LINE OF CREDIT

PREFERRED INVESTOR LINE OF CREDIT

 Get From $500K - $20M!  
This is short-term real estate funding for EXPERIENCED Real Estate Investors looking to acquire and renovate distressed Residential real estate and Builders who want new construction on lots already owned.

WHERE WE LEND FOR THIS PROGRAM:

Don’t let capital constraints hold you back from doing 2, 3, even 4 times as many deals:

  • Fund up to 100%!
  • New Construction | Fix/Flip and Fix/Rent | Cash Out Refinance.
  • Single Family, 2-4 Units, Multi Family, Apartments up to 100 units and developments.
  • Proof of funds for all offers.
  • Line of credit facility from $500,000 to $20 million+.
  • Interest rates from just 8.49%.
  • Length 12 - 24 Months.
  • Reduced due diligence fees.
  • Reduced origination points paid per closing. On average, 50% reduction in points.
  • Ability to cross-collateralize.

With a Preferred Line of Credit, you’ll have confidence and strength in negotiating multiple deals all at once:

  • FAST underwriting.
  • Exit Strategy: Sale or Refinance
  • Only go through underwriting once; enjoy quicker closings
  • Within the Line of Credit, you’ll take out each loan based on the deals/properties that you’re looking
  • to finance.
  • Complete multiple projects simultaneously, up to your full credit line amount.
  • Whatever funds are left after completed projects, you have the option of using the funds for another.
  • project or use the remaining balance to pay down the principal amount of the mortgage.  
  • We lend to experienced Flippers, Landlords, Builders & Investors.

PLEASE EMAIL DOCUMENTS & FILL OUT SUBMISSION FORM BELOW

1. Signed Borrower Authorization Form

2. Legible, COLOR copy of your current, unexpired Driver’s License

3. Entity Operating Agreement

4. Personal Financial Statement Worksheet

5. Real Estate Owned (REO) Schedule (Excel Document)

6. Scope of Work Form (Excel Document)

7. Track Record Form (Excel Document)

8. W-9 Form

9. Two years Federal Tax Returns

     a. 2 Years Personal and 2 Years Business

10. Most recent W-2 statement (If salaried)

11. Current Paystub (If salaried)

12. Last 2 months bank and brokerage statements
             verifying liquid assets and retirement
             accounts

13. Company Documents including:

       a. Articles of Inc., or Certificate of Organization

       b. Operating Agreement for LLC or By-Laws
           (Same as #3 above)

       c. EIN Verification

       d. Foreign Entity Registration if company is
           registered outside of subject property state.

14. Loan Application Questions for Underwriters Portal- Return all answers


*For new/existing construction properties please provide the following:

1. County Approved Permits

2. Plans and Specs approved and stamped by the county building/zoning department

3. Copy of the work estimate, this estimate can be from your contractor or from yourself. If from a contractor, it should be itemized to list the repairs and estimated cost.

4. Survey of each lot

5. Percentage completion of an exiting project accompanied by Project budget

6. History of the property; when it was purchased, how much was the purchase price, Deed and HUD on existing lots

7. If a PUD, Site Plan Required


*If you have a property under contract please provide:

1. Executed Sales Contract with applicable addenda.

2. Copy of MLS listing if available.

3. Copy of the work estimate, this estimate can be from your contractor or from yourself. If from a contractor, it should be itemized to list the repairs and estimated cost.

4. Contractor’s license number

PLEASE EMAIL US YOUR DOCUMENTS

Description Title

  • Minimum 600 credit score
  • Documented income sufficient to cover loan payments
  • No bankruptcy in past 3 years
  • Legal resident of United States
  • Primary residence within 50 miles of subject property
  • Sufficient liquid assets to cover your percentage of capital needed for the project

*Line of Credit (LOC), is basically a future fixed advanced loan. It is not the typical LOC as you may be used to. We do not offer a check book so you can write checks against the line.


*It is an unsecured credit line reserved for your R/E acquisitions based on the leverage you have been approved for.


*Benefits, This LOC gives you the confidence to know what you’ve been approved for. It enables you to ensure quicker closings. Costs on all loans within the LOC are cheaper (as well as inspection fees, etc.). You only must go through underwriting once, and most importantly this is how you start a relationship with us, so we can continue to creatively fund deals for you.


*Within the Line of Credit, you will take out each loan based on the deals/properties that you’re looking to finance.


*Once you place a property on the line, that portion of the line is secured with the property you just acquired leaving you a balance for future deals.


*Once we close on a particular property, the first payout will be to purchase the property allowing us to perfect our lien on the subject property.


*You will provide the Scope of Work when the contract for sale was presented. The Scope of Work basically drives the loan at that point. A baseline inspection report is ordered along with an appraisal giving us an as is value and an ARV value. IT IS CRITICAL THAT THE SOW IS VERY DETAILED.


*The Scope of Work is matched up with the baseline inspection report and is reviewed by our rehab and construction department. At that time the budget is either approved as submitted or a recommendation will be made to either increase or decrease the budget. Once the budget is approved, typically our Director or Rehab will either have a conversation with the borrower/GC and determine the best draw schedule to benefit the project.


*Upon completion a draw request is made via our website. An inspector is dispatched to inspect work done, in some cases, for the right operator, we will accept pictures, before and after. Once the inspector or the pictures are approved, the draw is approved, and funds will be ACH’d into your account.


*Whatever funds are left in the till, you have the option of taking the funds and using them for another project or use the remaining balance to pay down the principal amount of the mortgage.

PLEASE EMAIL DOCUMENTS &FILL OUT THE FORM BELOW FOR INITIAL SUBMISSION TO PROCESSING 

Contact Us

Need Help? 

Frequently Asked Questions 
  • Will you lend to an LLC, partnership, or corporation?

    Yes, however personal guarantees are required.

  • How fast can my loan close?

    Once a borrower has been approved, closings can be held within two days of receipt of the appraisal, inspection report, and title binder.

  • Are there any pre-payment penalties?

    There are no pre-payment penalties. You can pay off your loan early.

  • Do you require any additional collateral?

    In most cases, no as long as all requirements are met.

  • What types of properties will you finance?

    Non-owner occupied residential, multi-family, and mixed use properties.

  • How do you handle the rehab funds?

    We hold the rehab funds and make inspections when you request a draw. The rehab funds are usually paid in one to four draws after verification of repairs, and can be mailed to you or wired directly to your account.

  • What are the typical loan terms?

    6-12 months.

  • Will you provide second mortgage loans?

    No, first mortgage only.

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