PREMIER PROGRAM – FIX & FLIP FINANCING CRITERIA
– Loan amounts from $100,000.00 – $1,000,000.00!
– Minimum 650+ Qualifying Credit Score!
– Minimum Purchase Price Of $75,000.00 ($100,000.00 in some market areas)!
– Minimum Of 1 Qualifying Deal Of Experience For 100% Financing!
– First Time Investors OK At Reduced LTV!
– No As-Is Value Determination Requirement!
– 9 Month Term!
– No Prepayment Penalty!
Nationwide Funding Available, except Nevada, Oregon, South Dakota, North Dakota and areas designated as being rural
100% Financing Program Highlights
- 100% Financing Of Purchase Price!
- 100% Financing Of Rehab Budget!
- Rehab Budget CANNOT Exceed Purchase Price!
- Must provide most recent years tax return!
- No Personal Income Verification!
- Minimum 1 Qualifying Deal Of Experience For 100%!
- Minimum $40,000.00 liquid cash assets required!
- No Prepayment Penalty!
- Must Close In Name Of Business Entity!
- Use ARV Only – No As-Is Value Requirement!
- No Employment Verification!
- 1st Time Investors OK At Lower LTV!
Loan amounts are from $100,000.00 – $1,000,000.00.
Maximum Loan To Value (LTV) With 100% Financing:
1-9 Deals Of Experience*: Up to 65% of After Repair Value (ARV).
10+ Deals Of Experience*: Up to 70% of After Repair Value (ARV).
*Guarantor must have documented ownership in qualifying deals for experience.
**Qualifying deals of experience are defined as: ownership interest in residential properties currently owned that were renovated within last 36 months and/or residential properties renovated and sold within the last 36 months.
Interest Rate Range:
Interest rates range from 10% to 12%, interest only monthly payments.
Residential includes: single family, 2-4 units, condo’s and townhomes.
Term Of Loan
9 month term. Optional 3 month extension available.
Days To Close
Approximately 15 business days after receipt of all required docs (pending receipt of title work, insurance and appraisal)
Property appraisal is required. No As-Is value requirement. Funding based on After Repair Value only.
Loan Origination Fee:
– Loan origination fee: 3.99% of total loan amount
Other Lender Relates Cost:
– Underwriting Fee: $1,000.00
– Admin Fee: $695.00
– Processing fee: $499.00
No prepayment penalty.
Required Documents For Underwriting Approval
– Copy of most recent tax return as proof that taxes are being filed. NOT FOR INCOME DOCUMENTATION.
– Copy of last 2 months bank statements
– Copy of fully executed purchase agreement
– Clear and legible copy of government issued ID (all members of business entity)
– Copy Of IRS EIN Letter for business entity
– Copy of Articles of Organization for LLC or Incorporation for a Corporation (if applicable)
– Copy of Operating Agreement for LLC or Corporate Charter/Bylaws for Corporation
– Completed loan application (Form Provided)
– Real Estate Owned/Experience Spreadsheet (Template Provided)
– Renovation construction budget spreadsheet (Template Provided)