Designed for Real Estate Investors who have equity in a property or multiple properties that would like to utilize equity by taking cash-out. This cash can be used for purchasing additional property, improving existing ones or other investments. Our Cash-Out loan allows financing up to 80% of the Appraised Value.
Borrower– Shall be a business entity. Members/owners will Guaranty loan.
Collateral – Non-owner-occupied single family, multifamily and vacant land.
Term – 6 to 12 months with extended terms available
Loan Amount – 50k to 2 million
As-Is Loan to Value – We will fund up to 80% of the current value
Credit Score – Minimum 660
Pre-Payment Penalty – N/A
Rates and Fees
Rates – 7.99% to 12% interest only. Example: $100,000 loan @12% = $1000 monthly payment
Lender Fee – Starting at 1.5% with a $2,500 minimum fee
Wire Fee – $30
Inspection Fee (If applicable) – $249 for initial inspection
Extension Fee (If applicable) – 1% with a $1,000 minimum
Below is the documentation needed to complete the loan process.
- Loan Application– One Authorized Manager/Member/Director of the business will be required to fill out the Loan Application through our website. In addition, each Manager/Member/Director will be required to fill out the Guarantor Application. After submitting application, email all documents listed below to firstname.lastname@example.org.
- Credit Report– Provide an Experian credit report for all Members/Owners of the business. The credit report must list credit score, tradelines with balance and be less than 90 days old from application date. You can order your personal credit report at www.experian.com
- Identification– Provide a driver’s license and social security verification for all Members/Owners and Guarantors.
- Assets – Most recent business bank statement. This must be the actual bank statement and not a screen shot of the account.
- Entity Documents – EIN, Articles of Organization/ or Incorporation and Operating Agreement/or Bylaws).
- Title – We will order title from the title company chosen.
- Insurance – You will order the proper insurance policy with general liability coverage and invoice/paid receipt from your insurance company. The policy should cover the loan amount at minimum and have the Lender listed as shown on the commitment letter.
- Submit Documents – Once we receive loan application and initial documents, you will be contacted by our company to discuss your loan and answer any questions about the process. We will schedule the initial inspection of the property at this time.
- Loan Commitment – Once initial inspection is complete, we will issue a Loan Commitment Letter with approval information along with any outstanding conditions.
- Finalize Loan – After final conditions are received, your loan will be clear to close and ready to schedule closing.
- Fund Loan – Your loan will fund on the same day closing documents are signed provided all Members and Guarantors have signed before wire cutoff. Note: If you are a Member/Owner of the business and married, your spouse will be required to sign the Continuing Guaranty at closing.