All Forum Posts by: Fred Shatzoff

Fix & Flip Loan!

Are you a New or Experienced Investor we can help you.

We Lend Nationwide!

1. Up to 90% of Purchase Price.

2. Up to 100% of Rehab Costs.

3. Up to 75% After Repair Value.

4. Minimum Credit Score 660.

5. 1 - 4 Families.

6. Loan Amounts from $75,000 - $2,500,000.

7. New Investors OK.

8. Rates from 7.50% to 9.99%.

I would love to help you Fund your next Real Estate deal.
Call Fred Shatzoff Today at 551-272-9066 [email protected]

Fico: 680+

-Loan Terms: 15-year term (balloons after that). After every 5 years, the rate is fixed again (prime +1). Interest rates are tied to prime. Loan amortized for 25 years.

-Loan Size: $100K to No MAX!

-Max LTV: 75% for 1-4 unit. 80% for commercial properties!

-Debt Service Ratio: 1.25 + Lender does factor in a vacancy rate.

-Interest Rate: 4.00% - 6.25%

-Property Types: 1-4 UNIT INVESTMENT PROPERTIES! The lender also lends on pure commercial properties as well. No gas stations. Can do hotels if they are flagged.

-Pre-Payment Penalty: NONE!

-Use of Funds: Purchase, Refinance, Cash-Out Refinance as well! No renovations or ground-up construction! The lender wants the property to be fully renovated and rented or have leases signed with tenants ready to move in. Not big on paying off liens if that is what the investor needs the cash out for.

-Seasoning Requirement: NONE ON A REFINANCE!

-Asset verification: 3 months of bank statements (last bank statement must show down money, closing costs, and reserves)

-Closing Timeframe: 30-45 days!

-Territory: DE, PA, Pittsburgh, MD (like Baltimore), Washington DC, Texas (Houston Area and borrowers home must be there too), Alabama, Georgia, Florida, and some areas of NJ for now. Eventually, the program will expand to be nationwide. The lender does not lend in lower populated areas for now

-Lender Fee: Once the lender has a good feeling then can do the deal a non-refundable $450 application fee is taken. At closing the lender then only charges 1 point

- Liquidity Requirement: Does not have an exact requirement but they want the borrower to still have cash on hand after the closing

-Special: All principles over 20% need to personally guarantee the loan. Can consider working with foreign nationals as long as they are legally in the US and they must have US credit.

-Required Loan Docs:

To analyze the deal the lender needs upfront:

• 3 years tax returns (personal & business)
• PFS
• Purchase and sales contract
• past appraisals (if applicable)
• current leases
• rent roll
• Income and expense reports (Year to Date & Past 2 years)
• The lender does a global DTI
• Property and tax returns need to debt service
• To Find out More Contact Fred Shatzoff 551-272-9066 or
  

Fico: 660+

• This lender allows the borrower to have $10,000 of unpaid debt, but no more than that!
• No more than four 60-day lates in the last 2 years.
• No felonies! No fraud!
• Anyone over 25% owner of the entity has to be a Personal Guarantor.
• It will be a soft pull on an entity with a Personal Guarantor, with no effect on credit.
• The lender can go off credit score for the majority owner or the middle score of credit score of the entity if no Personal Guarantor.

-Loan Terms: 12, 18 & 24 months, fixed interest only-Loan Size: $75K to $1 Million

• Loans outside of CA are capped at $600,000

-Max LTC/LTV:

• The lender will finance up to 85% LTC, Loan to Cost & 100% of the construction (done in draws).
• The loan amount cannot exceed 70% of the ARV (After repair value) of the property.
• Purchase w/ no rehab = 70% LTV. Refinance as is = 65% LTV.

-Interest Rate: 7.95-11.25%;

• Interest rate is determined by investors' experience, location & the leverage they are requesting.

