1.  Loan Amounts & Funding Parameters:

– Identification Of Specific Sales Comps To Support Current Estimated Value – Borrower will have to identify specific property addresses of SOLD properties that will support the estimated current value.  Final As-Is Value is determined by underwriter.

– For Fix & Flip Purchases:  Requires documented minimum of one (1) completed renovated flip last 36 months!

– All loans transactions are reviewed and considered on a case-by-case basis.

– Loan program is for purchase transactions only.  Renovation funding is NOT included with this loan program.

– Maximum purchase price loan amount cannot exceed current As-Is Value.

– Borrower must document proof of funds to close.

– Renovations should be general repairs and cosmetic upgrades.  No structural/foundation renovation projects.

– A down payments of 5% – 10% is allowed to reduce loan amount to meet maximum loan program guidelines.

– No Pre-payment Penalty.

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” 5-10 business days to close after receipt of all required documents and clear title issued.

5.  FOR FIX & FLIPS:  Required Prior Completed Flip Experience 

A minimum of one (1) competed renovation project is required within the last 36 months.  Any member(s) of the business entity can meet the prior experience requirement.

1st Time investors will be considered on a case-by-case basis at lower LTV.

Must provide copy of the HUD Settlement Statement from the purchase/acquisition and the sale or refinance of completed renovation projects.

6.  Lender Related Fees

– Loan origination fee:  5.99% or $5,995.00 (whichever is greater)

– Attorney fee:  $850.00

– 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)