100% Purchase Price Only – General Funding Guidelines
Where We Lend For 100% Purchase Price Financing:
AL, AR, CO, CT, DE, FL, GA, IL, IN, KS, LA, MA, MD, MO, NC, OH, PA, NY, NJ, SC, TN, TX, VA, WI, WA
Other locations considered on a case by case basis.
100% Purchase Price Program Highlights
- No Hard Inquiry Credit Check Required!
- 6 month – 36 Month Term!
- No Appraisal Required!
- Purchase Loan Amount NOT TO EXCEED 90% OF CURRENT VALUE!
- $50,000.00 – $250,000.00 Loan Amounts!
- Single Family, 2-4 Units and Town-home Properties!
- Must Close In Name Of Business Entity!
- No Prepayment Penalty!
- Prior Flip Experience Of Any Member Of Business Entity OK!
24-48 Hour Pre-qualification With No Credit Pull Required – Click Here
1. Loan Amounts & Funding Parameters:
– Requires documented minimum of one (1) completed flip last 36 months!
– All loans transactions are reviewed and considered on a case-by-case basis.
– Loan program is for purchase transactions only. No refinance and no renovation funding.
– Maximum loan amount cannot exceed 90% of current As-Is Value.
– Borrower must document proof of funds to close.
– Renovations should be general repairs and cosmetic upgrades.
– A down payments of 5% – 10% is allowed to reduce loan amount to meet maximum loan program guidelines.
– No Pre-payment Penalty.
– Borrower must demonstrate ability to refinance out of the short term financing loan by providing current copy of credit report with minimum credit score of 640.
FOR PROJECTS THAT REQUIRE MAJOR RENOVATION – See our Platinum Fix and Flip Funding Program – Click Here
2. Interest Rate Range:
– Start rate is 14% and adjust upward by 2% every 6 months to a maximum term of 36 months.
3. Property Types / Minimum Value
– Minimum As-Is property value is $50,000.00.
– Single Family, 2-4 units and town-homes. No Condo’s.
4. Number Days To Close
“Approximately” 10-15 business days to close after receipt of all required documents and issuance of pre-approval notification. SETTING OF SPECIFIC CLOSING DATES ARE ALWAYS SUBJECT TO AVAILABILITY OF FUNDS.
5. Required Prior Completed Flip Experience
One (1) competed residential flip is required within the last 24 months. Any member of the business entity can meet the prior flip experience
Must provide copy of the HUD Settlement Statement from the purchase/acquisition and the sale or refinance.
6. Lender Related Fees
– Loan origination fee: 5.99% or $5,995.00 (whichever is greater)
– Attorney fee: $650.00
– Processing fee: $995.00
– 1st 2 months interest payments are prepaid at time of closing
7. Recommendation To Use Lender Designated Title Company For Closing
Borrower is strongly encouraged to make purchase offers listing the lenders designated title company for closing. This loan transaction uses private investor funds and does not require all the traditional documents and disclosures to complete the closing. Closings can be conducted via mail out and by use of notary public with borrower’s wet ink signature. Electronic signatures are not allowed.
8. Required Documents For Underwriting Approval
– Clear and legible copy of government issued ID (all members of business entity)
– Copy of fully executed purchase contract
– Copy of HUD Settlement Statement from acquisition and sale of complete flip
– Most recent months bank statements (all pages) showing cash to close
– 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
– Copy of two (2) current utility bills reflecting primary residence address for all members of the business entity
– Real Estate Experience Spreadsheet (template provided)