KickStarter 630 Fico

 

 

 

 KickStarter  630 Fico Funding Program

90% Financing Of Purchase And Rehab Cost Combined!              

No Minimum Loan Amount  –   630+ Credit Score!

The Perfect Program For Active Real Estate Investors!

Overview

KickStarter Fico 630 Funding Program Highlights:

– 630+ Credit Required 

– Only 10% Down Payment Required!

– 90% Financing Of The Purchase Price And Rehab Budget Combined – Not To Exceed 70% Of After Repair Value!

– No Minimum Or Maximum Loan Amount!

– Close In 10 Business Days From Receipt Of All Required Documents!

– Foreign Nationals OK!

– First Time Investors OK!

 

Funding Available NATIONWIDE, except:

Arizona, Idaho, Maine, Montana, Nevada, New York, North Dakota, South Dakota, Utah and Vermont  
All investor loan transactions must close in the name of  a business entity!   

 

LOAN FUNDING GUIDELINES

Credit Score Requirement

MINIMUM 630+ CREDIT SCORE REQUIRED

 

Prior Completed Fix and Flip Transactions Last 24 Months

0-1 flip*           12% interest rate         90% LTC          70% ARV

2-4 flips           11% interest rate         90% LTC          70% ARV

5+ flips           9.99% interest rate       90% LTC          70% ARV

*0-1 flip with less than 680+ credit = 85% LTC and 65% ARV)

(ARV - After Repair Value)

Determining Your Current As-Is Value

We strongly recommend using www.redfin.com to assist you in “estimating” the current As-Is value of a prospective investment property.  No online value estimating tool can determine the actual value on a specific property so you have to complete a thorough due diligence process to identify the “most similar and closest” sales comps to establish a reasonable value.

Required Documentation  –  See bottom of this page for list of required documents

 

Qualifying Types Of Properties

Single Family residences and 2-4 units.  Non owner-occupied only.

 No primary residence or vacation homes.  No condo’s.

 

PURCHASE AND REHAB FUNDING PROGRAM

We can fund up to 90% of the combined purchase price and rehab budget in one loan not to exceed 70% of the After Repair Value (ARV).

Funding Scenario Example:

Purchase price         $150,000.00

Rehab budget           $  60,000.00                                                                                                  

Total project cost:    $210.000.00

                                        X   90%  Loan To Cost (LTC)                                                      

Loan Amount:        $189,000.00

Down Payment:     $  21,000.00  (total project cost minus loan amount)

Plus lender fees and closing cost

Borrower is responsible for down payment of total project cost, plus lenders fees and closing cost.

IMPORTANT NOTES:  

Loan amounts less than $75,000 have maximum 65% ARV 

Foreign nationals require minimum 20% to 30% down payment

All Transactions Must Close In A Business Entity Name

Funding can only be approved in a business entity name.  There is no seasoning requirement on the age of the business entity.  Entities include:  LLC, LLP, S-Corp, C-Corp.

Proof Of Financing Letter

After completing a pre-qualification application we can also promptly provide you with a proof of financing letter(s) to assist you in making offers on prospective investment properties.  To obtain a proof of financing letter you must provide your last 3 months of bank statements reflecting a balance of the minimum required funds to close.

Proof Of Funds To Close 

You must clearly document that you have the funds to close, which includes; down-payment, lender fees and closing cost.  Loan files are not submitted for underwriting approval without proof of funds to close.

Days To Close

On average we can close in about 10 business days from the time we receive ALL REQUIRED DOCUMENTATION.  Delays in closing are normally due to appraisal/property value, title issues, etc.

Minimum And Maximum Loan Amounts

There is no minimum or maximum loan amount.

Full Property Appraisal Required 

A traditional full property appraisal is ALWAYS required to underwrite and close a investor loan for this product.  We will order an expedited appraisal at time of submission of loan file for underwriting approval.  Cost of appraisals range from $375.00 – $575.00.

No Verification Of Income Required

No verification or documentation of personal or business income is required. Borrower will have to produce copy of of last years personal tax return to document that income taxes are being paid.  Income is NOT used as bases for qualifying.

Verification Of 6 Months Reserves Required

All loan transactions require that you verify six (6) months of interest payments (Reserves) via your bank statements.

Terms of Loan Funding

Property Type

Single family residences and 2-4 residential units.  No condo’s.

Transaction Type

Purchase and rehab transactions only.

Interest Rates

Interest rates range on average from 9.99% to 12% depending on credit score and number of prior completed real estate investment transaction.

Origination Fees

0-1 flip last 24 months               3.99% origination fee

2-4 flips last 24 months             3.99% origination fee

5+ flips last 24 months              2.99% origination fee

Minimum dollar amount of loan origination fee is $4,500.00

Other Lenders Fees

None

Seller Concessions / Seller Paid Closing Cost

Seller may contribute up to 3% of the agreed purchase price towards buyer closing cost expenses or concessions in the contract to purchase.

Subordinate Financing

Subordinate financing is NOT allowed, which includes 2nd mortgages and seller held financing.

Maximum Loan Amount

There is no maximum loan amount

Loan Term

13 months

Rate Type

Fixed monthly payment, interest only.

Prepayment Penalty

None

REQUIRED DOCUMENTATION

Business Entity Borrower (Must close in the name of a business entity)

__ Copy of valid identification (all members of business entity)

__ Purchase and sales agreement

__ Last 2 month’s business bank statements (must include all pages)

__ Articles Of Organization for LLC Or Articles Of Incorporation for a Corporation

__ Operating Agreement or Corporate Charter/Bylaws

__ Certificate Of Good Standing (Issued By Secretary Of State within 30 days)

__ Copy of last years personal tax return for all members of business entity. This documentation is NOT to verify income but to validate that federal income taxes are being paid and reduces likelihood of unpaid tax liens being filed on subject property.

__ Scope Of Repair Work (Template Provided)

Note:   Terms are subject to change. Final terms vary depending on the property and borrowing entity

 

KickStart Funding

140 Whispering Oaks circle,
ST. Augustine, Florida 32080

Phone: 904-806-3305

Fax: 904-806-3305

NMLS: KickStart Funding llc