BORROWER CRITERIA
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No Minimum Credit
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No Minimum Liquid Assets
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No Minimum Income
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Recent Bankruptcy OK
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Must Provide:
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Most recent pay stub
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Last 2 years' tax returns
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Completed Loan App
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LLC's / Corps / Individuals
PROPERTY CRITERIA
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No Minimum Value
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No Maximum Value
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Residential
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Single Family 2-4 Unit
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Townhomes OK
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No Condos
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No Manufactured
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No Owner Occupied's
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Commercial
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Case-by-case basis
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LOAN TERMS
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Rehab Loan Terms
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No Minimum Loan Amount
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No Maximum Loan Amount
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No Max / Min Repair Cost
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1st Position Lien Only
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Up to 80% Loan to ARV
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After Repaired Value
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0% - 20% Refundable Deposit
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Based on ARV
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Deposit decreases the more loans you've done with us
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Most 1st-time borrowers put 10% down (refundable)
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6 Month Term
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Up to 3 Month Extensions
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Construction Funds =
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Loan Amount, minus purchase price, minus our charges, minus other closing costs (realtor, taxes, gov. fees, title fees)
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HOW IT WORKS
WHAT IT COSTS
YOU PAY TO OTHERS
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Appraisal
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$600 +/-
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Paid at closing or at the time of loan denial if the sale falls through.
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We will request and save your credit card number on file before ordering the appraisal and will only charge your card if the sale falls through.
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Hazard Insurance
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Amounts vary
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Paid at closing
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Title Charges
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$900 +/-
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Includes Mortagee's Policy
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Paid at closing
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Tax Prorations
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Amounts vary
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Paid at closing
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Recording / Transfer Fees
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$150 +/-
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Paid at closing
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Realtor's Commission
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Amounts vary
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Paid at closing
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Purchase Price
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Amounts vary
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Paid at closing
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Firm numbers will be provided to you in writing prior to closing.
All of the above costs are paid at closing out of the loan proceeds, no out-of-pocket charges to you.
You're welcome to shop prices and choose your own vendors for all of the above, except for the appraisal.
FREE SERVICES
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FREE Application
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FREE Credit Check
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FREE Document Prep
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FREE Draws
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FREE Inspections
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FREE Loan Early-Payment
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FREE Interest on Un-Used $
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FREE Daily Service
YOU PAY TO US
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Transaction Fee
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2% of Loan Amount
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$3,200 Minimum
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Paid at closing out of loan
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Notary & Wire Fee
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$27 Flat Fee
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Paid at closing out of loan
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12% Interest
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No monthly payments
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No interest on unfunded balance
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Paid at closing of sale
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Extension Fee*
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*Usually not necessary
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All accrued interest at the time of extension must be paid by check
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$16.16 fee per day or a proration of the transaction fee charged daily, calculated as 1/182.5 or .00547 times the transaction fee.
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3 month maximum
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Fee paid at closing of sale
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