| 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 70%
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
Brookview 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 (obtained by Brookview)
|
|
LOAN
DOCUMENTATION:
(For
Each Loan) |
|
Purchase Agreement
Summary of Rehab Work to
be completed
Builders Risk Insurance
(will not closed deal without insurance)
After-Repair-Value Appraisal
(Obtained by Brookview)
Title Policy (Obtained
by Brookview) |
|
| QUICK
FUNDING: |
Once a borrower
has been approved, funding of individual transactions
is typically within two weeks. No need to reapply for
subsequent transactions. |
