California 2

CALIFORNIA FUNDING PROGRAM

Get Prequalified Now!

$75,000.00 - $2,000,000.00+

CALIFORNIA INVESTOR FUNDING PROGRAM

 Pay $0.00 Lender Points At Closing!*

Close In 5 – 7 Business Days!**

Short Term 12 Months – Interest Only Payments! 

Purchase & Rehab, Purchase Only  Or Refinance Cash Out!

Standard Loan $75,000.00  –  $1,000,000.00!

Jumbo Loans $1,000,000.00  –  $2,000,000.00!

($2,000,000+ Loans Available)

California Loans Funded Under CVPN, Inc. BRE# 01878002

New California “Tier Level” Funding Program Highlights

*$0.00 Lender Points Paid At Closing (Optional).  For Tiers 1, 2, & 3, you can opt to pay no lender points at closing.  Lender points are paid on back-end at sale or refinance of property with a 25% service fee added to the amount of original lender points.  Purchase and refinance transactions qualify.  Not available for Tier 4 investors.  

– **Close In 5-7 Business Days for Tier 1 & Tier 2 Investors! 

– $5,000,000.00 Credit Facility Available For Tiers 1 & 2 Investors!

– 600+ Credit Score Qualifies For Financing Up To 90% Of Purchase Price!  See tier level funding guidelines below for details.

– 550 -599 Credit Score Qualifies With a 10% reduction in Purchase Price Loan Amounts.  See funding guidelines below for details.

– Refinance:  550+ Credit Qualifies For Refinance Cash Out Up To 65% Of Value.  See funding guidelines below for details.

– No source or seasoning of funds to close!

– Loan Amounts From $75,000.00  –  $1,000,000.00 – Standard Program!

– Loan Amounts From $1,000,000.00  –  $2,000,000.00 – Jumbo Program!

– Fund Up To 100% Of Rehab Cost Not To Exceed Maximum % of ARV!

– No Employment Verification Required!

– No Income Verification and No Income Documentation Required!

– 1st Time Investors OK!

– No Obligation 24 Hour Prequalification Results!

 

REQUIRED DOCUMENTATION See Bottom Of Page For List Of Required Documents 

CALIFORNIA TIER LEVEL FUNDING PROGRAM

 

TIER 1 –  4:   LOAN FUNDING GUIDELINES

FIRST STEP – Determine your Tier based on number of prior completed flips within last 24 months. 

IMPORTANT:  Completed flips are defined as residential investment properties “exited/sold in the last 24 months” and owned for no more than 36 months OR a property acquired, rehabbed, and converted to permanent financing within last 24 months and acquired no more than 36 months prior to conversion.

Tier 1:   Exited/sold 10+ flips during last 24 months  –  Minimum 660+ Credit Score

Tier 2:   Exited/sold   4+ flips during last 24 months  –  Minimum 550+ Credit Score

Tier 3:   Exited/sold   1-3 flips during last 24 months  –  Minimum 550+ Credit Score

Tier 4:   Exited/sold    0 flips during last 24 months    –  Minimum 550+ Credit Score

Maximum Loan To Purchase Price (referred to as Loan To Cost) and Maximum ARV

Tier 1:  up to 90% of purchase price and up to 100% or rehab cost  –  (Max 75% of ARV)

Tier 2:  up to 90% of purchase price and up to 100% of rehab cost  –  (Max 70% of ARV)

Tier 3:  up to 85% of purchase price and up to 100% of rehab cost  –  (Max 70% of ARV)

Tier 4:  up to 80% of purchase price and up to 100% of rehab cost  –  (Max 70% of ARV)

5-7 Business Days To Close – Tier 1 & 2

Tier 1 & 2:  We can close on purchase only and fix and flip transactions in only 5-7 business days after receipt of all required documents.  MUST INCLUDE EXTERIOR AND INTERIOR PHOTOS WITH DOCS.

Tier 3 & 4:  We can close on purchase only and fix and flip transactions in a minimum of 15 business days after receipt of all required documents.

**Days to close is from the date of receipt of all required documents needed for funding approval.**

Minimum Documented Liquid Cash Requirements  

All tier levels require documentation of minimum amount of liquid cash (per schedule below) on hand by providing copy of last three (3) months bank statements.  There is NO SEASONING and NO SOURCING of cash funds on deposit in bank accounts.

