NO SEASONING ON TITLE - REFI CASH OUT TO 80% LTV

"Construction & Renovation Take Out Loan"

NO SEASONING ON TITLE – CASH OUT REFINANCE

Includes Renovation & Construction Take Out Loans With Cash Out!

FOR NO SEASONING ON TITLE LOANS:  Requires “some” improvements have been done to the property & 3+ investment properties owned in the last 36 months.
RENOVATION & CONSTRUCTION TAKE OUT LOANS:  Designed to provide Builders and Fix and Flip clients with the flexibility to access funds before the completion of a project by using the current “As-Is” value at the current stage of the project.  Must have 3+ investment properties owned in the last 36 months.

 

General Funding Guidelines

Funding Available In The Following States:

AZ, CA, CO, CT, DC, FL, GA, HI, IL, IN, LA, MA, MD, MI, MO, NC, NJ, OH, OK, PA, SC, TN, TX, VA, WA, WI

Program Highlights

24 Hour Pre-qualification With No Credit Pull RequiredClick Here

Qualifying Credit/Experience & Loan Amounts:

– Minimum qualifying credit score is 620+.

– Qualifying credit score of 700+ required for max 80% LTV cash out.

– Credit score of 650-699, max cash out is 75% LTV.

Requires having 3+ investment properties owned in the last 36 months (rentals and/or flipped properties).

– Loan amounts are from $100,000.00 – $5,000,000.00 for single family and 2-4 units, including condo’s and townhomes.

 

Interest Rate Range:

Interest rates typically range from 11% – 13% interest only payment.

 

Property Types

Single Family, 2-4 units, town-homes, condo’s.

 

Seasoning On Title Requirement

No seasoning on title requirement to use current appraised value*.

*Requires “some” improvements have been done to the property & 3+ investment properties owned in last 36 months (rentals and/or flipped properties).

AFTER 6 MONTHS ON TITLE – Use current appraised value.

 

Title Vesting

Closing must be executed in the name of a business entity (LLC, S-Corp, C-Corp).

 

Property Appraisal

Traditional property appraisal is required.

 

Loan Fees:

– Loan origination:  2.99% or $4,895.00 (whichever is greater)

– Processing: $1,395.00

– Admin:  $895.00

 

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

– 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

– Interior & exterior photos of the subject property.

– For Properties Renovated Within Last 12 Months:  Copy of original scope of repair work OR list of repairs with associated cost (TEMPLATE PROVIDED).

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