600+ Credit - No Seasoning on Title - Cash Out Refinance
30 Year Financing Or 12-24 Month Bridge
Renovation & Construction Take Out Loans With Cash Out!
FOR NO SEASONING ON TITLE LOANS
Requires “some” improvements have been done to the property. No Prior Experience Required.
RENOVATION & CONSTRUCTION TAKE OUT LOANS
Designed to provide Builders and Fix and Flip clients with the flexibility to access funds before the completion of a project by using the current “As-Is” value at the current stage of the project.
General Funding
Guidelines
Funding Available In The Following States:
AL, CO, CT, DC, FL, GA, HI, IL, IN, LA, MA, MD, MI, MO, NC, NJ, OH, OK, PA, SC, TN, TX, VA, WA, WI
Program Highlights:
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No Minimum Seasoning On Title!
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No Prepayment Penalty!
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No personal income verification!
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Close in about 15 days with clear title!
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No escrows of taxes and insurance!
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Single family, 2-4 units, condo’s & townhomes!
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Properties listed for sale OK!
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Vacant properties OK!
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No employment verification!
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Up To 80% LTV!
Qualifying Credit/Experience & Loan Amounts
– Minimum qualifying credit score is 600+.
– Qualifying credit score of 700+ required for max 80% LTV cash out (available only when renovation included).
– Loan amounts are from $100,000.00 – $5,000,000.00 for single family and 2-4 units, including condo’s and townhomes.
Term Of Financing
– 30 year term available.
– Short term 12-month bridge and long term 30-year financing available.
Property Types
– Single Family, 2-4 units, town-homes, condo’s.
Seasoning On Title Requirement
- No seasoning on title requirement to use current appraised value when “visible improvements” have been completed to the property.
- After 6 Months On Title – Use current appraised value.
Title Vesting
- Closing must be executed in the name of a business entity (LLC, S-Corp, C-Corp).
Property Appraisal
Loan Fees
- Traditional property appraisal is required.
– Loan origination: 2.99% or $4,895.00 (whichever is greater)
– Processing: $1,395.00
– Admin: $895.00
Required Documents For Underwriting Approval
– Clear and legible copy of government issued ID (all members of business entity)
– Copy of HUD Settlement Statement from acquisition of property
– Copy Of IRS EIN Letter for business entity (if applicable)
– Copy of Articles of Organization for LLC or Incorporation for a Corporation (if applicable)
– Copy of Operating Agreement for LLC or Corporate Charter/Bylaws for Corporation
– Interior & exterior photos of the subject property.
– For Properties Renovated Within Last 12 Months: Copy of original scope of repair work OR list of repairs with associated cost (TEMPLATE PROVIDED).