– Loan amounts from $75,000.00 – $2,000,000.00!
– 6 or 12 Month Term!
– No Prepayment Penalty!
– Investors With 680+ Credit and 3+ Deals Experience Qualify at 65% Of ARV!
– 1st Time Investors Qualify at 60% Of ARV with minimum 650+ Credit!
STATES CURRENTLY COVERED: CO, CT, DE, FL, GA, IN, KS, LA, ME, MD, MA, MO, NC, NH, NJ, NY, PA, RI, SC, TN, VA, WA
Funding Program Highlights
- 100% Financing Of Purchase Price!
- 100% Financing Of Rehab Budget!
- Rehab Budget Can Exceed Purchase Price!
- Foreign Nations OK!
- Must provide last 2 years tax returns!
- Maximum Loan Amount 65% Of After Repair Value!
- First Time Investors OK To 60% Of After Repair Value!
- No Prepayment Penalty!
- Must Close In Name Of Business Entity!
Loan amounts are from $75,000.00 – $2,000,000.00.
Maximum Loan To Value (LTV) With 100% Financing:
680+ credit with 3+ deals experience qualify for up to maximum of 65% After Repair Value (ARV). Any amount above final appraisal ARV will be added to borrowers cash to close requirement. 90% purchase and 100% rehab available up to 75% of ARV.
1st time investors with 650+ credit qualify for up to maximum of 60% After Repair Value (ARV). Any amount above final appraisal ARV will be added to borrowers cash to close requirement. 80% purchase and 100% rehab available up to 70% of ARV.
Interest Rate Range:
Interest rates range from 10.99% to 14.99%, interest only monthly payments.
Residential includes: single family, 2-4 units, condo’s and townhomes.
Term Of Loan
Six (6) month term OR 12 month term. Optional extension of term available.
Must document six (6) months of interest reserve payments.
Days To Close
Approximately 15 business days after receipt of all required docs (pending receipt of title work, insurance and appraisal)
A full property appraisal is required.
A construction feasibility study is required in conjunction with property appraisal. Cost is $300.00.
– Loan origination fee: 4.99% of total loan amount or $4,995.00 (whichever is greater)
– Underwriting Fee: $1,995.00
– Processing fee: $895.00
No prepayment penalty.
Required Documents For Underwriting Approval
– Copy of last 2 years tax returns
– 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)