Typical Closings Time: Closings in 2-5 days + if qualified!
Credit Score: *500 minimum average
EZ documentation: Min documentation required, JVC signed credit app, 6 months minimum business bank, credit card statements, voided check, color copy of drivers license.
No close costs: Absolutely no out of pocket 3rd party closing costs associated with this program.
Fees: Application fee upon initial submission from $595.00 – $3,995.00 subject to initial review of pre-diligence etc.,
Length of Operation Req: Minimum 2+ months in business, revenue producing, *Time in business and revenue will affect terms if offered.
Standard Bridge Loan Program
Basic Program Outline
Types of Loans: First trust deeds only, purchase, refi
Credit Types: Bad to great fico scores.
Types of Properties: Non-Owner occupied residential, multi-family, mixed use, retail, office, industrial, vacant buildings, entitled land, apartment buildings, construction, gas stations, c-stores, warehouse, assisted living facilities etc..
Location: Nationwide (*some restrictions may apply).
Loan Amounts: $150,000 to $100,000,000 +
Interest Rates: 6.875% – 12.00% + interest only (*varies depending on geographic area and risk grade of asset class)
Origination Fee: Varies depending on length of term and risk grade
Loan Maturities: 12 – 36 months (*bridge loan only), no pre-payment penalty. Extensions available* Longer terms available under different programs. *Subject to approval.
Loan to Value: Up to 65% LTV depending on property type. Up to 85% LTV under different programs if qualified.
3rd Party Junior Financing: Permitted or seller-held seconds, case by case.
Construction Loan Program
Basic Program Outline
Types of Construction accepted: Fix and flip, Ground up construction, development, and rehab finance.
Types of loans: First trust deeds only.
Rates: Rates fluctuate depending on location, loan amount, and size of project.
Term: Term length can fluctuate depending on location, loan amount, and size of project.
Application: Most construction deals are very custom, and will require an initial application submission and executive summary in order to determine potential interest,rate,term, and fees if applicable.