New Direct Lending Programs‏

[Sean Richway]

We have just finalized our additional loan products we are offering and have included an updated loan product summary. Also, just respond with your email if you want a PDF version of our submission listing to help us screen projects with ease and quickness. Feel free to reach out with any questions and we do have equity options available as well on a case by case basis.  

P.S. Our website will be finalized this week and fully operational!

Residential Fix and Flip (Purchase and Refi):

Guidelines:	Direct	Conduit
Minimum LoanAmount	$75,000	$75,000
Maximum LoanAmount	No maximum	No maximum
Maximum LTV	90% of purchase price 100% of rehab 70% of ARV 85% of the as is value	90% of purchase price 100% of rehab 75% of ARV 75% of the as is value
Purpose	Purchase Refinance	Purchase Refinance
Lien Position	First only	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 2 weeks	TermSheet:24-48 hours Closing: 2 weeks
Term	6-18 months	6-18 months
Location	PA, DE, MD, DC, VA, NC, SC, and FL (others on a case by case)	Nationwide outside direct program
Interest Rates	11.00%-12.90%	Starting at 7.99%
Rehab Holdback	Only incurs interest as the monies are drawn upon	Incurs interest upon closing
Origination Fees	2.00-4.00 points	2.00-4.00 points
Amortization	Interestonly	Interestonly
Recourse	Recourse	Recourse
BorrowerEntity	Individual or Entity	Individual or Entity
Minimum Credit Score	500 or higher	500 or higher

Commercial Fix and Flip (Purchase and Refi):

Guidelines:	Direct	Conduit
Minimum LoanAmount	$75,000	$200,000
Maximum LoanAmount	No maximum	No maximum
Maximum LTV	80% of purchase price 100% of rehab 70% of ARV 75% of the as is value	80% of purchase price 80-90% of rehab 65% of ARV
Purpose	Purchase Refinance	Purchase Refinance
Lien Position	First only	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 2 weeks	TermSheet:24-48 hours Closing: 2 weeks
Term	6-18 months	6-18 months
Location	PA, DE, MD, DC, VA, NC, SC, and FL (others on a case by case)	Nationwide outside direct program
Interest Rates	11.00%-12.90%a	Starting at 7.99%
Rehab Holdback	Only incurs interest as the monies are drawn upon	Incurs interest upon closing
Origination Fees	2.00-4.00 points	2.00-4.00 points
Amortization	Interestonly	Interestonly
Recourse	Recourse	Recourse
BorrowerEntity	Individual or Entity	Individual or Entity
Minimum Credit Score	500 or higher	500 or higher

New Construction (Purchase and Refi):

Guidelines:	Direct	Conduit
Minimum LoanAmount	$150,000	$200,000
Maximum LoanAmount	$5M (Higher case by case)	$20M (Higher case by case)
Maximum LTV	50% of purchase price 100% of rehab 70% of ARV 50% of the as is value	80% of purchase price 100% of rehab 65% of ARV 50% of the as is value
Purpose	Purchase Refinance	Purchase Refinance
Lien Position	First only	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 2 weeks	TermSheet:24-48 hours Closing: 2 weeks
Term	6-18 months	6-18 months
Location	PA, DE, MD, DC, VA, NC, SC, and FL (others on a case by case)	Nationwide outside direct program
Interest Rates	11.00%-12.90%	Starting at 7.99%
Rehab Holdback	Only incurs interest as the monies are drawn upon	Incurs interest upon closing
Origination Fees	2.00-4.00 points	2.00-4.00 points
Amortization	Interestonly	Interestonly
Recourse	Recourse	Recourse
BorrowerEntity	Individual or Entity	Individual or Entity
Minimum Credit Score	500 or higher	500 or higher

Bridge (Purchase and Refi):

Guidelines:	Conduit
Minimum LoanAmount	$1,000,000 (lower on case by case)
Maximum LoanAmount	No maximum
Maximum LTV	85% of purchase price 100% of capx reserves for improvements 85% of appraised value
Purpose	Purchase Refinance
Lien Position	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 3 weeks
Term	12-60 months (w/ option to convert automatically to perm)
Location	Nationwide
Interest Rates	Starting at 4.99%
Rehab Holdback	Incurs interest upon closing
Origination Fees	Starting at 1 point
Amortization	Interestonly
Recourse	Recourse
BorrowerEntity	Individual or Entity
Minimum Credit Score	500 or higher

