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!
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.
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
Single family residences and 2-4 residential units. No condo’s.
Purchase and rehab transactions only.
Interest rates range on average from 9.99% to 12% depending on credit score and number of prior completed real estate investment transaction.
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
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 is NOT allowed, which includes 2nd mortgages and seller held financing.
Maximum Loan Amount
There is no maximum loan amount
Fixed monthly payment, interest only.
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