“New GOLD “Tier Level” 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!
$75,000.00 – $1,000,000.00
550+ Minimum Credit Score To Qualify!
New GOLD “Tier Level” Funding Program Highlights
– *$0.00 Lender Origination Points Paid At Closing (Optional). Pay no lender origination points at closing for fix and flip and purchase only transactions. Lender points are paid on back end at sale or refinance of property with a 25% service fee added to the original amount of lender points. Not available for Tier 4 investors. Not available for refinance transactions!
– **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 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!
– Fund Up 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!
GOLD FUNDING PROGRAM
States Currently Funding GOLD Program
Colorado, Connecticut, Florida*, Georgia, Illinois, 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.
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)
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.
5-7 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 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.**
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
Required Documentation For Funding Approval – See Bottom Of Page For List Of Required Documents
Rehab Cost/Budget Guidelines
– 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 budget 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.
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:
– 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 $75,000.00 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 90% of the original acquisition cost.
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: 3.75% 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
Closing Fees – Effective As Of April 1, 2017
$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
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 reflecting an ending balance of the minimum required funds to close.
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.
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.
First Time Investors
First time investors are allowed and are considered Tier 4 investors. See guidelines above for Tier 4 investors.
Maximum Loan Amounts
Minimum loan amount of $75,000.00 up to $1,000,000.00
Property Appraisal – “The BPO”
Tier 1 & 2: The BPO appraisal is ordered AFTER CLOSING to support the ARV that was determined by our in-house valuations team. Based on the experience level of Teir 1 & 2 investors we can bypass the official BPO appraisal prior to closing and have a fast track process to fund your investment deal.
Tier 2 & 3: The BPO appraisal will NOT be ordered until after the scope of work has been thoroughly reviewed and 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 and transactions funded in the following specific areas will require a full traditional property appraisal: Philadelphia, PA, Pittsburgh, PA.
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
Single family and 2-4 residential units (including condos, town-homes & PUDS)
Purchase and rehab, purchase only, refinance cash out, or rate and term refinance.
Interest rates range on average from 8% to 12% depending on Tier Level and final LTV on the loan being funded.
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*
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.
Fixed monthly payment, interest only
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
__ Certificate Of Good Standing – Issued By Secretary Of State within last 30 days
__ Clear and legible copy of Guarantors Drivers License
__ Clear and legible copy of Guarantors SSN Card
__ Copy Of HUD-1’s from previously acquired residential investment properties (if applicable)
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’s from previously acquired residential investment properties
Note: Terms are subject to change. Final terms vary depending on the property and borrowing entity