-Property Types: Only 1-4 unit investment properties (Single Family Homes, 2-units, 3-units, 4-units, condos, and townhomes).-Pre-Payment Penalty: None!-Use of Funds: Purchase, Refinance, Cash-Out Refinance & Rehab-Asset verification: Depends on borrowers' experience. ...Recent 3 months of bank statements are required.-Experience Requirement/ROI:

• Lender counts investment properties rehabbed and sold in the past 2 years as experience.
• Property cannot be purchased longer than 3 years ago.
• The lender will only consider 1-4 unit investment properties as past experience, not commercial properties!
• The lender is lending to Standard Tier borrowers 0-4 flips and pro borrowers 5+ flips in the past 2 years.
• Return on investment has to be:

..........Tier 4 = 1.2 ROI..........Tier 3 = 1.15 ROI..........Tier 2 = 1.10 ROI..........Tier 1 = 1.0 ROI-Experience Tiers:

• Tier 1/Pro = 10 + exits, ARV cap of 75%;
• Tier 2/Plus = 4-9 exits, ARV cap of 75%.
• Tier 3/ Standard = 1-3 exits (Construction restriction if the borrower is doing work to the foundation, adding or removing walls, adding square footage, or if the rehab budget is more than 50% of the purchase price, they will be capped at 5% less on the max ARV).
• Tier 4/Access = No experience; 12% + (Construction restriction is limited if the borrower is doing work to the foundation, structure, adding or removing walls, adding square footage, if the rehab budget is more than 50% of the purchase price, they will be capped at 5% less on the max ARV.)

-Liquidity Requirement:

• All borrowers need down money and closing costs.
• Large deposits Do Not have to be seasoned.
• Tier 1 Reserve Requirement= $25,000.
• Tier 2-4= $15,000.
• The reserve requirement is NOT in addition to down money and closing costs.

-Lender Points: 1.5-2.5 lender points (depends on borrowers credit, experience, and deal size)-Lending Territory: AZ, CA, CO, CT, DC, FL, GA, IL, KY, MA, MD, MI, MN, MO, NC, NJ, NV, NY, OH, OK, PA, SC, TN, TX, VA, WA, and WV-Closing Time Frame: 5-15 days based on borrowers' experience! -Appraisal/BPO:

• This lender typically just orders a desktop BPO on a purchase, which costs $350.
• On a refinance they do a full appraisal which is $600-$700 if the property is owned for longer than 6 months.
• If we are dealing with a severely damaged property a full appraisal will be required.
• The lender uses Mercury Appraisal Company.

-Special: NO JUNK FEES!

• This loan program is only for bridge and rehab deals.
• This is not a program for ground-up construction.
• The lender's closing fee is based on experience but ranges from $499 to $1,195.
• Pro and plus borrowers can have up to 5M of loans at one time with this lender.

-Docs: The lender does not need a lot of docs at all.-Draw Process:

• Draw Fee: $199 per draw
• The borrower can do this through the website or an email address. Fill out a scope of work for what has been completed, send it in & then an agent comes out.
• The draw-free cost is taken from the disbursement of their draw. Keep copies of receipts and invoices from the contractor.
• Lien waiver requested on every draw so they cannot claim a mechanics lien on the property.

-Extra:

• Cash-out must be used for real estate purposes.
• This lender allows the borrower to close in a personal or entity name!
• FL, MN, OH, VA & NJ deals must close in an entity name.
• The lender can work with Foreign Nationals but they need proof of permanent residency.
• The lender can lend on assignment fees.
• Wholesalers cannot be related to any of the parties.
• Seller concessions over 15% require due diligence.
• The lender also has a permanent rental loan product, 640+ fico score, need 700+ for 75% LTV.

To Find out More Contact Fred Shatzoff 551-272-9066 or

Fico: 680+

Loan Terms: 15-year term (balloons after that). After every 5 years, the rate is fixed again (prime +1). Interest rates are tied to prime. Loan amortized for 25 years.

Loan Size: $100K to No MAX!

Max LTV: 75% for 1-4 unit. 80% for commercial properties!

Debt Service Ratio: 1.25 + Lender does factor in a vacancy rate.

Interest Rate: 4.00% - 6.25%

Property Types: 1-4 UNIT INVESTMENT PROPERTIES! The lender also lends on pure commercial properties as well. No gas stations. Can do hotels if they are flagged.

Pre-Payment Penalty: NONE!

Use of Funds: Purchase, Refinance, Cash-Out Refinance as well! No renovations or ground-up construction! The lender wants the property to be fully renovated and rented or have leases signed with tenants ready to move in. Not big on paying off liens if that is what the investor needs the cash out for.

