All Forum Posts by: Kerry Boyle

Experience = Sold flip properties in past 36 months + tenants (combined total of all members of the borrowing entity).

Credit = Credit score of applicant (must be at least 1% member of borrowing LLC or Inc).

Advanced Rehab draws = First draw paid at close as a credit. Second draw paid when first draw is complete, etc until the last draw which is paid in arrears.

• 10+Experience & 680+ Credit - 100% of purchase price at close (90% purchase funding and 10% from rehab budget). Total loan not to exceed 70% ARV.
• 10+ Experience & 600+ Credit - 100% of purchase price at close (80% purchase funding and 10% from rehab budget). Total loan not to exceed 70% ARV.
• 5+ Experience & 660+ Credit - 95% of purchase price at close (85% purchase funding and 10% from rehab budget). Total loan not to exceed 70% ARV.
• 5+ Experience & 600+ Credit - 90% of purchase price at close (80% purchase funding and 10% from rehab budget). Total loan not to exceed 70% ARV.
• 2+ Experience & 600+ Credit - 90% of purchase price at close (75% purchase funding and 15% from rehab budget). Total loan not to exceed 75% ARV.
• 0-1 Experience & 680+ Credit - 85% of purchase price at close (70% purchase funding and 15% from rehab budget).
• 0-1 Experience & 600+ Credit - 80% of purchase price at close (65% purchase funding and 15% from rehab budget).

42 States including California, (DBO License #60DBO73498). 

Hey Erin!

I don't often search for our company name here, but saw your post and wanted to respond.

All rehab draws are given on advance except for the last (which is a reimbursement like other lenders). Pre-payment penalty is just the first 3 interest-only payments. Which means after month 3 there is no penalty. We just want to ensure we always collect the first 3 payments. There is a buyout in the event you expect to turn it quickly.

Example: 100k purchase, 50k rehab budget. 10+ experience; 680+ credit score.

90k purchase funded; 50k rehab funded.

Let's assume 4 draws.

Draw 1 - $10,000 (Paid at closing - that means 90k credit at close PLUS 10k credit at close from rehab budget).

Draw 2 - $17,500 (Paid when draw 1 is complete).

Draw 3 - $17,500 (Paid when draw 2 is complete).

Draw 4 - $5,000 (last draw is reimbursed when last draw is complete).

Connect with me via email and I can give you some references. We lend our own money and don't sell our notes - that is why you will find our unique program nowhere else.

Own any properties with equity for a bridge-cash-out?

Hello Alex,

You typically use HML to fund the purchase and rehab and then refinance out to a long term amortized loan.

We lend in that area and I think we are more competitive than any of the lenders that @Jonathan New suggested.

Please reach out to me for a free estimate. Closings can happen fast and we could lend for up to 24 months on our hard-money product, but we will give you terms for our rental product once you rent it out - which I'm sure you would prefer.

Thanks!

Hello Kyle,

My company does rental loans and fix and flip loans. Residential only 1-4 units, and only to LLC/Incs. We aren't a bank loan, close reasonably fast, and can give you an estimate without pulling your credit. Give me a call/email if you are interested!

 LOL

Prior to close our construction manager reviews your draw schedule and approves it. Email our draw request department to request an inspection. Inspector confirms that you have completed all items listed in "draw 1". Inspector sends report upon completion to us, then we wire 2nd draw money once we verify work complete (less $200 inspection fee).

Lien waivers are only required on the final draw. Invoices are not required - though I suppose there could be fringe situations where we might ask.

Normal inspection turn time is 3 business days (you can request a rush for $50 reducing to 1-2 business days). From the time you request the inspection with us, we will put in the request with the vendor same day if it is before 1pm EST. Vendor completes inspection and we send you paperwork to DocuSign. If we receive the paperwork prior to 1pm EST, we will release draw the same day.

Send me an email and see how quick lender responses should be :).

Hey Brad,

We are direct lenders and lend in WV. Our minimum loan amount is 75k. Please reach out to me with questions. We are also located in Bethesda in a real office with plenty of people. Silver Spring is only 20 minutes!

Since it is a 5-unit I can't really say regarding price. 

We require all appraisals to be paid by borrower. They pay the appraisal management company directly. There is no money that goes our way from this transaction. The AMC's we use are large well-known companies.

AMC appraisals tend to be about a hundred dollars more (roughly), since they go through the AMC's review process as well. 

I always tread carefully, but I do believe 5+ unit appraisals are more expensive than 1-4 unit. This is because they are now commercial property and there is a different type of appraiser license required for commercial properties.