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PROPERTY TYPES:
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Residential 1 to 4 units,
including single family homes, condominiums and townhomes.
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INVESTOR PROFILE:
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Profile is determined and ranked in the
following order: character, employment/business experience, type of
projects, cash/credit contingency reserves, credit review and FICO score.
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FUNDING AMOUNT:
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Minimum $30,000
Maximum based on investor's profile
Funding to Value (FTV) 70% based on investor profile
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FUNDING PERCENT:
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Up to 100% of purchase price,
construction/rehab cost, closing costs and insurance. Total of these items can be up to 70%
of the “After Repaired Value” (ARV) of the property.
(75% considered on a case-by-case basis with
existing clients).
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FUNDING TERM:
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Standard term is 6 months.
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INTEREST RATE:
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Minimum 12.5% - interest only
due monthly
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FUNDING FEE:
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Minimum
funding fee 5%, fees can be added to the funding total (they are not
included in the 70% FTV) and in most cases are paid when you sell or
refinance property.
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CONSTRUCTION DRAWS:
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There are typically three
draws on a single family project. The quantity of draws is based on the
complexity of the project. Funds are available 24 hours after inspection
and can be wired directly to your account.
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QUICK CLOSING:
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Typical time is 14 days after
receipt of Funding Request. Shortened time is available to current
clients when required.
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TITLE:
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Title held in land trust
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APPLICATION APPROVAL:
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Typical
approval process is 3 days after receipt of your application with
the required documents. After
your application is approved you only need to submit a funding request
for each transaction.
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