PLATINUM FUNDING PROGRAM

12 Month Refinance (Click Here)

Fix & Flip (Click Here)

12 Month Bridge Refinance Cash Out

Plus

Fix & Flip

“No Interest Carry Cost On Unused Rehab Budget”

Get Prequalified With No Credit Pull

Fix & Flip Funding Highlights

  • PAY NO INTEREST CARRY COST on rehab budget loan amount until funds are used!
  • 80% – 90% Of Purchase Price! (see guidelines paragraph 6 below)
  • 100% Financing Of Rehab Budget!
  • Up To 75% Of After Repair Value!
  • Loan Amounts Up To $2,000,000.00!
  • No Sourcing Of Deposits Under $50,000.00!
  • No Prepayment Penalty! 1% Exit Fee After 9 Months!
  • 24 Hour Prequalification With No Credit Pull Required!
  • Only 2.75% Origination Fee!*

We Fund Fix & Flip Deals That Include Assignment Fees!

CAN’T VERIFY YOUR LIQUID ASSETS / BANK STATEMENTS?  Use Our Gold Fix & Flip Funding Program – Click Here!

12 Month Bridge Refinance Highlights

  • Use Current Appraised Value For Refinance!
  • Up To 70% LTV Cash Out Refinance!
  • Vacant Properties OK!
  • Properties Listed For Sale On MLS OK!
  • Can Close On Multiple Properties – 1 Loan Per Property!
  • No sourcing of deposits under $50,000!
  • No Prepayment Penalty! 1% Exit Fee After 9 Months!
  • No Income Verification & No Employment Verification!
  • Property Must Be 100% Complete Of Any Renovation/Rehab Work!
  • Fast 24 Hour Prequalification With No Credit Pull Required!
  • Loans from $50,000.00  –  $2,000,000.00!
  • Purchase Financing Available Up To 80% of Purchase Price! (See paragraph 7 below)
  • Only 2.75% Origination Fee!*

IMPORTANT NOTE:  Credit scores of 600-649:  For refinance, the subject property “must be listed for sale” as a documented exit strategy prior to submission to underwriting.

Platinum Funding Guidelines

1. States Currently Funding:

Funding is available nationwide (including Hawaii), except in the following states: Nevada, Oregon, Minnesota, North Dakota, South Dakota and Vermont.

$150,000 minimum property value/ARV for following areas:  Atlanta GA, Baltimore MD, Chicago IL, Cleveland OH, Detroit MI, Flint MI, New Haven CT, New Jersey NJ and Philadelphia PA.

$100,000 minimum property value/ARV for following areas:  Los Angeles CA, Miami FL, New Orleans LA, Oakland CA

 

2. Qualifying Types Of Properties:

Non-owner occupied, single family and 2-4 units. Including condo’s and townhomes.  Up to maximum of 10 acres allowed.

 

2.1 Qualifying Credit Criteria:

–  Must close in the name of a business entity.  Cannot close in individual borrowers personal name.

–  No bankruptcies, foreclosures charge-offs judgments within past two (2) years

–  Minimum of two credit scores available from the three credit bureaus.

–  If 2 credit scores are reported, the representative score is the lower score.

–  If 3 credit bureau scores are reported, the representative score is the numerical middle credit score.

– All mortgage payments reporting on credit report must be current prior to closing.

– Credit scores of 600-649:  For refinance, subject property “must be listed for sale” as documented exit strategy prior to submission to underwriting.

 

2.2 Qualifying Experience Criteria: 

Qualifying experience is based on the documented number of completed flips AND/OR number of rental properties currently owned.

– Completed flips are defined as:   residential investment property (1-4 units) purchased within the last 36 months OR a property that has been sold within the last 36 months.

– Rental properties are defined as:  residential investment property (1-4 units) currently owned (regardless of date of purchase).

 

3. Basic Loan Terms:

– 12 month term
– Monthly interest only payment
– No prepayment penalty
– No escrow of taxes and insurance

 

4. Minimum Credit Score & Cash Reserve Requirements:

– The minimum qualifying credit score to qualify for funding approval is 600+.

– Must show liquid assets of a minimum of 3 months interest only payments.  If receiving cash out, reserve requirements can be met via cash from proceeds at closing.

– No sourcing of liquid assets required, except deposits of $50,000.00 which will require a written letter of explanation.

 

5. Loan Amounts:

Loan amounts are from $50,000.00 – $2,000,000.00 for single family and 2-4 units, including condo’s and town-homes.

