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Vacant Properties And Properties For Sale OK!

2 Year Interest Only!

GET PREQUALIFIED NOW

Investor Refinance Cash Out!

 2 Year “Interest Only” Bridge Funding Program!

Refinance  Only!

$75,000.00   –  $1,000.00 Loan Amounts!  

680+ Minimum Credit Score!

Single Family Residential & 2-4 Units! 

Overview

2 Year Interest Only Bridge Loan Program Highlights:

–  12 Month Initial Term With Optional 12 Additional Months!

–  Interest Only Monthly Payment!

–  No Pre Payment Penalty During 1st 12 Months!

–  3% Exit Fee Based On Original Loan Amount After Initial 12 Months!

–  680 Minimum Credit Score Required!

–  30 Days Ownership Seasoning On Title Required!

–  Up To 75% LTV (Minimum 12 Months Ownership On Title)

–  5% Reduced LTV If Less Than 12 Months On Title!

–  Use Current Appraised Value For Cash Out Proceeds!

–  Minimum Loan Amount is $75,000.00!

–  Vacant Property OK.  Property Listed For Sale OK.

–  No Income Verification and No Employment Verification Required!

IMPORTANT NOTE:

–  Not Available For Properties Currently Leased With Tenants!

–  Property must be 100% complete of remodel/renovation.  No deferred maintenance is allowed.

2 YEAR INTEREST ONLY FUNDING PROGRAM  

1.  Funding Available NATIONWIDE except:

 AK, AZ, CA, DE, HI, ID, KS, MN, ND, NE, NH, NV, OR, RI, SD, UT, VT

***Must close in a business entity name in state of Georgia, Massachusetts, and Virginia***

 

2.  Credit Requirements

MINIMUM 680+ CREDIT SCORE REQUIRED 

Minimum of three (3) active tradelines last 24 months

Prior bankruptcy must be discharged minimum four (4) years

Prior foreclosure, short sales or deed in lieu of must be minimum of three (3) aged years since event

3.  Required Documentation    See bottom of this page for list of required documents

 

4.  Qualifying Types Of Properties

Single Family residences and 2-4 units.  Non owner-occupied only.  No primary residence or vacation homes.  No condo’s.

5.  Qualifying Types Of Borrowers

Individuals, LLC’s, Corporations and limited partnerships

6.  Days To Close

On average we can close in about 30-35 days from the time we receive ALL REQUIRED DOCUMENTATION.  Delays in closing are normally due to appraisal/property value, title issues, etc.

7.  Reserve Requirements  

Minimum of three (3) months  PITIA payments is required.

Verification of reserves is completed via electronic verification process.

8.  Minimum And Maximum Loan Amounts

Minimum loan amount is $75,000.00.  Maximum loan amount is $1,000,000.00.

9.  Maximum LTV’s

Up to 75% LTV if on title for more than 12 months.

Up To 70% if on title for less than 12 months. LTV

70% max LTV certain real estate markets

Minimum 30 days seasoning on title required.

10.  Full Property Appraisal Required 

A traditional full property appraisal is ALWAYS required to underwrite and close a investor loan for this product.  We will order an expedited appraisal at time of submission of loan file for underwriting approval.  Cost of appraisals range typically range from $375.00 – $625.00.

11.  No Verification Of Income Required

No verification or documentation of personal or business income is required.

Terms of Loan Funding

12.  Property Type

Single family residences and 2-4 residential units.  No condo’s.

13.  Minimum Property Square Footage Requirements

Minimum 750 sq ft gross living area

Maximum of 2 acres

14.  Transaction Type

Refinance only.

15.  Interest Rates

Interest rates range from 9.99%  –  12.49% based on LTV and credit score!

16.  Vacant Properties OK

Subject property is NOT required to be currently rented at time of application or during the term of the loan period.

17.  Origination Fees

3.75% of total loan amount OR $4,500.00, whichever is greater 

18.  Other Lenders Fees

Underwriting Fee  $1,645.00

19.  Escrow For Taxes and Property Insurance

Escrow of property taxes and property hazard insurance is required.

20.  Subordinate Financing

Subordinate financing is NOT allowed, which includes 2nd mortgages and seller held financing.

21.  Maximum Loan Amount

Maximum loan amount is $1,000,000.00.

22.  Loan Term

2 years (24 months).

23.  Rate Type

Fixed monthly payment, interest only.

24.  Prepayment Penalty

–  No Pre Payment Penalty During 1st 12 Months!

–  3% Exit Fee Based On Original Loan Amount After Initial 12 Months!

25.  REQUIRED DOCUMENTATION

__ 2 forms of valid identification (all members of business entity if applicable)

__ Fully completed 2 year interest only loan application

__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation (if applicable)

__ Operating Agreement or Corporate Charter/Bylaws (if applicable)

__ Certificate Of Good Standing (Issued By Secretary Of State within 30 days) for business entity (if applicable)

__ Copy of current home owners insurance declaration page

Note:   Terms are subject to change without prior written notice.

Get Started Now – Free Pre-qualification – 600+ Credit OK!

Low Rates – Flexible Terms – Close in 10-12 business days!