People who enters into a contract of real estate

Investor GOLD Program

GET PREQUALIFIED NOW - NO CREDIT PULL REQUIRED

Loan Funding Guidelines

“New GOLD “Tier Level” Funding Program”

*$0.00 Lender Origination Points Paid At Closing!

Close Fix & Flips Properties In 5 – 7 Business Days!**

Short Term 12 Months – Interest Only Payments! 

$75,000.00   –   $1,000,000.00

550+ Minimum Credit Score To Qualify!

Overview

New GOLD “Tier Level” 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) 

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

– No Property Appraisal Required To Close 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 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.

– No source or seasoning of funds to close!

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

– Fund Up To 100% Of Rehab Cost For All Tier Levels –  Not To Exceed Maximum % of ARV!

– Credit report & score is valid for 3-9 months from underwriting approval depending on tier level!

– Bank statements valid for 3-9 months from underwriting approval depending on tier level!

– No Employment Verification Required!

– No Income Verification and No Income Documentation Required!

– No Obligation 24 Hour Prequalification Results!

GOLD FUNDING PROGRAM

1.  States Currently Funding GOLD 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 –  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

1st time investors qualify as Tier 4.

 

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)

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)

 

4.  Credit Score Requirements

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.

5.  Close In 5-7 Business Days – (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.**

6.  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)

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

9.  Rehab Cost/Budget Guidelines (Up To 100% Of Rehab Cost) 

    – Total rehab budget cannot exceed the total purchase price.    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 the maximum percentage of ARV based on your documented tier level.   

    – 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.

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.  Tier 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 $299.00 Non-refundable Application Fee due at time of submission to pre-underwriting.  The application fee also covers the cost of the Broker Price Opinion (BPO) used to appraise the value of the subject property.  The Credit for application fee is applied at closing.  Balance Of $450.00 due at closing.

$495.00 Processing Fee

12.  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.

13.  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.

14.  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.

15.  First Time Investors

First time investors are allowed and are considered Tier 4 investors.  See guidelines above for Tier 4 investors.

16.  Maximum Loan Amounts

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

17.  Property Appraisal – “Broker Price Opinion (BPO)”

Tier 1 & 2:   NO PROPERTY APPRAISAL IS REQUIRED PRIOR TO CLOSING.  A BPO appraisal is ordered to support the ARV that was determined by our in-house valuations team.  Based on the documented experience level of Tier 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 2-4 unit transactions, refinances and transactions funded in the following specific areas will require a full traditional property appraisal:  Philadelphia, PA, Pittsburgh, PA.

18.  No Verification Of Income Required

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

19.  No Verification Of Employment Required

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

20.  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

21.  Property Type

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

22.  Transaction Type

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

23.  Interest Rates

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

24.  Subordinate Financing

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

25.  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.

26.  Loan Amounts

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

27.  Rehab Funds Disbursement

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.

28.  Loan Term

12 months

29.  Rate Type

Fixed monthly payment, interest only

30.  Prepayment Penalty

None

31.  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

 

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

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!