 

5.1  Rehab Cost / Loan Amounts:

    –  0-2 completed flips last 36 months and/or currently owned rental properties:  Total rehab budget cannot exceed the total purchase price/As-Is Value.   

    –  3+ completed flips last 36 months and/or currently owned rental properties:  There is no restriction on the dollar amount of the rehab budget.  Total loan amount cannot exceed 75% of ARV.  

Note:  We do not advance rehab loan funds.  Rehab funds are disbursed as work is documented as completed with your project.

 

6. Maximum Loan To Values (LTV):

FIX & FLIP Program

0-2 Completed Flips In Last 36 Months PLUS Number Of Rental Properties Currently Owned:

–  80% of Purchase Price OR As-Is Value (whichever is less)

–  100% of Rehab Budget

–  Maximum loan amount of 75% of After Repair Value

No General Contractor Required When Adding Less than 20% New Construction Square Footage

3-9 Completed Flips In Last 36 Months PLUS Number Of Rental Properties Currently Owned:

–  85% of Purchase Price OR As-Is Value (whichever is less)

–  100% of Rehab Budget

–  Maximum loan amount of 75% of After Repair Value

No General Contractor Required When Adding New Construction Square Footage

10+ Completed Flips In Last 36 Months PLUS Number Of Rental Properties Currently Owned:

–  90% of Purchase Price OR 87.5% of As-Is Value (whichever is less)

–  100% of Rehab Budget

–  Maximum loan amount of 75% of After Repair Value

No General Contractor Required When Adding New Construction Square Footage

 

REFINANCE 12 Month Bridge Program 

– Rate and term refinance up to 72.5% of the current As-is Value

– Cash out refinance up to 70% of the current As-Is Value

 

REFINANCE With Rehab Program 

– Initial loan amount is 70% of As-Is Value if experience level is 3+ flips/rentals 0R 65% of As-Is Value if experience level is 0-2 flips/rentals.

– Initial loan amount must cover any mortgage payoff amount otherwise borrower will be required to cover difference out of pocket.

– Remaining loan amount for rehab/cash out is up to  75% Of ARV

 

7. Purchase Only Financing Available (No Rehab):

1st Time Investors: We can fund up to 75% of current appraised value or purchase price (whichever is less) under our 12 month bridge financing program for 1st time Investors or investors with less than 3 completed flips in the last 3 years and/or currently owned rental properties.

Investors With 3+ Flips And/Or Currently Owned Rentals: For investors with 3 or more flips or owned 3 or more rentals in the last 3 years we can fund up to 85% of purchase price, not to exceed a total loan amount of 75% of current appraised value.

 

8. Loan Fees:

– Loan origination fee of 2.75% or $3,800.00 (whichever is greater)* (paid at closing)
– Legal fee of $995.00 (paid at closing)
– Processing fee of $495.00 (paid at closing)

 

9. Property Appraisal:

A full property appraisal is required for all bridge loan funding transactions. The cost of the appraisal is required to be paid upfront prior to ordering the appraisal. The cost of appraisal typically ranges from $400.00 – $650.00 depending on the local real estate market.

 

10. Minimum Property Value:

The minimum appraised value to qualify for underwriting approval is $75,000.00.

$150,000 minimum property value/ARV for following areas:  Atlanta GA, Baltimore MD, Chicago IL, Cleveland OH, Detroit MI, Flint MI, New Haven CT, New Jersey NJ and Philadelphia PA.

$100,000 minimum property value/ARV for following areas:  Los Angeles CA, Miami FL, New Orleans LA, Oakland CA

 

11. Number Days To Close:

Approximately 15-18 business days to close from submission of full loan file into underwriting.

 

12. Interest Rates:

Interest rates typically range from 8.99% to 11.99% based on number of properties owned and/or flipped in the last three (3) calendar years.

 

13. REQUIRED DOCUMENTATION FOR UNDERWRITING APPROVAL

– Clear and legible copy of government issued ID (all members of business entity)

– Copy of executed purchase and sales agreement (if applicable)

– Executed authorization to run credit report and background check

– Copy of last/most recent one month personal or business bank statements (all pages)

– Copy of IRS EIN letter for business entity

– Copy of Articles Of Organization for LLC or Incorporation for a Corporation

– Copy Of Operating Agreement for LLC or Corporate Charter/Bylaws for Corporation