What should I ask about these deal terms?
Hey fellow investors! I was sent these deal terms by a reputable colleague - what should I/We ask? Any ideas on how I/We can best utilize this financing? Thank you!
Terms
- Rate: as low as 12%
- Term: up to 24 months
- No personal guarantee
- No title insurance required (perfect for tax deeds still in redemption)
- No minimum FICO score
- 4% origination fee
- Up to 80% LTV
- No minimum term length
- Georgia, Florida, and Texas
- Interest only loan
- Minimum financing amount $50K per application
- Must hold Recorded Deed for all parcels
Funding Process:
- 1 Online application in under 5 minutes
- 2 Preapproval from underwriting
- 3 Sign contract with $40 app fee
- 4 Asset review and final underwriting
- 5 Funds wired within 1 business day of signing and closing
Perfect for:
- Flips
- 1031 exchanges
- Residential
- Commercial
- Multi-unit purchasing
- Vacant land deals
- Vacation and short-term rental
- RV and manufactured home park
- Self-storage
- Tax deeds still in redemption period
Not Accepted (DO NOT APPLY):
- Any lien properties
- 2nd Position not accepted, must be 1st
- Lack of clear ownership
- If you don’t have the deed in YOUR NAME
Yes utilize it by NOT utilizing those CRAP terms!
4% origination and 12% rate huh...
But ooooh they have an online process that takes 5 minutes?!?!? Sure they do, because everyone has that...we're in 2022 not 2002.
Run from these people. Find a broker that works with investors. These terms are utter garbage...If you have a 450 FICO maybe go for it...
this is why I love BP! would it even be beneficial for very short term hard money if there's no prepayment penalty? Also very curious what good terms you've seen, if you'd be so kind as to share....thank you!!
