Investors & Homeowners - We have a lender that can lend up to 80% of ARV. Minimum credit score of 660 required. Purchase or Refi. Rehab funds are held in escrow and released on a 3 or 4 draw schedule. Requires loan application (1003), credit report, income docs, appraisal, title, initial inspection, rehab contract, purchase contract, proof of assets(60 days), contract for work, and breakdown of costs for rehab work, plus any other file specific documents. Once all of the documentation has been submitted, it takes 24 hours for processing, 24 hours for underwriting, and 48 for closing……….the rest depends on the file, and if the underwriter sees anything else in the file. Normally, the funds are issued at closing for the amounts necessary to clear title, and the first 10% of the contracted rehab amount. The remaining funds are then held in escrow and released on say a three draw schedule. 33% once job is 33% complete and inspected, 33% once job is 66% complete and inspected, then final draw once job is complete and inspected. Closing costs can be financed if they fit within the 80% LTV. Ex. Purchase price of 50k Rehab work of 10k ARV of 100k We would lend the 50k + the 10k + closing costs up to 80% of the 100K So, say we have 6k in closing total, then we would have a loan amount in this example of 66k, or 66% LTV. We will NOT allow cash out on this product, it is strictly for funds for Lien payoffs and renovation work only. We do include the closing costs when we have the room to do so. This product is available in all 50 states, including rural areas. Slightly better rates for owner occupied properties. All information subject to change without notification. We have other products for both home owners & investors such as 100% LTC loans, option arms, stated, no doc, interest only, and various others. We can lend on both commercial & residential. Not all products are available in all states, terms, conditions & costs vary greatly and are subject to change on a daily basis.
When making inqujiry, please include amount required, the current as-is market value of the property, the purchase price, the type of property, property location, the future value if a rehab, cost of repairs if needed, the goal - whether it be to flip, rent, or owner occupy, and whether or not you have the income to pay back the loan. Thank you - Andy Brager National Loan Officer, FNMS ab3331 at sbcglobal dot net Apply for Commercial Real Estate loans online and submit your deal to dozens of hungry lenders in just minutes. Loan programs for all types of business and commercial real estate. Apply anytime at http://realestatezoo.com RealEstate Part of RealEstateZoo.Com ------------------------------------- Post message: [email protected] Subscribe: [EMAIL PROTECTED] Unsubscribe: [EMAIL PROTECTED] List owner: [EMAIL PROTECTED] Web Site: http://groups.yahoo.com/group/RealEstate Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/RealEstate/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
