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HARD MONEY REHAB LOAN PROGRAM
REHAB
LOAN PROGRAM
Updated
August 23, 2010
To
apply online for this loan click
here.
| Property
Types |
Residential
Commercial
Mixed-Use |
Loan
Amount |
$25,000
- $1,000,000 |
| Lending
Area |
Philadelphia
Metro & Surrounding areas
Eastern Pennsylvania
Southern New Jersey
Cecil County Maryland
Selected areas of Delaware |
| Max
Loan-To-Value |
Up
to 65% of After-Repair-Value |
Origination
Fee |
8
- 10 points |
Interest
Rate |
16
- 18% per annum |
FICO
Requirement |
650 |
Income
Requirements |
Depends
on the deal |
Documentation |
Full-Doc |
Length
of Term |
6
- 12 months |
Payments |
Monthly
Interest-only |
Property
Condition |
ANY |
Appraisal
Fee |
$350
- $5500 |
| Upfront
Fees |
Credit
Report, Appraisal/BPO, Inspections,
Prelim
Title work
|
Inspections/Draws |
$125
per visit |
| Owner-Occupied
OK |
NO |
Loan
Position |
1st
position ONLY with Deed-in-Lieu |
Termite
Required |
NO |
| U
& O Required |
NO |
| Escrow
Required |
Negotiable |
| Title
Policy |
Must
have clean title at time of purchase |
| Refinance
Option |
Limited
case-by-case basis |
Prepayment
Penalty |
Negotiable |
| Funding
Time |
Within
72 hours of signed 'Loan Commitment' |
| Requirements |
Must
have viable Exit Strategy
Must demonstrate ability to manage the project
Property must have strong recent comps
No unpaid IRS liens or state tax liens
No Bankruptcy in last 5 years
No foreclosures in last 5 years
No late mortgage payments in last 5 years
No unresolved judgments over $2,000
No unpaid child support or alimony
No unresolved mechanical liens |
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