Depends, and rarely. We focus on residential properties. However, if the right commercial property comes along and the deal makes sense, we will take a look at it.
No. We only fund 1st position loans.
We lend up to 75% LTARV
We average about 2 points.
Construction holdbacks are funds that we approve to be used to renovate the project. As our client, you will need to float a portion of the renovation and then order a draw inspection. We send an inspector out to look at the project. They then submit a report to us based on their findings. We wire the funds to you. Construction holdbacks are always reimbursements.
Sometimes 20%, sometimes none. It all depends on the deal. If that sounds like a broad answer, that’s because it is. Every deal is different. Let us look at deal and understand your needs and see if we can craft something that works for YOU.
100% financing loans are written for 6 months, down payment loans are written for 12 months
We typically like to order a BPO (broker’s price opinion) on loan amounts under $500,000 and appraisals on loans over $500,000. We can sometimes comp properties in house if we have to.
Anywhere from no down payment up to 15% of the total costs.
We typically write new construction anywhere from 6-18 months. It depends on the project size.
We typically like to order a BPO (broker’s price opinion) on loan amounts under $500,000 and appraisals on loans over $500,000. We can sometimes comp properties in house if we have to.
It is preferred. To get into our down payment option with lower interest rates, a minimum of 3 builds in the last 36 months is required. We do not always require experience on our 100% financing option.
We lend up to 75% of the ARV
We average about 2 points.
Construction holdbacks are funds that we approve to be used to renovate the project. As our client, you will need to float a portion of the renovation and then order a draw inspection. We send an inspector out to look at the project. They then submit a report to us based on their findings. We wire the funds to you. Construction holdbacks are always reimbursements.
On average around 30 days. The main slow down in our rental loans is waiting on the appraisal.
We typically charge points (anywhere from 0-2 points) and a $1,495 processing/legal fee.
Our rental loans are DSCR (Debt Service Coverage Ratio) loans. The income and expenses matter. In fact, they are the main driving force behind our terms. We want to ensure you are cash flowing. Why have a rental property if it’s not profitable?
No. Never.
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