We offer financing on Fix and Flip homes
and apartments. (Loans cannot be for owner-occupied use) Private money is used on non-bankable
properties. The properties must be non-owner occupied.
For approval of an interim
loan, please forward the following:
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1003
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Tri-merge credit
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Appraisal-as is and
completed condition
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Title Binder
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Financial Statement
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Two years tax returns
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Resume in this industry
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List of repair costs
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| If homes are being sold with owner-carry, there may be licensing
requirements under the Safe Act.
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Rate and Terms:
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12.0% per annum
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6-10 points paid at closing
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$ 450 underwriting fee
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$ 300 processing fee
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2 discount points added to
loan amount
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12 month term
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Interest only payments
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80% loan amount of
acquisition/purchase price depending on credit. Acquisition
prices of $50,000 to 250,000. (We will consider higher on a
case-by-case basis).
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Up to 80% LTV of appraisal
or acquisition, which ever is less.
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Borrower must prove funds to
service debt, pay closing costs and rehab costs.
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Example:
$175,000 Completed Value
$ 100,000 Acquisition Price
25,000 25% cash down
75,000 loan amount
76,500 note amount (2% discount points)
$ 786.89 monthly interest at 12% per annum
5,250
7 points
450 underwriting fee
300 processing fee
___ doc prep - varies by
state
$ 6,000 estimated loan costs from borrower
(not including escrow costs).
$
20,000 rehab costs - example
$ 49,000 profit if sold by owner
Call or email Ron Heinze with loan
request.