Seasoning Requirement: NONE ON A REFINANCE!

Asset verification: 3 months of bank statements (last bank statement must show down money, closing costs, and reserves)

Closing Timeframe: 30-45 days!

Territory: DE, PA, Pittsburgh, MD (like Baltimore), Washington DC, Texas (Houston Area and borrowers home must be there too), Alabama, Georgia, Florida, and some areas of NJ for now. Eventually, the program will expand to be nationwide. The lender does not lend in lower populated areas for now

Lender Fee: Once the lender has a good feeling then can do the deal a non-refundable $450 application fee is taken. At closing the lender then only charges 1 point

Liquidity Requirement: Does not have an exact requirement but they want the borrower to still have cash on hand after the closing

Special: All principles over 20% need to personally guarantee the loan. Can consider working with foreign nationals as long as they are legally in the US and they must have US credit.

Required Loan Docs:

To analyze the deal the lender needs upfront:

• 3 years tax returns (personal & business)
• PFS
• Purchase and sales contract
• past appraisals (if applicable)
• current leases
• rent roll
• Income and expense reports (Year to Date & Past 2 years)
• The lender does a global DTI
• Property and tax returns need to debt service
• To Find out More Contact Fred Shatzoff 551-272-9066 or
  

Ask to speak the supervisor.  Let them tell you or your insurance agent.  What they want forget about the form.

Real simple.  Have your lender call your insurance agent.

Fico: 680+ 

 Loan Terms: 30-year amortization. 5 and a full 30-year fixed option.

Loan Size: $75K to 2 Million ($500k+ for blanket loans)

Property Value: Property must be worth at least $75k (each property). The lender does offer blanket loans but they need 3+ properties in order to blanket!

Max LTV:

• 80% on purchase & rate and term refinance if mid fico is 740+
• 75% on a refinance cash out

Debt Service Ratio: 1.00+-Interest Rate: 5.0%+-Property Types:

• 1 - 4 unit investment properties
• SFR
• 2 - 4 Unit Properties
• PUDs
• Warrantable Condos, and Townhomes
• Can do non-warrantable condos
• No log homes!

Property Values: The minimum purchase price for a SFR is $100k. The minimum market value for a SFR for a cash-out refinance is $110k.

Seasoning: 6 months-Pre-Payment Penalty: 5-year (5%, 4%, 3%, 2%, 1%)

Reserves: Borrower must have 12 months of PITI payments on hand prior to funding-Use of Funds: Purchase, 

Refinance, Cash-Out Refinance-Lending Territory: Nationwide besides Alaska, North Dakota, South Dakota, Nevada, and Utah

Closing Time Frame: 30 days-Appraisal Cost: $500-$600 per property

Lender Points: 1 lender point with a minimum $2,000 origination fee. They also charge a $1,495 closing fee (per property)

Experience: Borrower needs to own their own home and also 1 other investment rental. If they don’t own their primary home, they need to own 3 other investment properties if it is a refinance transaction; if it's a purchase, they need to own 2 other investment properties. If they have 6 months of ownership, investment properties can be vacant.

Special:

• Works with only Canadian foreign nationals.
• Can be used as a blanket loan if properties are in the same general cities and state.
• Deals over $1M require 2 appraisals.
• The borrower cannot have any BK’s or mortgage lates in the past 3 years.
• No tax returns are needed!
• The property must be fully rehabbed and actually rented out with a 1-year lease!
• The lender offers non-recourse loans with standard carve-outs.
• To Find out More Contact Fred Shatzoff 551-272-9066 or
  

We are seeing massive opportunities for real estate investors nationwide.

Don’t limit your buying options to local or even regional. Good deals may be up the street, two states away or the other side of the country.

We have you covered with nationwide funding. We offer quick closings on some of our loan products and Common Sense Underwriting.

Go to https://www.my11cf.com/shatzof...

APPLY NOW for one of our excellent loan programs or PM me here!

#CRELending #Fix&Flip #ShortTermRentalLoan #PermanentRentalLoan #BridgeLoan

To Find out More Contact Fred Shatzoff 551-272-9066 or

Are you buying the property under your name or an LLC?