Here is an opportunity to get up to 100% financing for your project. Details are shown below:
Fico: 600+ for 25% down of ‘as is value' and max 70% LTV of ARV. 650+ for 100% financing rehab program. Borrower cannot have a recent BK or a foreclosure.
Loan Terms: 1 day to 12 months, longer terms available on a case-by-case basis.
Loan Size: $100,000-$750,000 for the 100% program, and up to $2 million for the 25% down program. Over $2 million is a possibility on a case-by-case basis.
Max LTV/ARV: Lender will generally finance 75% of the purchase price, loan capped at 70% of the ARV. Lender also offers a 100% financing program, which is capped at 70% ARV as well. Broker fee, lender fee, title insurance and property insurance can be wrapped into the 100% program as long as the total loan amount does not exceed 70% of the ARV of the property!
Interest Rate: 9-14% depending on borrower’s experience, fico, number of deals they do and the leverage the borrower is requesting. Lender offers 4 different programs. The 100% financing product ranges from 12-14% with 3 lender points. The 75% LTV rehab program starts at 10% and comes with 2 lender points.
Property Types: 1-4 unit investment properties! This includes Single Family Homes, 2-units, 3-units, 4-units, condos and town homes, though HOAs are not preferred.
Pre-Payment Penalty: None!
Use of Funds: Purchase & Rehab, Refinance and Rehab, Ground up construction on a case-by-case basis.
Points: 2-3 Lender Points, depending on program. Lender also has a $995 document fee. All fees are paid at closing. Only the appraisal is paid for upfront.
Lending Territory: Oklahoma, Colorado, Ohio, Washington DC, Maryland, Virginia, Indiana, Minnesota, Missouri, Florida, Georgia, Illinois.
Closing Time Frame: 2-3 weeks for initial borrowers, much faster for repeat borrowers, only limited by how quickly the ‘subject to’ appraisal can be done.
Experience Requirement: Borrower must have bought, rehabbed and exited at least two deals in the past 24 months (verified by HUDs and Scopes being submitted). Borrower must have recent ground up construction experience in past 24 months to receive a ground up construction loan.
Asset Verification: Last 2 months of bank statements and last year of tax return.
Liquidity Requirement: Borrower must show solid reserves on hand for the 100% financing product, there is no exact reserve requirement for the 3 other programs they offer.
Construction draws: Released to borrower upon successful work completion, requires on-site inspection, $150 avg. draw fee.
Special: Borrower must close in a business entity. Lender does background checks on all borrowers. Lender is currently not working with foreign nationals, but would discuss on a case-by-case basis. For the 100% Rehab program, the lender does an up-front draw at close! Again, borrower must have liquidity to qualify for that program! The 100% Rehab program may require that the borrower reserves 6 months of interest only payments, depending on financial strength.
Extra: Lender must be 1st position and will not allow a 2nd position lender behind them! All borrowers must personally guarantee the loan. If there are two members in an LLC, one may be underwritten as the primary borrower, but both members will still need to sign the personal guarantee.
I can be reached at: 877-957-4357 x709 or [email protected]
