Eligible Properties
California residential & commercial properties
Properties within close proximity to comparables for valuation purposes.
No agricultural.

Eligible Borrowers
Individuals, LLCs, Non-Profits and Other Entities

Income Requirements
Recommended:
50% DTI Ratio. No Verification.

Credit Requirements
No Fico Requirement

Reserve Requirements
Recommended:
Monthly carrying costs x [project term (unless interest reserves) + 3 months]
Verified.

Loan Purpose
Acquisition & construction costs

Loan Term
6, 12, 18 months.
No payments for loan term possible with interest reserves
(Interest reserves must not exceed max LTFV)

Loan Sizes
$100K to $250K

Construction Draws
Typically 1 - 4 draws, upon inspection approval

LTFV
70% LTFV

LTC
80% LTC

Amortization
Fixed

Pre-payment Penalty
Negotiable

Appraisal
Ordered by lender.
Lender will drive by property before ordering appraisal
Outside appraisals subject to underwriter’s approval.

Fees
10.49% rate
6 - 7 points, based on ratio of acquistion to construction costs
Plus $2,000 - $3,000 in lender fees
3rd Party Fees for Appraisal & Inspection, due upon acceptance of Letter of Interest
No additional fee for construction draws