Follow the money! It's my pleasure to introduce you to the hottest Hard Money trends and products.
During the past several years the focus of my practice has shifted from distressed property bailouts and buyouts (divorce, probate, partnerships) to urban infill re-development. Last year, fix and flip lending represented a significant amount of hard money lending, with volume not seen for a decade.
With hundreds of private lenders now offering Fix and flip financing, brokering loans for 1 - 4 units developers has evolved into a legimate service. It feels much like the subprime surge 2000-2006, when many new lenders appeared, all offering similar products, but with small underwriting differences which can make or break a deal.
Finding the best deals is a full time treasure hunt. As a Hard Money Loan Broker, I see a lot of fix and flip loan products- from more than 300 CA based lenders, and know Hot Money when I find it- my income depends on it.
This new program released TODAY is specifically designed for premium service, better rates, and fast close times. I feel it helps small companies compete against the large scale and cash rich flippers, effectively leveling the playing field.
Details:
➢ Reliable: $5 million credit facility; one-time qualification
➢ Fast Close: Streamlined process allows us to close your loan in 5 business days
➢ Dedicated: You will have a dedicated Experience Manager available and on call
➢ Easy: To submit an application just send us an address, purchase agreement, and scope of work for the property
➢ Transparent: Final terms delivered within 1 business day of full submission
Premium Service: - Dedicated team - No arduous forms to complete - Term sheet in 1 business day - Close in 5 business days
Max Leverage:
- 90% of purchase price
- 75% of after repair value (ARV) w/ holdback
- 70% of after repair value (ARV) w/o holdback
- 100% of rehab costs (via holdback)
Interest Rates:
- 8.00% up to 75% LTV
- 8.25% between 75-80% LTV
- 8.75% between 80-85% LTV
- 9.50% between 85-90% LTV
Fees & Pricing: - No application fee
- 2.50% origination points per loan avg.
- $999 service fee at closing
Loan Terms: - Purchase and refinance
- Minimum loan amount: $50,000 - Maximum loan amount: $1,000,000
- 12-month term with no prepayment penalty
- Personal guarantee required
- Refinances must be within 6 months of acquisition
Qualification: - 10 completed flips in last 2 years
- No derogatory public records within the last 24 months
- No felony convictions within the last 7 years
- Liquid assets of at least $25,000
- Minimum FICO of 660
Eligible Borrowers: - Corporations - General Partnerships - Limited Partnerships - Limited Liability Companies - Revocable Trusts
Eligible Properties: - SFRs - Condos - 2-4plex - PUDs in CA, CO, CT, FL, GA, IL, MD, MI, MO, OH, SC, TN, TX, VA, WV, SC, and WA.
EZ-DOC Required documentation: - Signed credit authorization form - Most recent bank statement - Schedule of Real Estate Owned / List of Past Projects - Signed spousal consent (if guarantor is married/separated and living in a community property state) - Entity documents - Voided check (for ACH) Property documentation (required for each loan): - Property Address - Purchase price - Requested loan amount (purchase and rehab) - Scope of work - Executed purchase and sale agreement - Hazard insurance contact information - Title insurance contact information - Escrow / closing agent contact information - Property access instructions - Property Pictures -- Exterior pictures required; Interior pictures recommeded.
Want more info? Please contact me;
CMJHardMoney@gmail.com or 858-999-6955
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