Real Estate private funding
Real Estate Private Funding is private mortgage fund that specializes in rehab loans for real estate investors. The principals of the firm have decades of experience in real estate financing. They are a “real” rehab lender, providing purchase money and rehab funds to residential real estate investors. They also fund standard purchase and equity cash out loans. Here are some of their guidelines:
- Lending Areas: Ohio, Texas, Florida, Indiana, Kentucky, Illinois, North Carolina, Georgia, Tennessee, Kansas, Oklahoma
- Loan Size: $40,000 to $1,000,000 (higher amount on case-by-case basis)
- Loan Types: Rehab, Fix & Flip, Purchase, Refinance, Equity Cash Out, Buy & Hold
- Property Types: 1-4 Unit Residential, Condo, Multifamily, Mixed Use, Retail, Office
- Borrower Types: Personal, Self Directed IRA, Foreign Nationals, Corporation, LLC
- Occupancy Type: Investor Only, NO Owner-Occupied Homes
- Loan-to-Value (LTV): up to 70% of the after-repair value
- Loan-to-Cost (LTC): up to 100%
- Loan Term: 6 months to 30 years
- Loan Position: 1st trust deed only
- Interest Rates: 8% to 15% (may be PITI or interest only)
- Fees: 5 to 7 points
- Closing Time: 10 – 30 days
- Loan Funding Fee of $595-$1,295 paid at term sheet
- Appraisal / BPO paid by borrower
- Insurance due at closing paid 1 year in advance
- Inspections paid by the borrower
- No minimum credit score
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