01) Property Info         01) Insurance (at top as most important)         02) Property taxes         03) Deed & Title         04) LLC Docs (if any)         05) Purchase-Sale Docs      02) Utilities      03) Maintenance      04) Leases         Lease Name Folder            Application Docs      05) Advertising      06) Rental Licensing (required in most of metro Detroit)      07) Inspections      08) Appliances & Mechanicals

Every lender has different requirements.

This is primarily due to high interest rates and a very wide bid-ask spread between what sellers want for their property (the ask) and what buyers can conceivably pay (the bid) while being able to meet their return requirements for their lenders and investors.

Some carriers will allow you to elect ACV (actual cash value) coverage, but you have to be aware of lender requirements and coverage concerns that come with this type of policy. 

Is there a seasoning period required before a heloc is given and how long does the application process typically take? 

There were a couple of things that I required in the units in order to move forward with this deal.

Again, often times this requires a large down payment when you win to be held in escrow as things go to title.

But unless this is a commercial loan (e.g. 5 units or more), anything requiring permission to obtain a second is unenforceable.

Typically our lending partners programs are as follows:Rates: 10% to 14% (Most Deals are 12%)Terms: 1 Day - 24 Months (Most Deals are 6 months)Fees: 2-5 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $200,000 we charge $2,500 minimum)Max Loan: 65% of After Repair Value(ARV) 100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 10 business days)We have private lending partners throughout the entire United States that cover the following states: AL, AZ, AR, CA, CO, CT, DE, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, OH, OK, OR, PA, RI, TN, TX, UT, VT, VA, WA, WV, WI, WY.

As such existing properties are often grandfathered in with their existing footprint, even if current zoning would require a smaller one due to lot size.