This new 90/100 rehab loan has highlights that make it easier for rehabbers to qualify for a loan. If you want more info, or want to run a scenario through my desktop underwriting, feel free to email me the request, and I will send you the form to collect your scenario details.
Here are some of the Highlights and qualifications:
Product, Procedures and Submission
Product Details
- Fix and flip, or buy and hold loans
- Loans from $50,000 to 2.5 Million
- Financing for SFRs, 2-4 units, townhomes, and PUDs
- Loan term 6 to 12 months
- Loans to 80% -if purchase price = value
- Loans to 90% -if value = more than purchase price
- Financing will allow for 100% of the rehab costs via construction draw to be determined
- Long term buy and hold loans available with a 5/1 arm
- Rates vary based on your experience and completed rehabs in the last 6 and 12 months.
- Rates range from 8 to 12% based on your experience
- Extension fee of 1% for 3 to 12 month extension
- Fees are 2.5 to 4% depending on loan size
- Closing in 10 to 14 days for first time rehabbers
- Returning rehabbers closing in 7 to 14 days
- Borrower in an LLC or personal name
Qualifications
- Borrower need to show completed rehabs for the last 6 mths, 12 mths, and lifetime
- Credit needs to be 500+
- No more than 2 over drafts in 3 months
- No more than 4, 60 day lates in 24 months
- No foreclosures or bankruptcies in 2 years
- No major criminal charges in 7 years
- No unresolved judgments or liens over $10,000
- No financial fraud ever
- No rural properties
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10 Minute Submission Process:
- Rehabber will request and complete the Rehab CIS Form for our review
- Your CIS form details will be entered in our underwriting DU engine for immediate approval
- Based on your criteria the LTV and rate page is provided to you to select on each transaction
- We then collect a charge of $199 for a BPO which is ordered and used to qualify your property.
- Lastly an LOI is generated with the submission doc checklist.
States Offered
- Texas
- Georgia
- Tennessee
- Colorado
- Washington
- West Virginia
- Illinois
- Ohio
- Missouri
- Virginia
- Florida
- South Carolina
- New York
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Thank You
Kathleen Smith
Harbour Equity Partners
Private Client Services, LLC
Admin Assist. | Private Banking and Client Services
NY Office 631-757-9700
Fax. 631-991-9142
Email. Info@SuperJumboLoans.Info
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