Header Image – Short Term 12 Month Refinance Page

Short Term - 12 Month Refinance Cash Out!
Interest Only Payment - No Prepayment Penalty!

Get Prequalified Now!

Short Term 12 Month Refinance Cash Out!

Refi Cash Out With Additional Rehab Funding!

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

550+ Minimum Credit Score To Qualify!

Overview

Short Term 12 Month Refinance Funding Program Highlights

*OPTIONAL:  $0.00 Lender Origination Points Paid At Closing.  Tiers 1 – 3 investors qualify to pay no lender points at closing for your investor financing transactions funded via our Gold program.  Lender origination points are paid on back-end at time of sale or refinance with a 25% service fee added to the amount of original lender points.  (Available For A Very Limited Time) 

– 550+ Credit Qualifies For Refinance Cash Out Up To 65% Of Current Appraised Value if on title for more than 181 days!

– Less Than 181 Days On Title.  When current owner has been on title for  less than 6 months (180 days), we will provide refinance financing as outlined for purchase transaction funding scenario’s listed below based on Tier level! Additional funding for rehab is allowed.

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

– To Use Current Appraised Value, Current owner MUST be on title for a minimum of 181 days before application date!

– No Employment Verification Required!

– No Income Verification and No Income Documentation Required!

– 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 published purchase loan amount as detailed per Tier levels below!

– No Obligation 24 Hour Prequalification!

SHORT TERM 12 MONTH REFINANCE PROGRAM

 

1.  States Currently Funding

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.  REFINANCE 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

3.  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)

4.  Cash Out Available On Refinance Transactions 

With a minimum 550+ credit score, we can fund up to a maximum of 65% of the current AS-IS Value WITH CASH OUT, 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. 

5.  Less Than 6 Months On Title – Refinance Transactions 

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 borrower Tier level.  This can also include additional funding for rehab as well.  Please contact us to discuss your specific deal scenario.

6.  Refinance With Additional Rehab Funding Included

Less Than 6 Months On Title:  We can provide refinance based on the borrower qualifying tier level as detailed on the tier level matrix above, plus we can fund the additional amount needed for renovations up to a maximum total loan amount of 70% of ARV.

More Than 6 Months On Title:   We can finance up to 65% of the current appraised value plus we can fund the additional amount needed for renovations up to a maximum total loan amount of 70% of ARV.

NOTE:  A scope of work is always required for rehab loans and rehab funds are NOT disbursed at closing but are released as the specific areas of the scope of work are completed. 

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

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

8.  Days To Close

We can normally close on refinance transactions in about 12-15 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.**

9.  Required Documentation For Funding ApprovalSee Bottom Of Page For List Of Required Documents

10.  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:          3.75% of total loan amount

Loan amounts of $251,000.00 – $500,000.00:          3.50% of total loan amount

Loan amounts of $501,000.00 – $1,000,000.00:       2.99% of total loan amount

OPTIONAL:  $0.00 Lender Origination Points Paid At Closing.  Tiers 1 – 3 investors qualify to pay no lender points at closing for your investor financing transactions funded via our Gold program.  Lender origination points are paid on back-end at time of sale or refinance with a 25% service fee added to the amount of original lender points.  (Available For A Very Limited Time) 

11.  Closing Fees

$749.00 Underwriting Service Fee –  Includes $75.00 Non-refundable Application Fee due at time of submission to pre-underwriting.  The credit for the application fee is applied at closing and detailed on the closing settlement statement.

$495.00 Processing Fee

12.  Business Entity Allowed

Funding can be approved in the business entity name or individual name.  In Florida, Ohio and Virginia, all investor transactions must be closed in the business entity name only.

13.  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.

14.  Maximum Loan Amounts

Minimum loan amount of $75,000.00 up to $1,000,000.00.

15.  Full Property Appraisal Always Required On Refinance Transaction

All refinance transactions will require a full traditional property appraisal.  We cannot accept a previously completed property appraisal regardless of the source of the appraisal.

16.  No Verification Of Income Required

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

17.  No Verification Of Employment Required

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

Terms of Loan Funding

18.  Property Type

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

19.  Transaction Type

Refinance cash out, or rate and term refinance.

20.  Interest Rates

Interest rates range on average from 9% to 12% depending on Tier Level and  final LTV on the loan being funded.

21.  Subordinate Financing

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

22.  Loan Amounts

Minimum loan amount of $75,000.00 up to $1,000,000.00*

23.  Loan Term

12 months

24.  Rate Type

Fixed monthly payment, interest only

25.  Prepayment Penalty

None

26.  REQUIRED DOCUMENTATION

Business Entity Borrower (When closing in the 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

__ Copy of current home owners insurance declarations page

 

Individual Borrower (When closing in individual name & no business entity involved)

__ 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

__ Copy of current home owners insurance declarations page

Note:   Terms are subject to change. Final terms vary depending on the property and borrowing entity

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

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