Yeah this is what they say they offered
Program Overview
We offer flexible bridge loans combined with gap funding with a simple and transparent application process, reliable funding, and predictable pricing to achieve 100% financing for your fix and flip real estate investment project.
The bridge loan, referred to as PRIME loan, is a short-term mortgage for real estate investors, who prefer to finance the purchase and/or rehabilitation of their investment property rather than buy fully in cash. The PRIME loan is the cornerstone delivering up to 90% of the cost for your fix and flip project.
GAP funding, or gap financing, is used in combination with the PRIME loan as an interim, unsecured loan to finance the additional 10%, or more, to cover down payments, closing costs and reserve requirements of the PRIME loan competing and closing your investment acquisition. It is the difference between the amount financed by the PRIME loan and the total cash required to close your deal.
PRIME Bridge Loan Program
We deliver fast, honest, simple lending for real estate investors. Whether you’re an experienced investor or a first-time borrower, we are here to help you.
1. Reliable - Up to 5 loans at once for Tier 1 and 2 borrowers, up to 3 loans at once for Tier 3 and 4 borrowers
2. Fast Close - Streamlined process to close your loan in 5 business days, appraisals required
3. Dedicated - You will have a dedicated team available and on call
4. Easy - Send us an address, PSA, and SOW for the property to submit an application
5. Transparent - Final terms delivered within days of full submission
Benefits
1. Premium Service
2. Dedicated team
3. Close in 5 business days
Qualifications
1. First-time investors welcome
2. Based on completed flips in last 12 months
3. No derogatory public records within the last 24 months
4. No felony convictions within the last 7 years
5. 600 minimum FICO
6. Down payment in liquid accounts
7. 20% of rehab and 6 months PITI in reserve accounts
Loan Terms
1. Purchase and refinance
2. Interest only payments
3. Minimum loan amount: $75,000
4. Maximum loan amount: $4,000,000
5. 12-month term with no prepayment penalty
Max Leverage
1. Up to 90% of cost
2. Up to 75% of after repair value (ARV) w/ holdback
3. Up to 100% rehab costs
Interest Rates
1. Rates as low as 8.50%
Eligible Properties
1. SFRs
2. 2-4plex
3. Condos
4. PUDs
Eligible Members
1. Corporations
2. General Partnerships
3. Limited Partnerships
4. Limited Liability Companies
5. Revocable Trusts
Membership Documentation (required upon membership application)
1. Signed credit authorization form
2. Bank Statements
3. Schedule of Real Estate Owned / List of Past Projects
4. Signed spousal consent (if guarantor is married/separated and living in a community property state)
5. Entity documents
6. Voided check (for ACH)
Property Documentation (required for each loan)
1. Property Address
2. Scope of work
3. Executed purchase and sale agreement
4. Requested loan amount (purchase and rehab)
5. Insurance / title contact information
6. Property access instructions
Eligible States
1. Alabama
2. California
3. Colorado
4. Florida
5. Georgia
6. Kentucky
7. New Jersey
8. Ohio
9. Oklahoma
10. Pennsylvania
11. Tennessee
12. Texas
13. Virginia
14. Wisconsin
Fees
1. Application Fee: $250
2. Service Fee: $1,250 + Appraisal
3. Draw Request: $250