Rehab Line of Credit Program

[Jim Lally]

We are currently offering a line of credit program for experienced investors.  Please see below for program details.  If you are interested  and would like further information, please contact me at [email protected] or 877-957-4357  x709

Fico: 620+
Loan Terms: 9-12 months, interest only
Loan Size: $100,00-7.5 Million
Max LTC: Lender will finance generally 80% of the total project cost as long as the loan amount does not exceed 65% of the ARV. For strong and repeat borrower the lender can financing 85% of the total project cost; final loan amount cannot exceed 70% of the ARV (After Repair Value).
Interest Rate: 10-13%; Lower interest rates are reserved for repeat borrowers.
Property Types: 1-4 unit investment properties! This includes Single Family Homes, 2-units, 3-units, 4-units, condos and town homes. Multifamily properties from 5-30 units.
Pre-Payment Penalty: None!
Use of Funds: Purchase & Rehab
Experience verification: Borrower needs to have closed at least 3 deals in the past year. Borrower should be a very active real estate investor.
Points: Lender typically charges 1.5 to 2 points
Other Borrower Qualifications: Borrower must always maintain 20% liquidity of the line in bank accounts. Minimum $250,000 Net Worth. No mortgage lates in the past year. No bk's or foreclosures ever!
Lending Territory: Nationwide with the exception of CA, OR, MN & NV.
Closing Time Frame: 1-2 weeks

Special: This is a transactional line of credit where in order to draw from the credit line a property must be purchased. The line is based off of a 1 to 5 ratio. If the borrower has $100,000 in their bank accounts, lender will assign a $500,000 line of credit for their future deals.