FIX
&
FLIP
PROPERTIES
Leverage
your
portfolio
BANK
TURN-DOWNS
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FIX & FLIP FINANCING
Residential (must be non-owner occupied)
PMI Funding Corporation
offers Fix & Flip financing for non-owner occupied residential
properties. We will consider properties located in NM, CO, ID, OR, WA
and TX.
Our rates are classified
as "hard money" rates and terms. Our program works well for the investor
who needs to leverage their portfolio and cannot obtain financing with a bank.
The terms are as
follows:
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70-80% of acquisition (i.e.
your purchase price is $100,000, we loan $70,000-$80,000.
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Rate is 12% per annum
with 2 discount points.
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4-6 points
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Borrower must show the
ability to make interest only payments monthly.
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12 month term.
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Our underwriting is as
follows:
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Credit Application (1003)
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Financial Statement
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Income & Expense Statement
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Tax Returns- 2 years
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620 minimum fico
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Verify the 30% down, plus closing costs, plus fix-up costs
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Verify the ability to make monthly payments.
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Appraisal - "as is" and "completed"
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List of repairs and approximate costs
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Property cannot be purchased for future owner-occupied.
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For more information,
please contact:
Ron Heinze at
505-275-2244
PMI Funding Corporation
505-275-2244
505-213-0150 Fax
rh@pmifunding.com
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