PROPERTY
TYPE: Residential 1-4 Family, non-owner occupied small apartment
and condo conversions on a case-by-case basis.
LIEN POSITION: First mortgage only.
LINE
TERM: 6
months, extendable for up to 13 months.
ADVANCE
RATE:
Options from 85% to 100% of Project Costs.
LTV:
Up to 75% of After-Repaired Value.
RENOVATION
FUNDS: 100% of renovation funds are typically advanced in 1 to 4 draws. Once certifies works done, funds are wired within 24 hours directly to the investor's account.
INTEREST
PAYMENTS: No payments for 6 months.
QUALIFYING
DOCUMENTATION: Rehab Loan Application including: Two years Tax Returns (both personal and business) Three months Bank
Statements (both personal and business Entity documents (EIN#, Certificate, Articles of & Organization/Operating Agreement)
LOAN
DOCUMENTAION:
Purchase Agreement (signed by both parties) Summary of Rehab Work to be Completed
GUARANTEE:
Personal guarantee required; close in name of business entity.
QUICK
FUNDING:
Once a borrower has been approved, funding of individual transactions typically in two weeks. No borrower re-qualification is required for
subsequent transactions.
Minimum FICO:
630
WHETHER YOU
ARE A NOVICE OR AN EXPERIENCED REHABBER,
WE HAVE A LOAN PROGRAM TO FIT YOUR BUSINESS GOALS!