Tier 1:  $25,000.00  (once underwriting verified, valid for 9 consecutive months)

Tier 2:  $15,000.00  (once underwriting verified, valid for 6 consecutive months)

Tier 3:  $15,000.00  (once underwriting verified, valid for 6 consecutive months)

Tier 4:  $15,000.00  (once underwriting verified, valid for 3 consecutive months)

Number of Loans Funded Per Investor

Tier 1:    $5,000,000.00  Credit Facility Available

Tier 2:    $5,000,000.00  Credit Facility Available

Tier 3:    Up to five (5) open loan transactions at any given time

Tier 4:    Up to two (2) open loan transactions at any given time

 

STANDARD LOAN FUNDING GUIDELINES – $75,000.00 – $1,000,000.00

Credit Score Requirement

600+ Credit Score qualifies for maximum loan to purchase price financing as shown in paragraph above.

550 – 599 Credit Score qualifies for maximum loan to purchase price financing as shown in paragraph above with a deduction of 10% from the purchase price loan percentage.

JUMBO LOAN FUNDING GUIDELINES – $1,000,000.00 – $2,000,000.00

Credit Score Requirement

– 660+ Credit qualifies for jumbo loan program with financing up to 80% of purchase price and up to 100% of rehab cost with the combined loan amount not to exceed 70% of ARV.

– Tier 4 Investors not allowed under jumbo loan program.

Full property appraisals are required for all jumbo loan transactions.

Must close in a business entity name for jumbo loan transactions.

 

Rehab Cost/Budget Guidelines – STANDARD FUNDING PROGRAM:

Maximum Rehab Budget Amount:   The maximum rehab budget loan amount cannot exceed the purchase price of the subject property.  Cannot be more than $500,000.00 and the combined purchase loan and rehab loan cannot exceed 75% of ARV (70% for 1st time investors).  (Rehab budgets that exceed these guidelines may be approved on a case by case basis subject to LTV parameters).

– Rehab budgets in excess of 50% of the purchase price:  For Tier 3 & 4, a rehab budget in excess of 50% of the purchase price of the subject property will require a licensed General Contractor.  Also any rehab (regardless of dollar amount) that adds new square footage to existing foot print of property, requires foundation work, etc will also require a licensed General Contractor.

Note:  We do not advance rehab loan funds.  Rehab funds are disbursed (at your discretion) as work is documented as completed with your project.

Rehab Cost/Budget Guidelines – JUMBO FUNDING PROGRAM:

    Maximum Rehab Budget Amount:   The maximum rehab budget loan amount when combined with the purchase loan amount cannot exceed 70% of the After Repair Value (ARV).

    Disbursement Of Rehab Funds:  We do not advance rehab loan funds.  Rehab funds are disbursed (at your discretion) as work is documented as completed with your project.

Refinance Transactions (Cash Out Available)

With a minimum 550+ credit score, we can fund up to a maximum of 65% of the current AS-IS Value if the current owner has been on title of subject property for a minimum of 181 days.  All refinance transactions require a full property appraisal. 

Guidelines For Refinance Transactions:

– Vacant properties OK!

– Single family, 2-4 units, condo’s and town-homes OK!

– No market rent analysis required and no copies of lease agreement required!

– Properties currently listed for sale OK!

– If subject property owned for less than 6 months we can loan up to 90% of the original acquisition cost.

 

Loan Origination Fees

Loan amounts of $  75,000.00 – $120,000.00:          2.00% of total loan amount plus $2,100.00 flat fee

Loan amounts of $121,000.00 – $250,000.00:          3.50% of total loan amount

Loan amounts of $251,000.00 – $500,000.00:          2.99% of total loan amount

Loan amounts of $501,000.00 – $1,000,000.00:       2.50% of total loan amount

Loan amounts of $1,000,001.00 – $2,000,000.00:    2.25.% of total loan amount

Closing Fees

$749.00 Underwriting Service Fee –  Includes $299.00 Non-refundable Application Fee due at time of submission to pre-underwriting.  Credit for application fee is applied at closing.  Balance Of $450.00 due at closing.

$495.00 Processing Fee

Proof Of Financing Letter

After completing a pre-qualification application we can also promptly provide you with a proof of financing letter(s) to assist you in making offers on prospective investment properties.  To obtain a proof of financing letter you must provide a copy of your most recent bank statement (all pages) reflecting a balance of the minimum required funds to close.

