Jeff Phelan
  • Melville, NY
  • United States
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Looking for an investor

Started this discussion. Last reply by Mary Gill Oct 30, 2013. 3 Replies

The Company seeks  additional capital to close on its backlog of financing projects and to take advantage of the shortage of lenders to the residential rehabilitation market. Specialty Lender in NY…Continue

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Jeff Phelan updated their profile
Apr 18, 2019

Profile Information

Company name and description
Rehab Lending and Fix n Flip Financing in NY Metro area.

Property Type               Rehab Properties: Residential 1-4 family, Condos and Mixed Use (multi family    on a case by case basis)        All properties must be non owner occupied (not borrower’s principal residence) and vacant.

Minimum Credit           Credit scores generally not required as loan is generally to a corporate borrower        Focus is on the appraised value of the transaction.

Income/assets               No income documents required/ Assets can be asked for on a case by case basis     

Lien Position                First Priority Mortgage Only                              

Loan Amount                $150,000 up to $1,500,000. – smaller/larger on a case by case basis

Standard Terms             One year – no prepayment penalty

LTV                              80% - 90% of the purchase price generally not to                                                                    exceed 70% of the “subject to” or “as completed

Renovation Funds       May be included in loan                                                                                                           usually advanced in up to four installments after inspection

Interest Rate                 Rehab Properties – generally 9.99%-12%

Guarantee                     Personal guarantee of principals required.

 Documents                   “As Is” and “Subject to” Appraisal

                                    Purchase Contract

                                    Rehab Budget and Draw Schedule

                                    Builders Risk Insurance

                                    Title Policy

                                    Mortgage, Security Agreement, Assignments of Leases and                                                    Rents   and Fixtures

                                     Promissory Note and Loan Agreement              

                                    UCC 1 on corp. /entity owning property

Funding                        Conditional approval and term sheet generally within 48 hours after appraisal

                                     Funding generally within 7-10 business days after approval

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