All Forum Posts by: Jim Lally

@Jamison Brissette

I will reach out via PM.  Thanks!

@Michael Evans

Yes we do have programs that go down to as low as $50k but for rehab only.  Do you have a property in mind right now or just looking for info?

Hi @Harshil Kakadia  is this a buy and hold or are you looking to rehab?  I will PM you so we can classics further.

If you've been turned down from a bank for whatever reason there is an alternative!  We specialize in lending to those who may struggle with securing bank financing.  Those with credit scores down to 500 qualify!  Please refer to the details of our bank alt lending program below:

• No Income Stated or Verified
• N/O/O Only (SFR, Condo/Townhouse, 2-4 Units, Mixed-use, Office, Retail)
• $100,000 - $2,000,000 Loan Amounts (see our Hard Money Product for larger loans)
• 30 year amortization – 3, 5 or 7 year Fixed Term available
• Interest rates range from 7-10% depending on borrowers fico and LTV
• Prepayment Penalty Ranging from 1- 3 years
• Up to 75% Purchase with a 650 FICO
• Up to 70% Refinance with a 650 FICO
• FICO down to 500 with LTV Restrictions
• Interest Only Options Available
• No Reserves Required
• 1st time Home Buyer OR Borrower that Rents their Primary – OK
• Lender allows Gift of Funds and Non-Seasoned Assets

Rehabbers take note! Are you searching for a HM lender that will lend up to 90% LTC and to those with fico scores as low as 500.  This may be what you've been searching for!  The details of this program are shown below:

Fico: 500+. Yes the lender goes down to 500!
Loan Terms: 12 months, interest only
Loan Size: $75K to $1 Million
Max LTC: Lender will finance up to 90% of the purchase price of the property and 100% of the construction (done in draws).
Interest Rate: 7-12%; Interest rate is determined by investors experience.
Property Types: Only 1-4 unit investment properties! This includes Single Family Homes, 2-units, 3-units, 4-units, condos and town homes.
Pre-Payment Penalty: None!
Use of Funds: Purchase, Refinance, Cash-Out Refinance & Rehab
Asset verification: Depends on borrowers experience. 1-3 months of bank statements.
Points: Loan cannot have more than 4 points associated with it (that is a combined 4 points from the broker and lender!)
Lending Territory: CT, CO, FL, GA, IL, MD, MI, MO, OH, PA, SC, TN, TX, VA, WA & WV.
Closing Time Frame: 15 days. Lender typically just orders a desktop BPO which costs $299 and does not always do a full appraisal. This is how the deal is able to close so fast!
Special: NO JUNK FEES!

Please feel free to reach out to me for further details.  I can be reached at [email protected]  or  877-957-4357  x 709

We are offering a great nationwide blanket loan program.  Please see below for further details.  If interested please contact me at:  [email protected]  or 877-957-4357  x709

Fico: Recourse options: 680 fico = max 75% LTV. 670 fico = max 70% LTV. 660 fico = 65% LTV. Non-Recourse options: min. credit score is 620 for US citizens. LTV for Non-recourse will be based on overall credit/loan profile. All loans to foreign nationals are considered non-recourse.
Credit: Full tri-merge credit report. No Bk’s or foreclosures in past 2 yrs.
Loan Terms: 30 Years Am. 5 & 10 year fixed rate options.
Loan Size: $300k to $50M
Max LTV: Up to 75% on stabilized, leased properties (for foreign nationals & US Citizens). See details about Fico above.
Min DSCR: 1.15% ** Interest only available at 70% LTV and below, 670 score needed
Interest Rate: 5-7% for Fixed Period
Property Types: SFR, duplex, triplex, 4-unit, townhouse, MF 5-20 units.
Min Property Values: $50k for 75% LTV, $40k- $49.9k limited to 50% LTV, Multi Family $30k per unit. If min property values are under this they cannot be included into the loan.
Pre-Payment Penalty: Term: 5-year-term, Yield Maintenance or Step Down: 5-4-3-2-1 (25bps rate add on). Term: 10-year-term, Yield Maintenance or Step Down: 9-8-7-6-5-4-3-2-1 (25bps rate add on).
Seasoning: After 90 days of ownership this program will lend off full appraised value.
Occupancy: 10 or more doors = 90%. 5-9 doors = 80%. Multi-unit properties= 85%
Use of Funds: Purchase, Refinance, Cash-Out Refinance
Territory: Nationwide Except North Dakota, South Dakota, Alaska & Hawaii
Lender Processing Fee: 0
Special: Cannot lend on manufactured housing. Work with foreign nationals. Release of an individual property will be permitted upon prepayment by borrower of 115% of the allocated loan amount tied to the specific property. Section 8 housing allowed. Loan is assumable with lender approval with a fee of 10k or 1% of loan balance (whichever is higher). No income verification for loans under 2 million. Substitution clause – the borrower could sub out up to 20% of the portfolio with similar properties (same value or better and same rent or better) without incurring the prepayment penalty – now for this option you add .25 to the 5yr term or .15 to the rate on the 10yr option.

Required Loan Docs:Executive Summary, Data Tape, PFS, Loan application, past two years tax returns on deals above 2 million (personal and business if applicable), Leases on all properties, Pictures of property, Tri-merge credit report, all corporate docs on new LLC that will be formed.

We are offering up to a 95% LTC Rehab Loan program.  Please see below for further details about this great program.  If you would like further information please contact me at [email protected]  or 877-957-4357  x709  

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.

@Mat O'Grady
Thanks for the heads up.  I will put it on my calendar.  See you then!

Hi @Sheryl Griffin we may be able to assist with your hml needs.  We are a broker that has access to lenders nationwide including your target area.   We specialize in lending to those who may not qualify for bank loans or don't wish to deal with them at all.  Please feel free to reach out to me at  [email protected] to discuss your objectives in greater detail.