Stated Income (Purchase and Refi):

Guidelines:	Conduit
Minimum LoanAmount	$30,000
Maximum LoanAmount	$5,000,000
Maximum LTV	75% of purchase price 75% of appraised value
Purpose	Purchase Refinance
Lien Position	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 3 weeks
Term	30 year term
Fixed Rate Term	Up to 30 year fixed rates
Location	Nationwide
Interest Rates	Starting at 6.85%
Origination Fees	Starting at 1 point
Recourse	Recourse
BorrowerEntity	Individual or Entity
Minimum Credit Score	No min credit score

1-4 Unit Permanent Non-Bank Product (Purchase and Refi):

Guidelines:	Conduit
Minimum LoanAmount	$75,000
Maximum LoanAmount	$1,000,000
Maximum LTV	75% of purchase price 75% of appraised value
Purpose	Purchase Refinance
Lien Position	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 3 weeks
Term	30 year term
Fixed Rate Term	30 year fixed rate
Location	Nationwide
Interest Rates	Starting at 5.99%
Origination Fees	Starting at 1 point
Recourse	Recourse
BorrowerEntity	Individual or Entity
Minimum Credit Score	620 min credit score

Commercial Permanent (Purchase and Refi):

Guidelines:	Conduit
Minimum LoanAmount	$750,000
Maximum LoanAmount	$50,000,000
Maximum LTV	80% of purchase price 80% of appraised value
Purpose	Purchase Refinance
Lien Position	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 30-45 days
Term	5, 7, 10, 15, 18, 20, 25, and 30 year term
Fixed Rate Term	5, 7, 10, 15, 18, 20, 25, and 30 year fixed rate
Location	Nationwide
Interest Rates	Starting at 3.10%
Origination Fees	Starting at 0.25 points
Recourse	Recourse
BorrowerEntity	Individual or Entity
Minimum Credit Score	650 min credit score

Portfolio (Purchase and Refi):

Guidelines:	Conduit
Minimum LoanAmount	$500,000
Maximum LoanAmount	$100,000,000
Maximum LTV	75% of purchase price 75% of appraised value
Purpose	Purchase Refinance
Lien Position	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 4 weeks
Term	5 or 10 year term
Fixed Rate Term	5 or 10 year fixed rate (I/O option available)
Location	Nationwide
Interest Rates	Starting at 4.99%
Origination Fees	Starting at 1 point
Recourse	Recourse
BorrowerEntity	Individual or Entity
Minimum Credit Score	620 min credit score

Line of Credit (Purchase and Refi):

Guidelines:	Conduit
Minimum LoanAmount	$50,000
Maximum LoanAmount	$3,000,000
Maximum Line Amount	$7,500,000
Maximum LTV	90% of purchase price 90% of rehab 75% of after repair value
Purpose	Purchase Refinance
Lien Position	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 2-3 weeks
Term	6-12 month terms
Location	Nationwide
Interest Rates	Starting at 10.00%
Rehab Holdback	Incurs interest upon closing
Origination Fees	Starting at 2 points
Amortization	Interestonly
Recourse	Recourse
BorrowerEntity	Individual or Entity
Minimum Credit Score	620 or higher

Home Builders (Purchase and Refi):

Guidelines:	Conduit
Minimum LoanAmount	$5,000,000
Maximum LoanAmount	$50,000,000
Maximum Lots	100 lots or lower
Maximum LTV	85% of purchase price 85% of rehab 75% of after repair value
Purpose	Purchase Refinance
Lien Position	First only
Timing (estimated)	TermSheet:24-48 hours Closing: 2-3 weeks
Term	12-36 month terms
Location	Nationwide
Interest Rates	Tiered pricing structure depending on advance rate and other factors
Rehab Holdback	Incurs interest upon closing
Origination Fees	Tiered pricing structure depending on advance rate and other factors
Amortization	Interestonly
Recourse	Recourse
BorrowerEntity	Individual or Entity
Minimum Credit Score	620 or higher

[Sean Richway]

@Robin Wilk  Yes, we can work with first time investors.  Feel free to email me directly at [email protected]