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Loan
Program
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| Borrower:
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Individual,
Non-Corporate Investor |
| Property:
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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:
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Up to 100% of
acquisition and repair costs, 70% of "After
Repair Value" |
| Term:
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Up to 24 months & no pre-payment penalty |
| Payment:
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Monthly, interest
only in arrears |
| Points: |
5 points at closing with 1 additional point per quarter beginning at 6 months. $4,000 minimum at origination. Our fee includes fees 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:
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15% per annum, fixed for the first 6 months. |
| Closing Costs:
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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 seven business days after all
application documents have been submitted and
approved. | |
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