|
It's our fund so we can customize any loan, but
generally here's what we do.
(and we do awesome deals nationwide in
major metros like CA, UT, CO, AZ, HI and Coastal FL, or like a ski
resort SFR, or to a high profile borrower (like a sports star or high
profile person)).
General Loan info (every deal
customizable):
·
$30k to $5MM+ loan size
·
12 - 18 month short term notes (10.875% to 11.875%+ rates)
·
No Min FICO. No income.
·
1sts AND STAND ALONE 2nds!
·
Cash outs up to 65% LTV & CLTV (1st
and 2nds).
·
Purchases up to 75% LTV.
·
Property Types
·
1 - 4 unit residential, multifamily bridge
·
$1M to $5M commercial: Multi-Family, mid-sized retail
centers and office buildings.
·
No Specialty Properties: We do not like anything auto,
cannabis, assisted living, no hospitality like hotels, no special
purpose properties like restaurants, churches, schools, or strip
clubs.
·
Land: we don't do much land, but when we
do, it needs to be a very clear exit (like they have a contract
already with the buyer who will buy within a year, or they have
a bulletproof loan commitment from a take out lender that
would pay us off, or they have other completed properties they can
cross that we like, or it's the last lot in a higher end residential
neighborhood.
·
Bailout Loans: Non-Owner Occ & Primary/Owner-Occ Consumer
Bailouts (OO in CA only): Forbearance & Foreclosure Fix (&
Other Cash Out Fixes) Loans
·
Fix/flip - rehab deals up to 70% Loan To Cost (30% of purchase
and 30% of budget out of pocket), no greater than 70% of the ARV
MORE DETAILS
Bridge Loans (purchase and refi)
·
$30k to $5MM loans
·
10.875%+ Rates. 1.5+ points. 12 month note. I/O
payments. No Prepays.
·
65% max cash out. 70% LTV usual max purchase.
·
Owner Occupied (OO in CA only)
·
OO Consumer Bridge - cross existing home and home
they are purchasing to get a 100% Cash Offer Purchase Loan (Buy
before you sell).
·
OO Foreclosure & Forbearance Bailout/Fix (&
Other Fixes) Loan
2nds
·
$30k to $1MM+ loans
·
12%+ Rates . 2+ points (prob min origination of $3.5k
on small deals). 12 month note. I/O payments. No Prepays.
·
65% max CLTV.
·
NOO and Owner Occupied (OO in CA only)
Commercial Loans
·
5+ unit multi-family is the main commercial product.
We'd do value add construction loans, cash out and purchase on
those.
·
$1MM to $5MM
·
10.875%+ Rates. 1.5+ points. 12 month note. I/O
payments. No Prepays.
·
Purchase/Rehab/Construction/Cash-Out OK
·
65% LTV max rate/term - purchase
·
55% LTV max cash out· On Retail
Centers, Office Buildings, Light Industrial we'll do cash out and
purchase but no major construction or rehab.
·
We don't do specialty properties: no churches, no
schools, nothing related to auto, so self-storage, no strip clubs, no
cannabis.
Our 3 Owner Occupied Loans
·
HELOC for consumer loans: needs income to
qualify. no min fico. and needs Section 32 high cost class
·
Used when more than 25% of the funds are for consumer
purpose (personal debt payoff including mortgages used for primary
residence like in a foreclosure or forbearance bailout loan),
·
Need income to qualify for ability to pay (45% DTI)
JUST subject ITI payment (we do not count any payments on credit at
all, just the i/o and taxes and insurance for subject). VERY flexible
on income documentation.
·
10 year line with 12 month teaser, then i/o adjusts to
note plus prime years 2-5, then 6-10 year is PI and note rate +
prime.
·
BUSINESS PURPOSE LOAN on primary residence: no income,
no min fico. 75% funds used for business purpose. 12 month
note.
·
I just need to document with a certified letter from
the borrower that all moneys (including debt being paid off) is for
business purpose. A business purpose loan on a primary does not
have to qualify, but 75% of the funds have to be for business purposes.
so doesn't usually work as a new first cause that existing first is
usually a consumer loan, so that would make it more than 25% consumer
purpose. so usually do business purpose 2nd so 75% of more of the
funds for business purpose, confirmed with signed LOE, no steering.
No income qualify. NEEDS SECT 32 (High Cost Class). 12 month note.
·
CONSUMER BRIDGE: no income needed, no min fico.11
month note, and 3 day rescissions and Section 32 high cost class.
·
They own their current residence and buy the next home
before they sell the current one, one loan crossed by both
properties, up to 100% of purchase plus all costs. 11 month note, no
income, no min fico.
·
have TRID rescission periods.
Fast-Close, Make
Sense Financing, without Rigid Guidelines
|
