12 & 24 Month Bridge Refinance Cash Out
“Including Modular & Manufactured Homes”
A short term bridge loan, higher LTV financing solution that provides real estate investors maximum “cash out” flexibility with no prepayment penalty!
General Funding Guidelines
LIMITED COVERAGE AREA: Funding Available In The Following States:
AZ, CA, CO, DC, FL, GA, HI, ID, IL, MD, NC, NJ, NV, OR, PA, SC, TN, TX, UT, VA, WA.
Up To 75% LTV Cash Out Available In Metropolitan Markets.
For Purchases: Up To 80% LTV In Certain Major Metropolitan Markets.
Refinance Program Highlights
- Minimum Qualifying FICO: 600!
- Interest only payments!
- No Appraisal – Use BPO for valuation!
- No personal income verification!
- Close in about 15 Business Days!
- No escrows of taxes and insurance!
- No personal guarantee under $1.5Million!
- No income docs required!
- Properties listed for sale OK!
- Vacant properties OK!
- No employment verification!
- No pre-payment penalty!
- Close in personal name or business entity!
- No seasoning on title for completed renovation projects!
24 Hour Pre-qualification With No Credit Pull Required – Click Here
Loan amounts are from $100,000.00 – $2,000,000.00 for single family, 2-4 units, including condo’s, town-homes and modular/manufactured homes.
Up to 80% LTV available in certain major metropolitan markets.
24 Month Bridge Funding Option:
– Rental income is factored for vacant and leased properties.
– For vacant properties the market rent will be used from the property appraisal.
– Minimum debt service coverage ratio (DSCR) is 1.0
Interest Rate Range:
Interest rates typically range from 8.75% – to 10.50% (interest only payment) based on borrower credit and LTV.
– Single Family, 2-4 units, town-homes, condo’s.
– Modular & manufactured homes financed under 12 or 24 month bridge option only.
– Modular & manufactured homes must have a manufacture date/built date after 1976 to qualify for underwriting approval.
– Maximum 5 acres lot/land size. Exceptions can be requested and approved at underwriters discretion.
Borrower Experience – Qualifying Tier Level
Tier 1: Currently own 5 or more residential properties and/or sold in the past 24 months
Tier 2: Currently own 1-4 residential properties and/or sold in the past 24 months
Tier 3: 0 residential properties owned and/or sold in the past 24 months
Seasoning On Title Requirement
No seasoning on title requirement for properties that have been completely renovated. 12 month seasoning on title for properties that have not been renovated.
For Renovated Properties: Must provide original scope of repair work OR list of repairs completed and interior/exterior photos.
Closing can be executed in either registered corporation (LLC, S-Corp, C-Corp) or individual name.
A Broker Price Opinion (BPO) is required for properties under $1.5Million and up to $2Million in California.
– Loan origination fee: 2.99% of total loan amount or $3,995.00 (whichever is greater)
– Underwriting fee: $1,195.00
– Processing fee: $795.00
Required Months Of Payments Holdback At Closing
For cash out proceeds in excess of $100,000.00, there will be a holdback equal to 12 months of payments at time of closing.
Required Documents For Underwriting Approval
– Clear and legible copy of government issued ID (all members of business entity)
– Copy of HUD Settlement Statement from acquisition of property
– Last 2 months bank statement (all pages)
– Copy Of IRS EIN Letter for business entity (if applicable)
– 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 fully executed lease agreement (if applicable)
– For currently leased properties, proof of receipt of last 2 months rental income payments
– For Renovated Properties: Copy of original scope of repair work OR list of repairs completed and interior/exterior photos.