Archive for the ‘Purchase/Rehab Loan’ Category

Purchase & Rehab, 1-4 Unit Housing. 50 States

February 9, 2012

Loan Program

TRTY Nationwide
AMNT $50k – $5M
LTV 90% LTC of 75% ARV
INT 9 – 12%
PTS 4 – 5
TRM 12 months
PPP None

1 – 4 Unit, Mixed use, Commercial
Upon full loan submittal, close in 3 – 4 Weeks
Must have liquid assets showing ability to pay:
points, closing costs, 1st draw and six months mortgage payments and 10% of project cost

100% LTC of 65% Assessed Value, Purchase and Purchase/Rehab

December 9, 2011

TRTY Nationwide (States East of the Mississippi River)
AMNT $100k – $25M (higher case by case)
LTV 100% LTC of 60 – 65% (of Assessed Value)
INT 12% $100 – $500 (5 – 6 points)
INT 11% $501 – $1M (3 – 4 points)
INT 10% $1M and above (3 points)
PTS 3 – 6
TRM 24 – 36 months
PPP None

Not Credit Score Driven
No Up Front Fees
Value comes from assessor information, not appraisal
Commercial properties only, no residential (Exception, may look at N/O/O Trophy Homes)
Purchase / Refinance with known use of funds / Purchase-Rehab (light rehab)
No Construction / No Land

CA & FL Purchase/Rehab Lending – 100% of Purchase & Rehab

October 19, 2011

TRTY CA, FL Only
AMNT $50k – $5M
LTV 100% LTC of 70% ARV
INT 14%
PTS 4 – 5
TRM 12 months
PPP None

No Credit Reports or Verification of Income
Points & Closing Costs Can Be Rolled Into Loan
Experienced Investors Only
Need Appraisal

This product currently allows up to 100% of the acquisition & rehab costs to be included in the loan as long as the total LTV is less than 70% of the completed projects value!

Quick closing! (15-20 business days from complete submission)
100% of costs rolled into the loan!
Fee’s rolled into the loan!
Closing costs and points paid at time of closing

Increase your liquidity by leveraging your experience to borrow the capital!
No Credit Check or Income Verification!

SUBMISSION REQUIREMENTS:

Completed Application
Signed borrower’s authorization
Executive Summary (include written exit strategy)
Proof of History of Flipping or Investing
Schedule of Real Estate Owned
Signed Purchase Agreement
Estimate/Repair Bid
Preliminary Title Report
3 months current bank statements
Copy of state issue ID/Passport
Appraisal of subject property (to be ordered by Lender)
* If closing in a LLC, Corporation, or other entity please provide the following:

Articles of Incorporation/Formation
Operating Agreement
Corporate Bylaws (if applicable)
Certificate of Good Standing (must be less than 60 days old)
Corporate Resolution naming signers
Copy of sate issue ID/Passport of all principals with 25% > ownership

DC Purchase / Rehab Lending

November 11, 2010

Loan Program # 1

Territory DC, MD, VA (not Baltimore)
Amount $100k – $5M
LTV True Hard Money (Decisions based on property, not borrower)
Purch/Rehab based on 60% of ARV
Residential Ground Up Construction, up to 50% of completed value
Vacant Land, up to 50% of appraised value
Commercial, up to 50% of as is or ARV
Cash out refinance, up to 50% of appraised value
JV opportunities for land development projects, $1M or more
Borrowers No CRDT
No Tax Returns
No 1003
No Income check
Equity in property only
INT 14%
PTS 4 – 6
TRM 6 month balloon notes, no monthly mortgage payments
12 months with payments or interest reserves
PPP No

Loan Program # 2

Territory CT, DC, DE, MA, MD, NC, NJ, NY, PA, VA, WV,
Amount $250 – $5M
LTV 100% LTC of 65% ARV
INT 13 – 15%
PTS 3 – 5
TRM 12 months
PPP No

Residential Investor Lending: DC, MD, VA
Commercial Lending, all other states

Loan Program # 3

Territory DC, MD, VA
Amount $50k – $1M ($5M for condo conversion)
LTV 100% LTC of 65% ARV (exceptions to 70%) Won’t do Baltimore Inner City
INT 12%
PTS 4 – 6
TRM 6 – 12 months
PPP No

No monthly payment of 6 month loan
Purchase/Rehab, Land & Construction, Foreclosure Purchase, Short Sale Purchase
No Credit Requirements
Borrower has to have 10 – 15% of loan amount into deal
Borrower pays pts and closing costs, deal 1 and 2 – thereafter rolled into loan

