MIN. LOAN AMOUNT 50K-UP
Loan Fact Sheet
100% financing of the purchase, cost of improvements and soft costs; lending up to 70% of the completed value of the project. Completed value of the property will be determined by analysis of sales comparables and/or an appraisal. Loan shall be exclusively used to acquire make improvements to subject property and to finance soft costs. Subject property must be 1-4 family non-owner occupied.
Rehab Loan Term
Prime plus 6.25%. Minimum interest rate is 9.5%
5.0% of the loan amount. *
An origination fee will be charged by referral source or Company.*
A Documentation Fee of up to $450.00 will be charged for each project. *
Monthly interest-only payments. Principal due at maturity, There is no prepayment penalty.
Prior to Closing
Title Insurance, Builder's Risk Insurance and Survey are required.
Draws are dispersed to the borrower in $5,000.00 increments, unless otherwise approved, based on inspection progress. Each draw will require an inspection. Inspection fee is rolled into total loan amount.
* All fees rolled into total loan amount.
Borrower & Property Guidelines
The borrower may be an individual, LLC, C-Corp, S-Corp., partnership or trust. Personal guarantees for all owners will be required. Spousal guarantee is required.
A minimum middle credit score of 680 for all applicants, (You Can Bring in A Credit Partner If Needed)
All properties subject to prefunding inspection.
A credit enhancement in the form of a mortgage on the borrower's primary residence is required. Mortgages on additional properties may be required.
Four sales comparables that are similar to the subject property in terms of size, future condition, bedrooms, bathrooms, amenities, etc. will be required. Comparables must be within a maximum of 1 mile of the subject property and less than six months old, unless otherwise approved. The appraisal will be ordered by Lender. The cost of the appraisal is the financial responsibility of the borrower.
Terms and conditions are subject to change according to economic and market conditions.
Shawn K. Pearl
SFA---Specialty Funding & Associates
Hours: 9:00am-9:00pm Mon-Sat
206.203.3177 Voice Mail/E-Fax