Need Private Residential Funding For An Investment Property ???
This Is What We Need To Provide Funding
Pay Stubs, Tax Returns, W-2s, K-1s, Business Plans
Underwriting Guidelines and Rules To Provide Funding
- Borrower credit score of 700 or above
- Borrower must have a legally correct purchase contract for purchase of subject property
- Borrower must have previous verifiable experience (the more experience, the lower the rate)
- Property must close in a legal entity (corp or LLC) that they are part of that is verifiable through state registration website.
- Borrower must provide a current legal operating agreement
- Borrower must show in a bank account that they own or are beneficiary of sufficient cash to close plus reserves
- Reserves must be equal to 20% of the rehab amount plus 3 months payments.
- Borrower must have homeowners insurance equal to 120% of the loan amount in a builders risk policy with a minimum of $500,000 in general liability and lender must be named as an additional insured
- Borrower must complete an application for each property
- Borrower must pay for an Appraisal of the subject property and a Construction Feasibility Study Inspection (plus any other inspections required by the state the property is located in)
- Borrower may not take out any second liens on the property to try and accommodate no money out of pocket for the purchase of the property.
- If it is a refinance borrower must have taken title two years previous or loan amount will drop to 80% of the actual amount paid for the property not to exceed 60% of the property value
- Borrower himself MUST sign the loan documents, for anyone else to do so this may be construed as fraud
We lend in the following states: AL, CT, FL, GA, IL, IN, LA, MD, MI, MO, MS, NC, NJ, NY, OH, OK, PA, SC, TN, TX, VA & WI.
We do not lend in Cook County & Chicago, IL, Detroit & Flint, MI, or Cuyahoga County & Cleveland, OH.
WE CAN PROVIDE ISBU HOUSING
WE CAN PROVIDE TINY HOUSING
WE CAN PROVIDE EARTHSHIP HOUSING
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