Loan Program # 4

Territory AZ, CO, GA, ID, MD, NC, NB, NM, NV, OR, TX, UT, VA, WA, WV
AMNT $50k – $250K ($350k House)
LTV 100% of purchase to 70% ARV (Only lends on SFR)
INT 15%
PTS 5.5
TRM 6 months (2 months for 2 points)
PPP No
CRDT 620 (under 620 is 18% and 1 point)

EXAMPLE $150,000 ARV
– $20,000 Rehab
= $130,000 Sub Total
x 70% Loan Calculation
$91,000 Loan Amount
+ 5,000 Points
= $96,000 Total Loan Amount

Borrower pays all rehab cost and closing costs

Loan Program # 5

Territory Purch/Rehab CT, DC, MA, MD, NH, NJ, NY, PA, RI
Phil, DC, Baltimore – 100% purchase + rehab (of 65% ARV)
CT, MA, RI – 30% DP, 100% of Rehab
All others, 60% of as is or 80% of purchase whatever is lower
Amount $100k – no max
LTV See Above
INT 16%
PTS 4
TRM 6 – 12 months
PPP No
CRDT 640

Borrower needs 10 – 15% of the purchase price into project, plus points and closing costs

Loan Program # 6

Territory National
Amount $150k (Tri State Area) $250 outside area – No Max
LTV 95% purchase + rehab
INT 11 – 15%
PTS 4
TRM 6 – 36 months
PPP No

Docs Needed: Credit report, 1003, Use of Funds, Exit Strategy, Photos, Comps
Bridge Loans Land (NYC Only)
No JV

Loan Program # 7

Territory DC, DE, MD, OH (middle of state only, Cincinnati, VA
Amount $50k – $2M
LTV 65% ARV
INT 12 – 15%
PTS 3 – 8 (5)
TRM 12 months
PPP No

Will lend up to 65% ARV and will fund 100% of the deal

Docs Required : 1003
Credit Report
Estimate of Repair
P & S Agreement
Comps
Old Appraisal
Photos
Builders Risk Policy

Loan Program # 8

TRTY MD (including Baltimore)
AMNT $15k – $250k
LTV 60 – 65% ARV (100% of 65% ARV)
INT 15%
PTS 5 (minimum $2500)
TRM 6 months (will give 2 extensions of 3 months)
PPP No
RSVS 10% of ARV

If LTV low enough, will fund all = Purch/Rehab/Pts/Cl Costs
Draws: Reimbursement (2 draws)
Purchase and Refinance

Loan Program # 9

Territory DC, South MD, North VA (No Baltimore)
AMNT $50k – $1.5M
LTV 100% LTC of 50% ARV
INT 14%
PTS 4 – 6
TRM 6 – 12 months
PPP No
CRDT No
Income No

Purchase/Rehab, Commercial, New Construction, Land, Condo
Condo Conversion, C/O Refinance
JV, Borrower has land they provide funds

Loan Program # 10

Specializes in Commercial & Residential Purchase / Rehab
Territory Phil & E PA; S NJ; N DE; MD Cecil County (Residential)
Nationwide Commercial
Amount $30k – $10M
LTV 65% ARV (100% of purch/rehab to 60% ARV)
INT 16
PTS 10 ($6,000 min)
TRM 6 – 12
PPP No
CRDT 660

Commercial Bridge, Residential Bridge, Land & Purch / Rehab

New Jersey Purchase & Rehab Lending

October 17, 2010

Loan Program # 1

Territory CT, DE, NJ, NY, Phil
Amount $50k – $2M
LTV 65% of purchase, up to 100% of rehab
INT 15%
PTS 4 – 6
TRM 12 months
PPP No
CRDT Looks at payment history
RSV 6 months reserve held by lender

Type All kinds of commercial and 1 – 4 family
Docs Needed : P & S
Estimate of Repair
Exit Strategy
Experience
1003
Credit Report
Comps / Appraisal

Loan Program # 2

Territory Phil Area, Newark, to Cape May, NJ, DE, Eastern MA
Amount $70k – $350k
Amount $500 – 600k for South Jersey, Cherry Hill, Marlton
LTV 65% ARV (Up to 90% LTC)
INT 12 – 16%
PTS 6
TRM 6 – 12 months
PPP No
CRDT 660

1 – 4 family residential & Small Commercial

Docs Needed P & S Agreement
Estimate of Repair (Draws if required)
Comps (or appraisal if available)
Purchase Hazard Ins.
Reserves $5,000
Minimum deposit $2,500 into deal
No cash at table. Lender will roll in all loan costs, closing costs, fees

Loan Program # 3

Territory Purch/Rehab CT, DC, MA, MD, NH, NJ, NY, PA, RI
Phil, DC, Baltimore – 100% purchase + rehab (of 65% ARV)
CT, MA, RI – 70% of Purchase, 100% of Rehab
All others, 60% of as is or 80% of purchase whatever is lower
Amount $100k – no max
LTV See Above
INT 16%
PTS 4
TRM 6 – 12 months
PPP No

