PROPERTY TYPE:

Residential 1-4 Family, Non-Owner Occupied.
Condos case by case; must be certified.
Commercial projects, call to discuss.

LIEN POSITION:

First Mortgage only.

LOAN TERM:

6 Months. Case by case on extensions - will go back to underwriting for approval. Additional fees will apply.

LTV / ARV:

Up to 65% of After-Repair Value dependent on area. (some areas max 50%). Up to 100% financing.

RENOVATION FUNDS:

100% of renovation funds are typically advanced in 1 to 4 draws. No minimum or maximum on draws. Once inspector certifies work done, funds are dispersed within 48 hours.

FEES / PRICING OPTIONS:

Based upon the structure of the deal, will vary on project. Closing costs are the responsibility of the borrower

INTEREST PAYMENTS:

Case by case payments may be rolled into loan.

QUALIFYING DOCUMENTATION:

Rehab Loan Application including:

• Credit scores do not matter however credit may be reviewed
• 3 Sold MLS Comps within 60 days or file will be declined
• Time on market for area within 180 days or file may be declined
• Must show the ability to make a minimum of 6 monthly payments

LOAN DOCUMENTATION:
(for each loan)

• If under a company name - Entity Documents (EIN#, Certificate, Articles of Organization/ Operating Agreement). Personal Guarantee will be required.
• Purchase Agreement (signed by both parties).
• Summary of Rehab Work to be Completed (document)
• Additional Information May be Required

LOAN AMOUNT:

No minimum. Up to $300K, higher amount by exception.

More than one deal at a time may be allowed (case by case) however, down payment may be required on additional projects