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HOW IT WORKS
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​
BORROWER CRITERIA
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Minimum Credit Score 600
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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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Completed Loan App
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LLC's / Corps / Individuals
Watch the "Loan Fees Explained"
video below
LOAN TERMS
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Rehab Loan Terms
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No Minimum Loan Amount
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$275k Max 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% Down Payment
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Based on ARV​
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Down Payment decreases the more loans you've done with us
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6 Month Term
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One 3 Month Extension
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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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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 checking account number on file before ordering the appraisal and will only charge your card if the sale falls through.
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Builders Risk Insurance
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Amounts vary​
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Paid at closing
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Title Charges
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$1,000 +/- Includes:
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Mortgagee's Policy
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Recording Fees
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Closing Fees
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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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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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Servicing & Release Fees
$385.00 will be split into several items and will appear on the final closing statement from Superior Loan Serviceing.
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Firm numbers will be provided to you in writing prior to closing.
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In most cases, all of the above costs are paid at closing out of the loan proceeds, no out-of-pocket charges to you.
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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
YOU PAY TO US
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Loan Fee
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3% of Loan Amount​
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$3,950 Minimum
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Paid at closing out of loan
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Wire Fee
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$25 Flat Fee​
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Paid at closing out of loan
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13.5% Interest​
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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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$21.64 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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No hidden fees, junk fees, doc prep fees or service fees.
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You will be provided with a written statement of all costs prior to closing.
WHAT OUR CLIENTS ARE SAYING
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