| PROPERTY
TYPE: |
Residential
1 - 4 Family, investor properties, condo conversions and
small apartment buildings considered on a case by case
basis. |
| LIEN
POSITION: |
First mortgage
only. |
| STANDARD
TERM: |
6 months
with monthly extensions up to 13 months. |
| ADVANCE
RATE: |
85%
to 100% financing of the total project cost, plus
interest, points and closing costs can be financed to
reduce funds required at closing. Will loan up to 75%
of the After-Repaired-Value. |
RENOVATION
FUNDS: |
Renovation
funds are usually advanced in one to three draws, and
wired directly to your account. Rehab portion of the loan
typically not to exceed 150% of acquisition cost unless
otherwise approved. |
| INTEREST: |
No payments
for up to six months. Borrower may finance interest in
loan proceeds at closing. |
| POINTS: |
Points can
be rolled into loan balance at closing and may be partially
rebated upon early payoff. Points may vary if borrower
qualifies for one of Brookview's "Line of Credit" programs. |
| CLOSING
COSTS : |
Up to $1200
of closing costs (i.e. title insurance, recording fees,
etc.) can be financed as part of the loan proceeds. |
| GUARANTEE: |
Personal
guarantee required. |
QUALIFYING
DOCUMENTS : |
Completed Rehab Loan Application including:
|
(i) Two years of Tax Returns (both personal and
business) |
|
(ii) Three months of Bank Statements (both personal
and business) |
|
(iii) Current statements supporting liquid assets |
| (iv) Credit report |
|
FOR MORE
INFORMATION: |
Email: rehablending@reisource.info.
Please include your contact information. A loan representative will contact you within 24-48 hours.
|