Borrower needs 10 – 15% of the purchase price into project,
plus points and closing costs

Loan Program # 4

Territory CT, DC, MA, MD, NJ, NY, PA, VA
Amount $100k – $4M
LTV Up to 90% (Sometimes from ARV)
75% LTC (purchase + rehab) Standard
INT 15 – 18%
PTS 4
TRM 12 – 24 months
PPP No
CRDT 620

Borrower needs experience, deal or two in last year
Needs to show money in bank to pay for down payment and carrying costs
Properties include 1 – 4 unit investor, Mixed Use
New Construction : NY, NJ, CT

Loan Program # 5

Territory OH Only (Commercial Nationwide) & New York City and North NJ
Amount No min and No max
LTV 80% of purchase and 100% of rehab (up to 65% ARV)
INT 15%
PTS 6
TRM 6 months (with 2 ext of 3 pts each)
PPP No

Lender views all properties
No Cleveland
Has Management Company

Commercial Lending
Territory Nationwide
Amount $500k- $50M
LTV 70% of purchase
INT 8 – 14%
PTS 2
TRM 6 – 30 months
PPP No
CRDT 640

Florida 1 – 4 Unit Purchase & Purchase-Rehab And Florida Commercial Lending

October 14, 2010

Program # 1

Territory AZ, CA, FL
AMNT $50k – $1.5M
LTV 60% 80%
INT 12.5 18%
PTS 3 – 5
TRM 6 – 12 months
2 – 5 years
PPP None

Program # 2

Territory Southern Florida Only
Amount $75k – no max
LTV 70% ARV (75% case by case)
INT 10% and up
PTS 3 – 5
TRM 6 – 12
PPP No
Credit 600

No appraisal for property under $250k
Points may be paid when sell property (2 points paid at closing)
Commercial Hard Money Nationwide

Program # 3

Territory Florida, Southeast Only
Amount $100k – $5M
LTV 65% General, 60% Light Industry, 50% Land
INT 12.5% O/O & 13% N/O/O
PTS 3
TRM 12 – 60
PPP 1 / 0 2 / 1 3 / 2 5 / 3

Asset Based
Amount $100 – $2.5M
LTV 60% purchase or as is
INT start 12%
PTS 3
TRM See above
PPP See above
CRDT None

Docs : 1003, Credit, Photos, Business Plan or Exec Summary, Comps or Appraisal (if have)

Program # 4

Commercial Lending
Territory Nationwide (Prefer Western States)
AMNT $50k – $10M
LTV 65 – 75% Commercial Property
100% LTC of 60% ARV – Purchase/Rehab SFR
INT 12%
PTS 5 – 6
TRM 6 – 36 months
PPP No
CRDT 680

Condo Conversion, Land, Entertainment Complexes, Hotels
Will do Second Mortgages

Program # 5

Territory NY & FL
Amount $50k – $4M
LTV Residential 75% / Commercial 65%
Interest 12.25%
Term 3/20 then Prime + 6
Points 2
PPP No
Credit Not credit score driven & No Ratios
Mortgage lates OK

Rehab, NOT IN FLORIDA NOW 4/5/10
NY Full Doc, Florida semi full doc
50 – 60% ARV
Rates start at 11 -12%
$1500 inspection fee
2 – 3 points
Loan Amount $50k – $4M (Min $100k in Florida)

All property types including 1 – 4 Unit, NOO, 2nd homes, Mixed Use
Commercial, Renovation Loans, Construction, Bridge, Developments, Spec Houses

Chicago Hard Money Loans

October 8, 2010

Loan Program # 1

TRTY Chicago Area Only
AMNT $50k – $5M
LTV 65% ARV up to 100% LTC
INT 14%
PTS 4
TRM 6 – 8 months
PPP No

Properties: 1 – 4 units and larger apartment buildings
Lender has Borrower escrow all loan payments at closing
Lender has Borrower escrow 6 months PITI of future end loan

1. Term can be up to 10 months, need Lender to know
2. At closing, Borrower gives term of loan in payments to be put in escrow
(example: 7 month loan, 7 months into escrow
3. Lender looks at all loans as exit strategy refinances
Lender qualifies Borrower for end loan as part of underwriting
Lender has Borrower bring to table 6 months PITI of end loan payments

Loan Program # 2

TRTY Chicago Only
AMNT $20k – $5M
LTV 70% ARV (Up to 100% LTC)
INT 24 – 36%
PTS 1
TRM 6 – 12 months
PPP 4 month guarantee

