PROGRAM DETAILS: Up to 65% ARV, Quick Closings and NO pre-payment penalties.
PROPERTY TYPE: Residential non-owner occupied 1 -- 4 family residential investment properties located in Connecticut, Delaware, New Jersey, New York, Pennsylvania, Virginia, South Carolina, North Carolina and Maryland.
LIEN POSITION: First mortgages only. Minimum Loan Amount 75k. Max 750k.
STANDARD TERM: 12 Months.
REHAB FUNDS: We lend 100% of the repair funds and 100% of the purchase price, up to 65% of the After Repair Value.
RELEASE OF REHAB FUNDS: Rehab funds are usually paid in one to three draws after verification of repairs, and mailed to you or wired directly to your account.
POINTS: Paid at closing.
CLOSING COSTS: Paid at closing.
GUARANTY: Personal guaranty required.
REQUIRED DOCUMENTS:
Completed Lender loan application & supporting documents, including, but not limited to:
(i) Two years of federal tax returns (both personal & business)
(ii) Three months most recent consecutive bank statements (both personal & business)
(iii) Current statements showing bank accounts & other assets
(iv) Most recent pay stubs
(v) Verification of employment
(vi) Verification of other mortgages
(vii) Credit Report with 620 minimum credit score (obtained by Lender)
(viii) Company Disclosures
(viiii) Rehab estimate of work to be done and draw schedule.
LOAN DOCUMENTATION:
Purchase Agreement
Detailed Repair List itemizing cost
Builders Risk or Liability Insurance prepaid for term of loan
Inspection Report verifying work to be done and cost (obtained by Lender)
"As-Is" and "After-Repair" value Appraisal (obtained by Lender)
QUICK CLOSINGS:
Once a borrower has been approved, closings can be held within a few days of receipt of appraisal
and inspection reports along with proof of payment.
Email now for more details and/or how to get a property and project approved!
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