Here’s a real deal:
The General Terms are as Follows:
Estimated Loan Amount: $300,000.00
Collateral Description: SEE ATTACHED EXHIBIT “A”
Loan Term: 5 Year I/O.
Interest Rate: 9.500% interest only.
Buy down Option: 7.500% interest only (add 1% to loan fees)
Prepayment Penalties: N/A
Payment Reserve: N/A
Broker Fees: 2%
Loan Fees: 1% plus applicable legal and closing cost, to be paid within the loan proceeds at closing.
Cash Flow Specialists Inc. Fee: 3%
Underwriting/Due Diligence: $1,250.00 – This fee is refundable. The purpose of this fee is to formally engage HEFs Due Diligence Department to continue its required underwriting and due diligence on a best-efforts basis. (see page 2 of underwriting / due diligence agreement for instruction on sending)
LOAN REQUIREMENTS
Receipt of: Letter of Interest & Underwriting / Due Diligence Agreement signed by the borrower(s).
Receipt and review of appraisal. Appraisal to be ordered by HEF, its successors and/or assigns if required. Existing appraisals accepted & subject to review.
Copy of hazard or liability insurance binder and paid receipt which is due at closing.
Receipt and review of title. Existing title commitments accepted & subject to review.
Receipt and review of trimerge credit report within the last 90 days or a signed borrower’s authorization. You will be notified prior to the time of our credit report request.
File subject to final underwriting review.
The undersigned confirms and acknowledges that they have read the foregoing letter and understand the contents thereof. This letter is not intended to address all aspects of an anticipated loan. It is understood that the acceptance by the undersigned will not result in a commitment to lend on the part of HEF, its successors and/or assigns. It is understood that any commitment to lend on the part of HEF, its successors and/or assigns will be subject to compliance of all loan requirements, closing conditions and confirmation of the perfection of any pending items.
The Scenario:
The client has a blanket first of $1.688m covering three properties and a $125k loan on na fourth property. We obtained a $300,000 first on one property and a blanket second on three other properties. The client paid an extra 1% to buy down the interest rate to 7.5% interest only for five years with no pre-payment penalty. Not Bad!
FAQ’s
In what states do you finance properties?
We finance properties in all 50 US states & all US territories. We also offer International financing in most countries around the world. Please contact us with questions on specific geographical areas.
Do you charge any upfront fees?
We do not charge upfront fees to consider any loans.
Who orders the appraisal?
We order all appraisals, if required, using only appraisers that are approved by us.
What if I have an appraisal done already?
We will always take a look at an existing appraisal but all appraisals are subject to review. The best and usually most cost effective strategy is to let us order all appraisals, if required.
What Loan to value do you offer?
We are able to offer up to 90% of the properties “As-Is” value or After Repaired value (ARV).
How long do you take to close loans?
We accept all files & process in the order they are received which is usually 14 to 21 days. We do have rush service available which will reduces the processing time in half. Please contact us for more specific information if you have any questions.
Cash Flow Specialists, Inc.
1-800-669-2700
help@joetufo.com
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