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1)
Less than 65% of the after repaired value
- 6-Month
Interest Only Program (Available for repair budgets less
than $40,000)
-
15%
interest only payable monthly
- 2
+ 3 points
- $300
appraisal in Metro Atlanta
- DAYS
ON MARKET of comparable sales on appraisal must be less
than 150 days
- Credit
scores below 720 may be required to put additional money
into the deal.
-
6-month
term loans have automatic extensions built in
- After
6 months rates increase to 18% and 2 points are rolled
into your loan for an additional 2 months at lender's
option.
- A full description
of this program's loan cost and sample loans can be found here.
2)
Less than 69% of the after repaired value program
- 6-Month
Interest Only Program (available to all borrowers but
strongly recommended for new investors and projects with
repair budgets nearing $40k)
- 15%
interest only payable monthly
- 2
+ 4 points
- $300
appraisal in Metro Atlanta
- DAYS
ON MARKET of comparable sales on appraisal must be less
than 90 days
- Projects with repairs over $40,000 require an experienced borrower/buyer with a strong cash position and a middle credit score above
720.
-
6-month
term loans have automatic extensions built in
- A full description
of loan cost and sample loans can be requested.
3)
Over 70% of the after repaired value program
- 6-Month
Interest Only Program (For
Repair budgets under $40,000)
-
18%
interest only payable monthly
- 2
+ 4 points origination (some points can be rolled into the
loan and collected at payoff)
- $300
appraisal in Metro Atlanta (appraisal prices vary in other
markets)
- DAYS
ON MARKET of comparable sales on appraisal must average
less than 60 days
- Repairs
on property cannot exceed 35% of the "After Repaired
Value"
- Minimum
middle credit score of 720 or open and close 3 loans in satisfactory
condition in one of our other programs
- Amount funded OVER 65% LTV must fund loan costs only, not recommended to fund
any expenses over purchase/renovation expenses; no markups
or flips
-
6-month
term loans have automatic extensions built in
- A full description
of loan cost and sample loans can be requested.
Property
specifications:
1.
First liens only
2. Loan to "after-repaired" value
is under 70% (LTV limitations):
- Loans
on properties with ARV's of less than 70K will be taken
on a case by case basis.
- On
loan amounts of $40K-250K:
- We
don't give cash back to the borrower at any time during
the loan. Your profits are made when you sell.
- We
do pay cash to the borrower for completed repairs according
to the submitted draw schedule.
- Loans over
$250K handled on a case-by-case basis
3. Appraisals
- All
appraisals will be ordered by us and will include a subject
to repairs value, cost to cure, and interior pictures.
- Properties
over $350K require two separate appraisals by MEDICI
FINANCIAL INCORPORATED approved
appraisers.
- Online
appraisal ordering coming soon.
4. A mortgagee's title policy is required.
5. 6 month insurance policy required on
6 month loans and 1 year on all other loans. A vacancy
clause is required.
6. Re-inspections
for draws will incur a $100 draw request fee.
7. You need to fill out:
9.
Properties located in counties with a population of less than
300,000 people or declining values will require special
underwriting and may not be acceptable.
Borrower
requirements:
1.
Borrower & Property Evaluation Form (click
here to download application)
2. Two months bank statements showing a
minimum balance of three monthly payments.
3.
A copy of your Georgia driver's license and social security card.
Please Note: All deals are different and these programs are
merely suggestions of the costs of a loan.
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