| PROPERTY
TYPE: |
Commercial loans on 1 - 4 Family investor properties and small apartment buildings. Larger Commercial loans financed in our Commercial Hard Money Division. |
| LIEN
POSITION: |
First mortgage
only. |
| STANDARD
TERM: |
6 months
with monthly extensions up to 12 months. |
| ADVANCE
RATE: |
Up to 100% of the total project costs, subject to 65% of the After-Repaired-Value. Reserve account applies. |
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 100% of acquisition cost unless
otherwise approved. |
| 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 : |
Investor Assessment Form
|
LOAN
DOCUMENTATION:
(For
Each Loan) |
Purchase Agreement
Summary of Rehab Work to
be Completed
After-Repair-Value Appraisal
(Obtained by Brookview)
Title Policy (Obtained
by Brookview)
Brookview Deal Submission Form
Pictures of Rehab Property
Home Inspection
3 months of Bank Statements
2 years of Tax Returns
3 Most Recent Paystubs
Signed 4506-T
|
| QUICK
FUNDING: |
Once a borrower has been approved, funding of individual transactions is quick. No need to reapply for
subsequent transactions. |
