Please contact us for assistance - any state!!
Keep in mind - this is a different process from a mortgage loan, and new programs are available across the country!
· Minimum FICO of 640 is needed to qualify
You should have comfortable cash reserves or liquid assets >$20k
· Close in two weeks or less
· No pre-payment penalties
· Loans up to 70% of After-Repair Value (ARV)
· Upon completion of re-hab, you can possibly convert the loan into permanent financing get help to qualify for a purchase loan
Minimum Credit Score**: 640 640 675 700+
** Credit scores under 640 may be considered on a case-by-case basis.
*** All terms subject to change without notice at the sole discretion of the lender.
LIEN POSITION: First mortgage only.
LINE TERM: Up to 24 months renewable thereafter with limited credit review.
LOAN TERM: 6 months, extendable for up to 13 months.
ADVANCE RATE: Options from 85% to 100% of project costs. Minimum loan amount $25,000.
LTV: Up to 70% of After-Repaired Value.
QUALIFYING Rehab Loan Application including:
DOCUMENTATION:
++ Two years Tax Returns (both personal and business)
++ Three months Bank Statements (both personal and business)
++ Entity documents (EIN #, Certificate, Articles of Organization/Operating Agreement)
DOCUMENTATION:
++ Summary of Rehab Work to be Completed
GUARANTEE: Personal guarantee required; close of business entity.
QUICK FUNDING: Once a borrower has been approved, funding of individual transactions is typically in two weeks.
