| Borrower: |
Individual, Non-Corporate Investor
No rehab or landlording history required |
| Property: |
Residential, Non-Owner Occupied |
| Security: |
First mortgage lien, personal guarantee |
| Credit Standing: |
Good credit required |
| Application Procedure: |
Refer to the "Loan Application Procedure" requirements |
| Loan: |
Up to 100% of acquisition and repair cost. |
| Term: |
Up to 12 months & no pre-payment penalty.
Extensions may be granted beyond 12 months and will incur a fee of 1 point per 3 month extension. |
| Payment: |
Monthly, interest only in arrears |
| Points: |
Origination fee 5%. A minimum fee will be applicable for lower loan amounts. Our fee includes normally charged by other lenders in addition to their points, such as application fee, credit review fee, document preparation fee, processing fee, etc.
|
| Interest Rate: |
16% per annum, fixed for the first 12 months. |
| Closing Costs: |
Acquisition Fee, attorney's fees, survey, title insurance, hazard insurance, inspection,
recording costs, etc. will be paid by borrower at closing. No interest payment is due at closing. A portion of the closing costs may be
included in the loan amount.
|
| Processing Time: |
Funding is typically 7-10 business days after all application documents have been submitted and approved. |
