Loans Requirement

DOCUMENTATION REQUIREMENTS

1. STATE OF TEXAS PROPERTIES ONLY.
2. INVESTOR N/O/O LOANS ONLY
3. INDIVDUALS, LLCs AND CORPORATIONS ALLOWED.
4. FULL NAME, CURRENT ADDRESS & SOCIAL SECURITY# OF INVESTOR/BORROWER.
5. COPY OF EXECUTED SALES CONTRACT (CURRENT TREC FORM)
6. MAXIMUM LTV OF 70% BASED OFF THE AFTER REPAIR VALUE
7. SINGLE FAMILY RESIDENCES, CONDOMINIUMS, TOWN HOMES, RAW LAND, OFFICE BUILDINGS ONLY.
8. 1ST LIEN POSITION ONLY
9. 3-18 MONTH TERMS WITH INTEREST DUE AT MATURITY (*MONTHLY OR QUARTERLY INTEREST PAYMENTS MAY BE IMPLEMENTED IF DEEMED NECESSARY.
10. MINIMUM INTEREST RATE 11%, MAXIMUM INTEREST RATE 13%. RATE WILL BE DETERMINED PRIOR TO CLOSING. NO SURPRISES AT CLOSING. 2-5 COMMITMENT POINTS/FEES CHARGED AT CLOSING. FEES WILL BE DECIDED PRIOR TO FINAL APPROVAL.
11. HAZARD/HOMEOWNERS INSURANCE REQUIRED (MIN. COVERAGE AMOUNT EQUAL TO OR GREATER THAN LOAN AMOUNT).
12. PROPERTY INSPECTION REPORT (*UPON REQUEST)
13. TITLE POLICY
14. TAX CERTIFICATE
15. SURVEY (* AN EXISTING SURVEY CAN BE USED IF LESS THAN 10 YEARS OLD)
16. LIST OF REPAIRS TO BE COMPLETED AFTER PURCHASE
17. LETTER FROM BORROWER – EXPLANATION OF EXIT STRATEGY