Gold Fix & Flip – Investor Funding Program
Up To 85% Of Purchase Price & 100% Of Rehab Cost!
NO BANK STATEMENTS – NO ASSET VERIFICATION!
$75,000.00 – $1,000,000.00 Loan Amounts!
Only 2.75%* Loan Origination
GOLD Funding Program Highlights
– *Only 2.75% Loan Origination Fee (see paragraph 7 below)
– Up To 85% Purchase Price Financing & 100% Rehab Financing With 680+ Credit Score!
– Up To 80% Purchase Price Financing & 100% Rehab Financing With 640-679 Credit Score!
– Fund Up To 100% Of Rehab Cost!
– Maximum Loan Amount Up To 70% Of After Repair Value (ARV)!
– No Asset verification – No Bank Statements!
– No Income verification!
– No Employment Verification!
– No Prior Experience Verification!
– Loan Amounts From $75,000.00 – $1,000,000.00!
– 12 Month Term, No Prepayment Penalty, Interest Only Payment!
GOLD FUNDING PROGRAM
1. States Currently Funding GOLD Program
Colorado, Connecticut, Florida*, Georgia, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, Ohio*, Pennsylvania, South Carolina, Tennessee, Texas, Virginia*, Washington, West Virginia.
*You must close in the name of a business entity in the following states: Florida, Ohio and Virginia.
2. Qualifying Credit Criteria
– No bankruptcies, foreclosures charge-offs judgments within past three (3) 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.
3. Number of Loans Funded Per Investor
Up to two (2) open loan transactions at any given time
4. Required Documents For Funding Approval – See Bottom Of Page For List Of Required Documents
5. Transactions/Properties Ineligible For Funding
– Non-arms length transactions
– Commercially zoned real estate
– Multifamily (5+) real estate, Mixed Use Properties, Manufactured, Dome, Log Homes or Houseboats, Timeshares
– Rural Properties and Raw Land
– Properties less than 700 sq ft of living/heated area
6. Rehab Cost/Budget Guidelines (Up To 100% Of Rehab Cost)
– Total rehab budget cannot exceed the total purchase price. The maximum rehab budget loan amount cannot exceed the purchase price of the subject property. The combined purchase loan and rehab loan amount cannot exceed the maximum percentage of ARV based on your documented tier level.
– Rehab budgets in excess of 50% of the purchase price OR adding new square footage: Rehab budget in excess of 50% of the purchase price of the subject property OR when adding brand new square footage to existing structure will require a licensed General Contractor. Also any rehab (regardless of dollar amount) that that requires foundation work may require a licensed General Contractor.
Note: We do not advance rehab loan funds. Rehab funds are disbursed (at your discretion) as work is documented as completed with your project.
7. Loan Origination Fees
2.75% of total loan amount OR $3,800.00 (whichever is greater)
New Jersey Transactions: Add .50% to loan origination fee
8. Closing Fees
Underwriting Service Fee: $995.00
Processing Fee: $495.00
Application Fee: $350.00 – Application fee is paid at time of submission to underwriting and is non-refundable. Fee is credited at time of closing and is used to offset the cost of the property appraisal.
9. First Time Investors
First time investors are allowed.
10. Maximum Loan Amounts & LTV
Minimum loan amount of $75,000.00 up to maximum loan amoutn of $1,000,000.00.
Loan amount cannot exceed 70% of After Repair Value (ARV).
11. Property Appraisal – “Desktop Quantitative Appraisal (DQA)”
A Desktop Quantitative Appraisal (DQA) is where a property inspection firm visits the property, inspects the property and takes interior and exterior photographs of the property. The photos are then provided toa 3rd party national valuation vendor and a licensed appraiser that then performs the desktop appraisal.
The DQA appraisal will NOT be ordered until after the scope of work has been thoroughly reviewed. A courtesy construction feasibility call will be required prior to underwriting approval.
NOTE: All 2-4 unit transactions, refinances and transactions funded in the following specific areas will require a full traditional property appraisal: Philadelphia, PA, Pittsburgh, PA.
12. No Verification Of Assets
There is no verification or documentation of assets required for underwriting approval.
Terms of Loan Funding
13. Property Type
Single family and 2-4 residential units (including condos, town-homes & PUDS)
14. Interest Rates
Interest rates range on average from 10% to 12% depending on borrower credit score.
15. Subordinate Financing
Subordinate financing IS ALLOWED only if recorded at least 1 day after recordation of our security instrument.
16. Seller Concessions / Seller Paid Closing Cost
Seller may contribute up to 2% of the agreed purchase price towards buyer closing cost expenses including lender loan origination fees. However, the purchase loan amount will be reduced dollar for dollar by the amount of seller concessions.
17. Rehab Funds Disbursement
– We do not advance rehab/construction loan funds. Rehab funds are disbursed (at your discretion) as work is documented as completed with your project
– Request for disbursement of construction/rehab funds are initiated via email to the construction draw department. Funds are normally disbursed within 3 business days after completion of inspection/validation of completed work.
– There is a $200.00 inspection/draw fee for each disbursement of construction budget funds. The fee is deducted from your construction budget at the time of each disbursement.
18. Required Documents For Funding Approval
Business Entity Borrower (When closing in the name of a business entity)
__ Copy of void check for bank account used for monthly payment
__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation
__ Operating Agreement or Corporate Charter/Bylaws
__ Clear and legible copy of Guarantors Drivers License
__ Clear and legible copy of Guarantors SSN Card
Individual Borrower (When closing in individual name & no business entity involved)
__ Copy of void check for bank account used for monthly payment
__ Clear and legible copy of Drivers License
__ Clear and legible copy of SSN Card
Note: Terms are subject to change. Final terms vary depending on the property and borrowing entity