Started this discussion. Last reply by Mary Gill Oct 30, 2013. 3 Replies 0 Likes
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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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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