Property: 1 – 4 units, Commercial, Apartment Complex, Condos

Loan Program # 3

Territory Chicago
Amount $50k – $400k
LTV 80% of purchase and rehab (but max is 65% of LTV)
INT 18 – 24%
PTS 5 (min of $2,500)
TRM 12 months
PPP 4 months guaranteed
CRDT 600

Will do JV

Loan Program # 4
Refinance Only Lender

TRTY Chicago Area Only
AMNT $25k – $1M
LTV 60 – 70%
INT 12 – 20% (15%)
PTS 5
TRM 12 – 24 months
PPP 3 month guarantee

Private Lender

Debtor In Possession & Distressed Payoff – Refinance

October 7, 2010

Territory Nationwide
Amount $2M – $50M
LTV Up to 75%
INT 10 – 14%
PTS 1 – 4
TRM 12 – 36 months
PPP None

Any type of commercial property, commercial rehab, commercial construction
Warehouse, Bankruptcy Reorganization
Residential Development, Hotel Purchase
Construction Office, Retail, Condo Development
Refinance, Rehab, Auto Dealership Refinance
Restaurants
Short term bridge, hard money
Land

Georgia Purchase & Rehab Hard Money Loans

October 7, 2010

Territory GA Only
Amount $25k – $3M
LTV 80 – 85% LTC (Purchase + Rehab)
INT 12 – 17% (15)
PTS 4 – 10 ($4500 minimum) Usually 5
TRM 6 – 24 months Usually 6
PPP No

Territory Residential ; GA
Amount $25K to no max
LTV Rehab GA : Up to 90% LTC (Purch, Rehab, Cl Costs, Pts) to 65% ARV
INT 15%
PTS 5
Term 6 months with option for renewal
PPP No
Credit No credit, No Income, No Assets

Territory GA Only
AMNT $25k – $3M
LTV 65% ARV (draws paid after work done)
INT 14 – 17%
PTS 5 – 10 (minimum $4500)
TRM 6 months
PPP No

Territory AZ, CO, GA, ID, MD, NC, NB, NM, NV, OR, TX, UT, VA, WA, WV
AMNT $50k – $250K ($350k House) No Rehab Money
LTV 100% of purchase to 70% ARV (Only lends on SFR)
INT 15%
PTS 5.5
TRM 6 months (2 months for 2 points)
PPP No
CRDT 620 (under 620 is 18% and 1 point)

EXAMPLE $150,000 ARV
– $20,000 Rehab
= $130,000 Sub Total
x 70% Loan Calculation
= $91,000 Loan Amount
+ 5,000 Points
= $96,000 Total Loan Amount

Borrower pays all rehab cost and closing costs

Territory Atlanta Only (Not Clayton County, Not West End)
Georgia Residents Only
Amount $40k – $250K
LTV 65% ARV (100% financing up to the 60-70% ARV)
INT 15 – 18
PTS 4 – 6
TRM 6 months (ext of 2 months / 2 pts)
PPP No
CRDT W-2 720
1099 720

Pays contractor after work done

Hard Money Loans For Investor Purchase/Rehabs

November 21, 2009

I am a hard money mortgage broker.  I work with lenders who fund projects all over the United States including Alaska and Hawaii.  These lenders can range from local, private lenders to national funding sources.  They all have one thing in common.  They can make decisions quickly and work with commercial and investment properties.

Most hard money lenders want borrowers to have some of their own money into the transaction.  This can range from 10 – 35% of the purchase plus rehab.  There are a hand full of lenders who will fund 100% of the purchase and rehab – up to 65 – 70% of the after competed value.  These lenders want the borrower to pay the points (as a fee for doing the loan) and closing costs at the closing table.

The amount of money the lenders want the borrower to contribute is specific to the borrowers experience, the property and the lender’s ability to assure itself that the loan will be paid back (the exit strategy of the borrower)

A standard loan program is as follows:

Territory      Nationwide

Amount        $50K to $50M

LTV               65 – 70% after repair value  (with borrower contribution of 10% or more)

INT               14 – 16%

PTS               4 – 5

TRM              6 – 24 months

None             Pre Payment Penalty

Credit           Not score driven

Reserves       Not usually

The following documents are needed for submission of the loan:  Residential Loan Application (1003) or Personal Financial Statement; Credit Report; Proof of Funds (usually one bank statement); Purchase & Sale Agreement; 2 – 3 Comps to show after completed value; Photo or Listing of subject property, Estimate of Repair from a Licensed General Contractor (with license and insurance); other documents as requested by lender.

As a professional who has ten years of experience with residential, commercial and hard money loans, I can help you plan your project or answer any particular question to make the process work better.

I would be pleased to receive email or direct phone calls to help you with your project.

Joel Soforenko

Continental Finance Service

799 Sumner Avenue

Springfield, MA 01108

413-478-5379

ContinentalLoan@gmail.com


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