Exclusive “Pro Investor” Free Membership Program!
Fix & Flip Funding To $1,000,000.00!
Close In Just 5 Business Days!
No Property Appraisal & No Upfront Cost!
A Premier Investor Loan Program Specifically Designed For Ultra Qualified Real Estate Investors And Expert Fix And Flippers!
Pro Investor Membership Highlights And Benefits
– $5,000,000.00 Credit Facility – With One Time Qualification!
– No Cost To Join And Be An Exclusive Member!
– Close New Deals In Just 5 Business Days!
– No Property Appraisal Required!
– Funding Terms Issued In 24 Hours Of Full Submission!
– No Upfront Cost Per Deal And No Application Fees!
– Membership Valid For 1 Full Year!
– Reduced Interest Rate Pricing!
– Just 1 Credit Pull Every Six Months!
– Easy Deal Funding: Submit property address, purchase agreement, scope of repair work and interior photos!
– Optional: $0.00 Lender Origination Points Paid At Closing. Pay no lender points at closing for Fix and Flip transactions. Lender points are paid on back-end at time of sale or refinance of property with a 25% service fee added to the amount of original lender points.
PRO INVESTOR MEMBERSHIP GUIDELINES
States Currently Funding Pro Investor Membership Program
Colorado, Connecticut, Florida, Georgia*, Illinois, Maryland, Michigan, Missouri, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia.
* LTV’s are reduced by 5% in the state of Georgia and also in the metro-Houston, Texas market.
Pro Investor Membership Qualifications
– 660 Minimum FICO Credit Score. Credit and background check are reviewed every 6 months.
– Liquid Assets Of At Least $25,000.00
– No Derogatory Public Records Within Last 24 Months
– No Felony Convictions Within Last 7 Years
– 10 Completed Flips In Last 2 Years – Completed flips are defined as residential investment properties that were “purchased and sold” within the last 36 months.
– Eligible Members: Corporations, General Partnerships, Limited Partnerships, Limited Liability Companies, Revocable Trusts
Documentation Required For Pro Investor Membership
– Signed credit authorization form
– Most recent bank statement (all pages)
– Business entity documents
– Void check (for ACH)
– Schedule Of Real Estate Owned Documenting Minimum Of 10 Completed Flips Last 24 Months. Template provided.
– Completed Pro Investor Questionnaire
Purchase Price Funding Guidelines
We fund up to 90% of the purchase price of your investment property. The actual dollar loan amount for the purchase cannot exceed 75% of the current AS-IS Value.
Rehab Loan Amounts
We can finance up to 100% of the rehab cost, not to exceed the purchase price of the property and not to exceed 75% of the ARV. Maximum rehab loan amount is $500,000.00.
Rehab Cost/Budget Guidelines
Maximum Rehab Budget Amount: The maximum rehab budget loan amount cannot exceed the purchase price of the subject property. The combined purchase loan and rehab loan amount cannot exceed 75% of the After Repair Value of the property being purchased
Rehab budget in excess of 50% of the purchase price: Any 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.
Rehab budgets in excess of $50,000 will require a “extensive scope of work spreadsheet” be used to itemize the rehab/repair work. Template provided.
Note: We do not advance rehab loan funds. Rehab funds are disbursed (at your discretion) as work is documented as completed with your project.
Closing Fees – Effective As Of April 1, 2017
$499.00 Underwriting Service Fee At Closing
$295.00 Processing Fee At Closing
Loan Origination Fees – Effective As Of April 1, 2017
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: 3.25% of total loan amount
Loan amounts of $501,000.00 – $1,000,000.00: 2.75% of total loan amount
Pro Investor Membership Interest Rates
Interest rates range on average from a low of 8% to 9.5% depending on loan to cost (LTC). Additional .50% added to rate for 2-4 units and 1% added to rate for judicial foreclosure states (Florida, Ohio, Virginia).
Proof Of Financing Letter’s
Available upon request as needed and are almost always issued the same business day as requested.
US Citizenship Requirement
All individual borrowers and guarantors must be U.S. citizens or have proof of permanent residency in the U.S. and a valid SSN in order to be able to conduct a background check.
Refinance must be completed within six (6) months of acquisition. We can fund up to a maximum of 90% of the acquisition cost of your investment property. No cash out refinances using improved ARV are available with this program.
Maximum Loan Amounts
Minimum loan amount of $75,000.00 up to $1,000,000.00
A property appraisal is NOT required.
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.
Terms of Loan Funding
Single family and 2-4 residential units (including condos, town-homes & PUDS)
Purchase or refinance
Subordinate financing is NOT allowed, which includes 2nd mortgages and seller held financing.
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.
Minimum loan amount of $75,000.00 up to $1,000,000.00*
Maximum LTV is 75% of As-Is Value and 75% of ARV when rehab loan is included.
After Repair Value Maximum’s
The maximum LTV based on ARV is 75% for all transactions.
Fixed monthly payment, interest only
Note: Terms are subject to change without prior written notice.