PROPERTY REQUIREMENTS
- First mortgage lien only
- Loans up to 70% of ARV
- Loans from $40,000 to $5,000,000+
- Multifamily properties will be considered
- Appraisal required on all properties (borrower is responsible for payment)
- Mortgagee title policy required at closing
- Builder's risk insurance needed before closing.
- Closing attorney selected by Forde Lending Group
LOAN PROVISIONS
- Start at 10% per annum, interest only, depending on collateral & loan structure.
- Up to 70% LTV of ARV
- Origination fee as low as 3% of loan
- Customary closing costs and fees paid by borrower
- Appraisal by Forde Lending Group approved appraiser
- Interest due on the first of each month
- Extension fees beyond original term may apply
- Maximum 12 month term
BORROWER REQUIREMENTS
- Completed borrower application
- Minimum credit score of 660
- Executed contract for purchase & detailed construction budget from contractor
- Adequate financial reserves to cover expenses of closing & continued borrowing
- Acceptable exit strategy to retire loan
- Borrower must pay full closing costs unless there is a substantial amount of equity in the property.