Pro Investor Funding Program
“Exclusive For Fix & Flip Investors With 4+ Flips Completed Last 24 Months!”
Close In 5 – 7 Business Days – With No Appraisal!
*New “Flex Fee” Reduced Lender Fees!
*TO QUALIFY FOR PRO INVESTOR FUNDING PROGRAM YOU MUST HAVE A MINIMUM OF FOUR (4) COMPLETED FLIPS WITHIN LAST 24 MONTHS!
Completed flips are defined as residential investment properties “exited OR 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.
Pro Investor Funding Program Highlights
– *OPTIONAL: New Flex Fee Reduced Lender Origination Points – Option to reduce lender origination fees by 30% to 50% with a slightly higher interest rate. Actual dollar amount is determined on each individual loan.
– Close In 5-7 Business Days!
– No Property Appraisal Required Prior To Closing!
– $5,000,000.00 Credit Facility Available!
– 90% Financing Of Purchase Price With 600+ Credit Score! See funding guidelines below for details!
– 100% Financing Of Rehab Cost Not To Exceed Maximum % of ARV!
– 550 – 599 Credit Score Qualifies For Tier 2 With a 10% reduction in Purchase Price Loan Amount. See funding guidelines below for details!
– Credit Report and Credit Score are valid for 6 months after pulled by underwriting!
– No source or seasoning of funds to close!
– Loan Amounts From $50,000.00 – $1,000,000.00 Per Property!
– No Employment Verification Required!
– No Income Verification and No Income Documentation Required!
– No Prepay Penalty, 12 Month Term, Monthly Interest Only Payments!
PRO INVESTOR FUNDING PROGRAM
1. States Currently Funding Pro Investor Program
Colorado, Connecticut, Florida*, Georgia, Kentucky, Maryland, Massachusetts, Michigan, Missouri, Ohio*, Pennsylvania, South Carolina, Tennessee, Texas, Virginia*, Washington, West Virginia.
*You must close in the name of a business entity in the following states: Florida, Ohio and Virginia.
2. TIER 1 & 2: PRO INVESTOR 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
3. 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)
For Tier 2: 550 – 599 Credit Score qualifies for maximum loan shown in paragraph above with a deduction of 10% to max 70% of purchase price.
4. Credit Score Requirements
Tier 1: 660+ Credit Score (Credit scores are valid for 6 months)
Tier 2: 600+ Credit Score (Credit scores are valid for 6 months)
5. Close In 5-7 Business Days
We can close in only 5-7 business days after receipt of all required documents. MUST INCLUDE EXTERIOR AND INTERIOR PHOTOS WITH DOCS.
Days to close is from the date of receipt of all required documents needed for funding approval.**
6. Minimum Liquid Cash Requirements
All tier levels require documentation of minimum amount of liquid cash (per schedule below) 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 12 consecutive months)
Tier 2: $15,000.00 (once underwriting verified, valid for 9 consecutive months)
7. Number of Loans Funded Per Investor
Tier 1: $5,000,000.00 Credit Facility Available
Tier 2: $5,000,000.00 Credit Facility Available
8. Required Documentation For Funding Approval – See Bottom Of Page For List Of Required Documents
9. Rehab Cost/Budget Guidelines (Up To 125% Of Rehab Cost)
– Tier 1 Total rehab budget cannot exceed 125% of the total purchase price. The maximum rehab budget loan amount cannot exceed 125% of the purchase price of the subject property. The combined purchase loan and rehab loan amount cannot exceed 75% of the After Repair Value (ARV). Maximum rehab budget amount is $500,000.00.
– Tier 2 Total rehab budget cannot exceed 100% of the total purchase price. The maximum rehab budget loan amount cannot exceed 100% of the purchase price of the subject property. The combined purchase loan and rehab loan amount cannot exceed 70% of the After Repair Value (ARV). Maximum rehab budget amount is $500,000.00.
Note: We do not advance rehab loan funds. Rehab funds are disbursed (at your discretion) as work is documented as completed with your project.
10. Refinance Transactions (Cash Out Available)
With a minimum 600+ 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. 550+ credit score, reduce LTV by 10% to maximum of 55%. All refinance transactions require a full property appraisal.
11. Guidelines For Refinance Transactions:
– Requires only a 550+ credit score to qualify for funding approval!
– Up to 65% current appraised value!
– Current owner MUST be on title for a minimum of 181 days before application date.
– Loan amounts from $50,000.00 to $1,000,000.00!
– No income verification and no employment verification required!
– Minimum documented liquid cash requirements are required per designated tier level as mentioned above!
– 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!
– Must provide interior and exterior photo’s of subject property!
– If subject property owned for less than 6 months we can loan up to the stated purchase loan amount as listed per Tier levels above plus a rehab budget amount up to 70% of ARV.
12. Refinance Transactions (Less Than 6 Months On Title)
For refinance of an existing property whereby the owner has been on title for less than 6 months (180 days), we will provide financing exactly as our purchase transaction funding scenario’s listed above based on Tier level. This can also include additional funding for rehab as well. Please contact us to discuss your specific deal scenario.
13. Loan Origination Fees
OPTIONAL: New Flex Fee Reduced Lender Origination Points – Option to reduce lender origination fees below by 30% to 50% with a slightly higher interest rate. Actual dollar amount is determined on each individual loan.
Loan amounts of $ 75,000.00 – $120,000.00: 2.25% of total loan amount plus $2,000.00 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: 3.00% of total loan amount
14. Closing Fees
TIER 1: Application Fee: $0.00, Underwriting Service Fee: $499.00, Processing Fee: $495.00.
TIER 2: Application Fee: $350.00 (Credited at closing towards Underwriting Service Fee), Underwriting Service Fee: $749.00, Processing Fee: $495.00.
15. Property Appraisal – “Broker Price Opinion (BPO)”
No property appraisal or BPO is required prior to funding approval or to close for Pro Investor clients. A BPO will however be ordered as a matter of internal procedures and placed in underwriting file.
Terms of Loan Funding
16. Property Type
Single family and 2-4 residential units (including condos, town-homes & PUDS)
17. Transaction Type
Purchase and rehab, purchase only, refinance cash out, or rate and term refinance.
18. Interest Rates
Interest rates range on average from 8% to 12% depending on final LTC on the loan being funded.
19. Subordinate Financing
Subordinate financing is NOT allowed, which includes 2nd mortgages and seller held financing.
20. Seller Concessions / Seller Paid Closing Cost
Seller may contribute up to 2% of the agreed purchase price towards buyer closing cost expenses including lender loan origination fees.
21. Loan Amounts
Tier 1: Minimum loan amount of $50,000.00 up to $1,000,000.00.
Tier 2: Minimum loan amount of $75,000.00 up to $1,000,000.00.
22. Required Documents For Funding Approval
Must Close In Name Of A Business Entity
__ Last 3 month’s business bank statements (must include all pages)
__ Copy of void check associated with bank statements provided
__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation
__ Operating Agreement or Corporate Charter/Bylaws
__ Clear and legible copy of Guarantors Drivers License
__ Clear and legible copy of Guarantors 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. Final terms vary depending on the property and borrowing entity