Sunday, May 20, 2012 - Article by: Ulysses Fletcher - Ulysses Fletcher Mortgage Services -
General Guidelines:
Eligible Properties Purchase - Refinance - Cash out - Bank owned, REO properties, Ballooning/Called notes
Minimum Loan Size $1,000,000 - $3,000,000+ - Smaller loans please visit our Micro Balance Matrix
Pricing 9.99% - 12.99% Interest only - 2% - 5% Origination points (paid at closing)
Loan Terms 12 - 36 months from initial investment - 25 year fixed term offered on Micro Balance
Prepayment Penalty Usually None
Personal Guarantees Prefered
Loan-to-Value 65% AS-IS maximum LTV/LTC- As completed LTV is not considered
New Equity (cash) Requirements Typically no new cash for Refinance or cash out - Purchase minimum equal to the LTV allowed -
Third Party Reports Appraisal - Collateral value opinion
Phase 1 environmental report or Insurance
DML Property inspection (case-by-case)
ALTA title and land survey
Preliminary Submission Package For Mobile Home Parks: 1. Well written summary OR our online application - Top of page
2. Representative color photographs OR older appraisal
3. Current, detailed Rent Roll, including the unit mix
4. Historical & YTD operating statements
5. Why the need for Hard Money
6. Sources and uses
7. Resume or Bio
Didn't find the answer you wanted? Ask one of your own.
Ask our community a question.
Featured Lenders
RBS Citizens
Clifton Park, NY