds is the highest-return activity in this business.

Where the Opportunities Are

A note on the figures that follow. Flip returns quoted from ATTOM are gross — the difference between purchase and resale price, before renovation, financing, carrying and selling costs, which ATTOM notes typically run 20% to 33% of after-repair value. Gross rental yields are our own arithmetic on published median prices and published median rents; they are a ranking tool, not underwriting. Texas price and inventory figures are July 2026 board data, rents are August 2026, and flip returns are ATTOM first-quarter 2026. Verify every figure against the specific submarket and the specific property before acting on it.

Texas: a strong rental market and a difficult flip market

The data on this is not ambiguous. Statewide gross flipping return was 5.6% in the first quarter of 2026 against 25.4% nationally — even though Texas ran a higher flip share of sales than the country as a whole, 9.9% against 8.0%. A great many people are flipping here. Not many are making money at it.

Houston — the best rental math in the state

El Paso — the tightest market in the state

Dallas–Fort Worth — rentals yes, flips no

San Antonio — slowest velocity, deepest buyer leverage

Austin — avoid for flips at this basis

Outside Texas

For investors willing to operate outside the state, the spread between Texas flip margins and the strongest national markets is large enough to justify the operational overhead.

Better for Flipping

  • Spartanburg, SC — 114.6% gross flip return, the highest in the country, and the third-fastest-growing metro by population. Flippers are buying at roughly 40% of the market median, so that margin comes from sourcing, not from the market.
  • Pittsburgh, PA — 85.9%, the highest of any metro over one million people, with a $110,000 median flip purchase sitting squarely in the best-performing national price tier. Longest days on market of this group at 55 — budget the carry.
  • Shreveport, LA — 104.1%, on a median flip purchase near $89,000. Thinly documented on current price and inventory data; verify locally before committing.

Better for Renting

  • Cleveland, OH — median price $148,169 against roughly $1,300 three-bedroom rent, an implied gross yield near 10.5%. The strongest rental arithmetic we found anywhere. Mind the sub-$50,000 trap at the bottom of this market.
  • Memphis, TN — implied gross yield near 8.0%, but it is holding up because prices are soft rather than because rents are strong. Price per square foot is down 8.6% and rents are falling. Proceed carefully.
  • Indianapolis, IN — implied gross yield near 7.5%, the only metro in our review with meaningfully rising sales volume, a heavily single-family rental stock, and among the most landlord-friendly statutory frameworks in the country.

Buffalo, NY deserves its own line. It is the only market in our review that is top-tier on all three measures at once — an 84.0% gross flip return, an implied rental yield near 8.1%, 16 days on market, and homes closing at 103% of list. One caution: median price per square foot is down 9% year over year even as median price rose, which suggests a shift toward larger homes rather than broad appreciation. Check the mix in your specific submarket.

One pattern worth naming across the whole review. Days on market rose year over year in essentially every metro, in Texas and outside it, and sales volume fell in most of them. This is a slowing market everywhere. That is bad news for anyone whose model depends on a fast retail sale, and good news for anyone acquiring — which is, once again, the argument for leading with the rent exit.

Closing Summary

The investors who do well over the next twelve months will not be the ones who found cheaper money. They will be the ones who bought correctly and structured deliberately.

  1. Lead with the rent exit. Acquire, renovate, place a tenant, refinance into a DSCR loan. Two doors instead of one, and no dependence on a retail buyer appearing at your price.
  2. Flip selectively, inside a narrow box. A basis between $100,000 and $200,000 where possible, a spread of at least $50,000, cosmetic scope, real comparable sales and honest carry assumptions. In most Texas metros right now that box is nearly empty — and knowing it is worth more than another marketing channel.
  3. Consider building or buying at scale if competing for retail inventory has stopped working. Ground-up construction and small multifamily remove the bidding problem rather than working around it.
  4. Run every property twice — lending position and profitability position — before you make an offer. Then run the DSCR takeout separately, and look at both the lender ratio and the conservative ratio.
  5. Attack the costs in order. Acquisition price, renovation scope, time, taxes and insurance, selling costs, then cost of capital. Most investors work that list backwards.
  6. Use structure, not rate, as your lever. Higher leverage, financed renovation, interest reserve, longer term, pre-approved takeout. Protect your liquidity above almost everything else, because liquidity is what lets you make the next offer.
  7. Match the market to the strategy. Texas is a rental market with genuine acquisition leverage right now. If you want flip margins, the data points firmly out of state.

Run it before you write the offer

Put the purchase price, renovation budget and expected resale or rent into the calculator and see what the deal actually supports. If you want a second set of eyes — comps, repair scope, exit pricing, and whether the financing and the deal both work — send it over. Those are two different questions and you deserve both answers.

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Resources and Sources

ACP tools referenced in this guide

External data sources

Program terms described here reflect currently available structures and are program maximums, subject to underwriting, appraisal or alternative valuation, title, insurance, property eligibility, program availability and a complete borrower file. Both applicable caps govern and the lower one applies. Nothing here is a commitment to lend. Market figures are as of the dates stated and change continuously; gross flipping returns cited from ATTOM exclude renovation, financing, carrying and selling costs, and gross rental yields are derived arithmetic on published medians rather than underwriting figures. Nothing in this guide is investment, tax or legal advice — consult your own advisors before acting. ACP Lending originates business-purpose financing on investment property only.