Hot Loan Product #9

Short Term – Fix and Flip & Purchase Rehab Loans. This is a SISA = Stated Income Stated Assets loan product. As a make sense lender we may lend up to 80% of the purchase price plus 100% of the improvements / rehab costs too. Borrower must have 20% of the purchase price in the deal. Or you can choose 85% loan to value and 85% of the rehab money. If you have terrible credit you will be 65% LTV and 75% of the rehab money

Sometime borrowers use this product to just get 85% ltv of the purchase price without having a construction draw. Fico scores are not really looked at – its all about the property and borrowers experience. First timers is okay.

For example a newbie rehaber at 75% LTV and 75% of the rehab money loan: (If experience it would be 80% to 85%LTV / 80% to 90% rehab.)

Note:

Again, you need the down payment and closing costs, plus 6 months I.O. payments. Now we are very flexible on that requirement. For example they, the borrower, can get those monies from anyone’s account (doesn’t have to be the borrowers, can be a business partner, or anyone else. No seasoning required. They also can obtain a 2^ND to record behind our loan, even though many Lenders don’t allow this we do – so funds can come from Gap Funder. This could be a line of credit they have showing availability, any type of account (personal, business, stock, IRA etc.)

You do not pay interest on the rehab money unless you use it unless stated differently.

Loan Overview for Hot Loan Product #10

Stated Income Flip Loans & Fix and Flip / Purchase Rehab Loans –

Quick close- typically within 7 business days of required documentation being completed

6-9 month duration with no pre-payment penalties
$100,000 – $1M loan value – special case by case for loans over 1M
Up to 80% of total cost including rehab/construction costs
Need at least 20% of the purchase price
Most loans are approved at 75% of the purchase price with another loan for 75% of the rehab monies
All loans personally guaranteed
All properties non-owner occupied
No extra costs or junk fees – Cost 4% to 5% points. Lender fee $995 plus $895 processing.
Current Markets Available: AZ, CA, CO, D.C., FL, MD, NC, TN, TX, VA, WA

Need a bank statement to show down payment, closing costs and 6 months interest only payments. They can get those monies from anyone’s account (doesn’t have to be the borrowers, can be a business partner, or anyone else. No seasoning required. They also can obtain a 2^ND to record behind our loan, even though many Lenders don’t allow that so funds can come from Gap Funder. Could be a line of credit they have showing availability, any type of account (personal, business, stock, IRA etc.)
If the borrower uses a corp or LLC no personal guarantor needed but if they want to close as an individual we need a personal guarantor. The guarantor will not be on the loan or on title. And they can not be related to the borrower.
Any type of residential property. Click here for SPECIFIC LOAN APPLICATION investment loan only.
Click here for Rehab spread sheet
Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it
Borrower authorization Borrower’s Authorization
Borrower authorization to run and pay for credit Credit $ Authorization Form
Borrower authorization To Wire Funds Authorization to Wire Funds
SI form – Statement of Information SI Form – Statement of Information
How do you want to hold title Vesting Form For Borrower
Social Media disclosure Social Media Disclosure
**To expedite your file organize documents in adobe format “.pdf”.

See image below for markets we are lending in for this particular loan product.

Current Markets Available: AZ, CA, CO, D.C., FL, MD, NC, TN, TX, VA, WA

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