We offer a unique portfolio of competitive financial lending programs, typically at 65% LTV (including points) based on the
after repaired value of the property:
65% LTV Program
- 13.88% interest only payments
- 4 points origination
- Comps used on appraisal must have sold in the last 6 months, be sourced from MLS and have sold within 60 days
Additional Terms for All Loan Programs:
- Credit score on file. Scores below 675 require a co-borrower.
- Credit = 625-649 then 55% LTV
- Credit = 650-674 then 60% LTV
- Credit = 675+ then 65% LTV
- Origination points will be rolled into loans and will be calculated as part of the LTV.
- 6 month term
- Documentation preparation fee: $350
- Re-inspection and draw fee: $100-$115 (based on inspection costs)
- Extensions are granted on a case-by-case basis based on payment history and property inspection. If payments are
current and repairs are complete an extension will likely be granted.
- Appraisal/Inspection fees (due upon loan submission). New loan applications will not be reviewed or processed
until payment is received:
Dallas/Fort Worth (Dallas, Collin, Tarrant and Denton Counties):
- "Full" appraisal fee (loan amounts of $100,000 or greater): $395
DFW Property Comps - $10:
- We'll pull comps for you and show you how they compare with your property. This will allow you to do a "quick" check before paying for a full inspection.
Exceptions:
- Loans with an ARV (after repair value) of $250,000 or more
- Requires 2 “full” appraisal fees
- LTV/Down Payment may be adjusted based on county population and credit score
Property specifications:
1. First liens only
2. Loan on "after-repaired" value:
- No loans on houses with After Repaired Value of less than $80,000.
- On a 65% LTV loan we will have an initial funding equal to 65% of the After Repaired Value minus the repair estimates and origination fee. On a
case-by-case basis, we may allow for the insurance and title company or closing
attorney fees to be funded with the loan. No funds will be released to the borrower at closing. The repair funds will be held by us and released in the form of draws as work is completed.
- We release approved repair funds to the borrower for completed repairs according to the submitted repair details completed
as part of the Investor Loan Request. (Click here for a draw request.)
- Properties with After Repaired Values over $250,000 require two “full” appraisals and will be handled on a case by case basis.
3. Appraisals
- Appraisals must be ordered through our office and meet our underwriting criteria.
-
Click here for full appraisal requirements.
4. A mortgagee's title policy is required.
5. An insurance policy is required on all loans for the term of the loan (for six month programs) or one-year (for 30-year programs).
Click here for insurance details and requirements.
6. Properties must be located in cities or counties with populations over 300,000.
Procedure for all Loans:
- Submit the following to us:
- Executed Real Estate Contract
- Appraisal Fee (due upon submission)
- Investor Loan Request
- Inform your title company that we will be your lender
- We will order an appraisal and your inspection
- Coordinate and schedule closing appointment with the title company after final loan approval. (We do not schedule closings.)
- We will submit closing documents to the title company