Business Entity Required For Jumbo Loans

For jumbo loan transactions, funding can only be approved in the name of a business entity.

Minimum And Maximum Loan Amounts

Standard funding program:  $75,000.00 to maximum loan amount of $1,000,000.00

Jumbo funding program:  $1,000,000.00 to maximum loan amount of $2,000,000.00

Loan amounts of $2,000,000+ are available.  Contact an account executive to discuss your deal scenario.

Property Appraisal – “Broker Price Opinion (BPO)”

Tier 1 & 2:   A BPO appraisal is ordered AFTER CLOSING to support the ARV that was determined by our in-house valuations team.  Based on the documented experience level of Teir 1 & 2 investors we can bypass having to complete the official BPO appraisal prior to closing and have a fast track process to fund your investment deal in 5-7 business days (after receipt of all required documents).

Tier 3 & 4:  The BPO appraisal will NOT be ordered until after the scope of work has been thoroughly reviewed and approved.  On a case by case basis a courtesy construction feasibility call may be required.  YOUR SCOPE OF WORK MUST CLEARLY SUPPORT THE ARV YOU HAVE ESTIMATED AND REFLECT NECESSARY REPAIRS NEEDED TO THE INVESTMENT PROPERTY.

NOTE:  All jumbo loans and 2-4 unit type transactions will require a full traditional property appraisal. 

No Verification Of Income Required

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

No Verification Of Employment Required

No verification or documentation of your current or past employment status is required.

Verification Of Liquid Cash On Hand Required Per Tier Level

No seasoning of funds is required so real time deposits can be made to meet this underwriting requirement.

Terms of Loan Funding

Property Type

Single family and 2-4 residential units (including condos, town-homes & PUDS)

Transaction Type

Purchase only, purchase and rehab, refinance cash out, and refinance rate/term.

Interest Rates

Interest rates range on average from 8% to 12% depending on Tier Level and  final LTV on the loan being funded.

Subordinate Financing

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

Seller Concessions

Seller concessions are allowed.  However, any seller concessions will reduce the purchase loan amount dollar for dollar equal to the amount of the seller concessions. AS SUCH, WE STRONGLY RECOMMEND TO NOT INCLUDE ANY SELLER CONCESSIONS IN YOUR PURCHASE SALES AGREEMENTS.

Loan-to-Value Maximum’s

Standard Funding Program:  Maximum LTV is 80% of As-Is Value and 75% of ARV when rehab loan is included.

Jumbo Funding Program:  Maximum LTV is 80% of As-Is Value and 70% of ARV when rehab loan is included.

Rehab Draw/Funds Disbursement

We Do Not Advance Rehab Funds.  After request for rehab loan funds is initiated via email request, funds are disbursed within 3 business days after completion of inspection/validation of completed work.  There is a $125.00 inspection fee per each draw request.  Inspection fee is deducted from your rehab budget funds.

Loan Term

12 months

Rate Type

Fixed monthly payment, interest only

Prepayment Penalty

None

REQUIRED DOCUMENTS FOR FUNDING APPROVAL

Business Entity Borrower (When closing in the name of a business entity)

__ Last 3 month’s business bank statements (must include all pages).  Can also use personal bank statements in conjunction with business bank statements.

__ Copy of void check associated with bank statements provided

__ Clear and legible copy of Guarantors Drivers License

__ Clear and legible copy of Guarantors SSN Card

__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation

__ Operating Agreement or Corporate Charter/Bylaws

__ Copy Of HUD-1 Settlement Statement from completed flips within last 24 months (if applicable)

__ Photo images of interior and exterior of subject property

 

Individual Borrower – “Allowed For Standard Funding Program Only”

__ Last 3 month’s personal bank statements (must include all pages)

__ Copy of void check associated with bank statements provided

__ Clear and legible copy of Drivers License

__ Clear and legible copy of SSN Card

__ Copy Of HUD-1 Settlement Statement from completed flips within last 24 months (if applicable)

__ Photo images of interior and exterior of subject property

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

Get Started Now – Free Pre-qualification – 550+ Credit OK!

Low Rates – Flexible Terms – Close in 10 days Or less!