Florida Based Lender Offers No Doc Loans – No Minimum Credit Score Required, Competitive Rates for Under $100,000 Bridge Loans.

The lender offers interest only, bridge loans for investment properties with less red tape, close in one week or less to a personal name, LLC, trust or IRA.

What's rare is that most lenders require a $100,000+ loan amount, this lender is fine with a low loan.

You can get a cash-out refinance, based on 75% LTV based on the purchase price.

No appraisal needed, you pay for quick BPO.

Loan Term: 80-90% of purchase, 65% Loan-to-ARV, 17 years; 1st 2 years are Interest-Only & Years 3-17 are fully amortized

                -We have a 17-year term, with zero pre-payment penalty when the borrower pays on time.  So, yes, it's framed as a 17-year loan, however there is no prepayment penalty as described below. 

Interest Rates: 10-13% in year 1, thereafter 15%

Loan Origination Fee: 2-4%  at closing.  Additional 4% if paid off in the second year.  Borrowers usually don't get to the second year, thus don't have to pay the additional points.

Lender Closing Costs: $2295 (admin, underwriting, wire, tax servicing) Attorney Closing Costs: $995

                -This is inclusive of all attorney doc prep, attorney courier fee, title review, etc.

Misc. Provisions:

                -We only require Fire & Theft insurance coverages only; no windstorm or flood required.  This should save you a few thousand over the course of your project.  6 months coverage only.

                -We escrow monthly for property taxes.  At closing, we will collect a 2 month reserve cushion + adequate amount to pay the taxes each November, when coupled with borrower's ongoing mortgage payment.  For an October closing, we would escrow 2 months.

                -If there are HOA FEES: For HOAs in excess of $150 month, we hold in reserve 6-12 months payments.

                -There is a minimum of 3-6 (if less than$50K loan amount) month's interest required.  This is not paid at closing, but collected at payoff if the loan is kept less than 90 days.

We require a walk-through inspection of the property after agreeing to all loan terms with borrower. The charge is $295/property (or $320/property for PayPal).  We do not require any further due diligence, appraisals, etc…Once the BPO is completed and loan terms confirmed we require upfront processing fee of $500 to start processing closing docs.  

• HARD MONEY LOAN MATURING? – REFI READY
• NEED CASH OUT? – REFI READY
• WANT A LOWER RATE? – REFI READY
• PREFER A LONG TERM RENTAL LOAN? – REFI READY