Hello,

Please see what we can offer below for the following states:

Illinois, Indiana, Kansas, Missouri, New Jersey, New York, North Carolina, Ohio

PennsylvaniaSouth Carolina & Tennessee

  MIN. LOAN AMOUNT 50K-UP 
Loan Fact Sheet
 
Rehab
 
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
9 months.
 
Interest Rate
Prime plus 6.25%. Minimum interest rate is 9.5%
.
Commitment Fee
5.0% of the loan amount. *
 
Origination Fee
An origination fee will be charged by referral source or Company.*
 
Documentation Fee
A Documentation Fee of up to $450.00 will be charged for each project. *
 
Repayment
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
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
Borrower
 
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.
 
Credit History
A minimum middle credit score of 680 for all applicants, (You Can Bring in A Credit Partner If Needed)
 
Property
All properties subject to prefunding inspection.
 
Additional Collateral
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.
 
Completed Value
 
Terms and conditions are subject to change according to economic and market conditions.

Best Regards,
 

Shawn K. Pearl

CEO
 

SFA---Specialty Funding & Associates


Office: 225.372.9780

Hours: 9:00am-9:00pm Mon-Sat

206.203.3177 Voice Mail/E-Fax

Views: 172

Reply to This

"Early Adopter Upside with 90% Downside Protection" Sale is now live with up to 6X bonuses

FOLLOW US

© 2019   Created by Jude G Regev.   Powered by

Badges  |  Report an Issue  |  Terms of Service