I am based in Spokane County, WA, and am looking for lenders who lend on a house's ARV, for these fix and flip projects.
Let me know what your procedures are for submitting a deal.
What is the minimum and maximum amounts?
How much of the ARV will you lend [eg, 60 - 75% ARV]?
How many deals you will fund at a time, and if the number increases, with repeat business?
After a deal is submitted, how soon are funds available, if it is approved for purchase? For fixing?
Any other information you need for the lending.
At this time, I'm only looking for lenders in the US, who can lend in WA.
I use American First for estimating my closing costs [can use your title company, if required to do so].
Again, I am looking for lenders who lend on the ARV, who will get 1st, secured by the property.
Eddie, see below our Fix and Flip Program
Fix & Flip Program
Our new ARV program in the following states: AL, AK, AR, CO, CT, DE, DC, FL, GA, HI, IL, IN, IA, KS, KY, LA, ME, MD, MA, MS, MO, MT, MI, NH, NM, NC, OH, OK, PA, SC, TN, TX, VA, WA, WV, WI, and WY. I got a ton of questions asking how this loan is structured
1. Minimum purchase price of the property must be 25k or better
2. We are doing a 1st and 2nd lien
* 1st lien covers 65-80% of Purchase Price or Appraisal Value (Which is the less)
* 2nd lien covers the down payment on the 1st lien, rehab costs and if there is room closing costs. -Yes if you have a GREAT deal with a large spread it is possible that the full deal could be funded
3. We will need to get an as is and arv appraisal done (your cost our appraiser)
4. Closing time is about 10-14 business days
5. FIX AND FLIPS ONLY IN THIS PROGRAM - NOT FIX AND HOLD!! Here is an example of a loan request Purchase price 50k As is value 67k Rehab budget 23k ARV 110k On the 1st lien as per this scenario we would lend 40k toward the purchase price (you would need 10k of the 50k)
On the 1st lien as per this scenario we would lend 40k toward the purchase price (you would need 10k of the 50k)
On the 2nd lien we would lend 65% of the ARV less the 1st lien amount - 110k x 65% = $71.5k - 40k 1st lien = $31.5k 2nd lien
Of the 31.5k on the 2nd we would cover:
10k that is needed for the 1st lien down payment
and 21.5k of the rehab costs
Rate on the 1st lien is 1.25% interest only payments per month
Rate on the 2nd lien is 1.67% interest only payments per month
So as the borrower you would need $1,500 toward rehab costs + closing costs
Closing costs on this loan would be $3,200 on the 1st lien and $4,095 on the 2nd lien + title and lender fees, plus you will need to have 3 months payments on the loan in reserve
So for about 10k and 3 months payments in reserve you would get into this deal. 10k out of pocket for a 27k profit !!
If the ARV on this property was 120k then we would have funded the full deal!!
I know you have deals that you can not find funding for, lenders dragging you along, great deals but maybe not enough capital to get in them?
Email us the following
1. In the subject line of the email put the property address
2. Then supply ALL of the following to ensure a speedy reply from us:
Your capital available for the deal
Appraisal available - Yes or NO
Your closing date
Attach are our application, lending guidelines and Personal Financial Statement for fill it completely and return us back at firstname.lastname@example.org with the documentation requested in the lending guidelines.
Construction Loans available
13% Interest and 4 points ( Closing costs required of borrower)
80% of purchase
9 Month Term
100% of rehab/ construction
Max loan amount on this program is 2MM
Client's credit doesn't matter
California, Arizona,Colorado, Wyoming, Washington, SC, NJ ,Ohio, Texas, Florida, NJ, and Illinois
For this construction loan program
This is very simple
Great for builders and rehabbers
Just need one sheet to review
or email email@example.com
Attached is information on a 65% ARV program. This is a nationwide lender. Call me should you have questions.
I'm not a lender, but one of my key lenders has a very niche product when it comes to fix/flips. If you/your projects fit the criteria, you can do these with 100% financing.
True 100% LTC financing with a 50/50 split of net profits. Your initial questions answered below.
Let me know what your procedures are for submitting a deal. Email please.
What is the minimum and maximum amounts? 100K Min; Sweet spot is 250-500k; No max loan amount
How much of the ARV will you lend [eg, 60 - 75% ARV]? 75% ARV ALL IN (PP+rehab+Holding cost+Loan Cost); actually comes to around 77% ARV usually
How many deals you will fund at a time, and if the number increases, with repeat business? Depends on experience; if repeat business, process becomes streamlined
Interest rate? NO interest charged unless you can't flip fast enough; 50/50 chop of net profits
After a deal is submitted, how soon are funds available, if it is approved for purchase? For fixing? Deals can fund feasibly in 5 days. 2 weeks is best. Most recent one I put together was done from app to close in 13 days. Draws for rehab are always available. Usually 10% or what is requested for initial draw is released to GC.
If you have further questions, scenarios, and/or want more information, please contact me offsite. I have questions for you also.
We are private equity & venture capital investment company who are ready to fund projects in the form of debt finance.
Do you need a loan to Enhance your business? Loan to Consolidate your Debt? Loan for personal uses? Loan for credit Card? Mortgage Loan? We are the solution to your financial problem. We grant loan to both cooperate and private entities at a low interest rate. The terms are very flexible and interesting.
Kindly revert back if you have projects that needs funding for further discussion and negotiation.
Address: 4625 Sherland Rd,Mountain View,
CA 94043, USA.
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