We are rolling out our new funding program which goes higher on leverage than any other HML. We also have changed the game on how rehab monies are carried from closing, we do NOTcharge on the rehab monies until they are drawn on. We have now have 2 core programs we can offer, presented below:
CORE HIGH-LEVERAGE PROGRAM
-90% of Purchase up to 85% As Is Value
-100% of Rehab up to 70% ARV
-11-12.9% (We lower out rates on subsequent deals with borrowers)
-2-3 Points
-6-18 month term
-No PPP
-Available in MD, DC, VA, NC, SC, and FL (other states on a case by case basis)
-REHAB FUNDS ARE NOT CHARGED INTEREST FROM DAY 1, ONLY AS THEY ARE DRAWN
CORE LEVERAGE PROGRAM
-90% of Purchase up to 75% As Is Value
-100% of Rehab up to 75% ARV (80% in CA)
-Rates are typically between 7.9-11.9% (Determined by experience and LTV)
-2-3.5 Points
-12 month term
-No PPP
-Available outside of the Core High-Leverage Program
We have a one page application that makes applying very easy. We can turn term sheets around in less than 24 hours and close within 2 weeks in most cases.
