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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, and credit review (FICO score has low priority).
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FUNDING AMOUNT:
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Minimum $30,000
Maximum based on investor's profile
Funding to Value (FTV) 70-75% 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 to 12 months
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INTEREST RATE:
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Minimum 12% - interest only due monthly
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FUNDING FEE:
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Minimum funding fee 5%, funding
fees are added to the funding total (are not included in the 70-75% FTV) and 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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