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GOLD PROGRAM - FIX & FLIP INVESTOR FUNDING

GET PREQUALIFIED NOW - NO CREDIT PULL REQUIRED

Up To 90% Of Purchse Price & 100% Of Rehab Cost!

Gold Fix & Flip – Investor Funding Program 

90% Purchase Price & 100% Of Rehab Tiers 1-3!

No Income & No Employment Verification!

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

Overview

GOLD Funding Program Highlights 

– 90% Purchase Price Financing & 100% Rehab Financing With one (1) Completed flip last 24 Months with 600+ Credit Score!

– 85% Purchase Price Financing & 100% Rehab Financing With no  Completed flips last 24 Months with 600+ Credit Score!

– Fund Up To 100% Of Rehab Cost For All Tier Levels!

– No source or seasoning of funds to close!

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

– Credit report & score is valid for 3-6 months from underwriting approval depending on tier level!

– No Employment Verification Required!

– No Income Verification and No Income Documentation Required!

– 12 Month Term, No Prepayment Penalty, Interest Only Payment!

For Same Day Pre-qualification  –  No Credit Pull Required  –  Click Here 

 

For Tier 1 & 2 Qualified Investors:

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!

GOLD FUNDING PROGRAM

1.  States Currently Funding GOLD Program

Colorado, Connecticut, Florida*, Georgia, Kentucky, Maryland,  Massachusetts, Michigan, Missouri, New Jersey, 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.  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  –  (Click Here To See Pro Investor Program)

Tier 2:  Exited/sold   4+ flips during last 24 months  –  (Click Here To See Pro Investor Program)

Tier 3:  Exited/sold   1-3 flips during last 24 months  –  Minimum 600+ Credit Score

Tier 4:  Exited/sold    0 flips during last 24 months    –  Minimum 600+ 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:  (See Pro Investor Program)

Tier 2:  (See Pro Investor Program)

Tier 3:

600+ Credit Score up to 90% of purchase price and 100% of rehab cost  –  (Max 70% of ARV)

Tier 4:

600+ Credit Score up to 85% of purchase price and 100% of rehab cost  –  (Max 70% of ARV)

 

4.  Minimum Credit Score Requirements

Tier 1(See Pro Investor Program)

Tier 2(See Pro Investor Program)

Tier 3:  600+ Credit Score  (Credit score is valid for 6 months)

Tier 4:  600+ Credit Score  (Credit score is valid for 3 months)

 

5.  Days To Close

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 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 12 consecutive months)

Tier 2:  $15,000.00  (once underwriting verified, valid for 9 consecutive months)

Tier 3:  $15,000.00

Tier 4:  $15,000.00

 

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

 

8.1  Transactions/Properties Ineligible For Funding

– Non-arms length transactions

– Commercially zoned real estate

– Multifamily (5+) real estate, Mixed Use Properties, Manufactured, Dome, Log Homes or Houseboats, Timeshares

– Rural Properties and Raw Land

– Properties less than 700 sq ft of living/heated area

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 – Tier 3 & 4

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:          3.75% 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:       3.25% of total loan amount.

New Jersey Transactions:  Add .50% to loan origination fee

 

11.  Closing Fees

  TIER 1:  (See Pro Investor Program)

  TIER 2:  (See Pro Investor Program)

  TIER 3:  Application Fee*:  $350.00 (Credited at closing towards Underwriting Service Fee), Underwriting Service Fee:  $995.00, Processing Fee:  $495.00.

  TIER 4:  Application Fee*:  $350.00 (Credited at closing towards Underwriting Service Fee), Underwriting Service Fee:  $1195.00, Processing Fee:  $495.00.

*For Tiers 3-4, the application fee also covers the cost of the Desktop Quantitative  Appraisal (DQA) used to determine the After Repair Value (ARV) of the subject property.

 

12.  First Time Investors

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

13.  Maximum Loan Amounts

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

14.  Property Appraisal – “Desktop Quantitative Appraisal (DQA)”

A Desktop Quantitative Appraisal (DQA) is where a property inspection firm visits the property, inspects the property and takes interior and exterior photographs of the property.  The photos are then provided toa 3rd party national valuation vendor and a licensed appraiser that then performs the desktop appraisal.

Tier 1 & 2:   NO PROPERTY APPRAISAL IS REQUIRED PRIOR TO CLOSING.  A DesKtop Quantitative Appraisal (DQA) is ordered to document condition and photograph subject property as part of internal underwriting guideline requirements.  For Tier 1 & 2 investors, if no access to property is available prior to closing we can bypass having to complete the official DQA appraisal prior to closing and schedule the DQA immediately after closing. THE DQA IS NOT REQUIRED FOR FUNDING APPROVAL OR TO CLOSE FOR TIER 1 AND 2 INVESTORS.

Tier 3 & 4:  The DQA 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 will be required prior to underwriting approval.  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.

15.  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.  Borrower must provide copy of last 3 months bank statements.

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 10% to 12% depending on Tier Level and  final LTV on the loan being funded.

19.  Subordinate Financing

Subordinate financing IS ALLOWED only if recorded at least 1 day after recordation of our security instrument.

 

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

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

22.  Rehab Funds Disbursement

–  We do not advance rehab/construction loan funds.  Rehab funds are disbursed (at your discretion) as work is documented as completed with your project

–  Request for disbursement of construction/rehab funds are initiated via email to the construction draw department.  Funds are normally disbursed within 3 business days after completion of inspection/validation of completed work.

–  There is a $200.00 inspection/draw fee for each disbursement of construction budget funds.  The fee is deducted from your construction budget at the time of each disbursement.

23.  Required Documents For Funding Approval

Business Entity Borrower (When closing in the name of a business entity)

__ Last 3 month’s business bank statements (must include all pages)

__ Last 3 month’s personal bank statements (must include all pages) – REQUIRED FOR ALL LOAN SUBMISSIONS

__ 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 – 600+ Credit OK!

Low Rates – Flexible Terms – Close in 10-12 business days!