90% of Purchase Program Available w/ Rates Starting at 7%

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90% of Purchase Program Available w/ Rates Starting at 7%

Sean RichwayBusiness Member
Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes

Rolling out a new program for investors that purchase properties at a discount below current market value or for properties that do not require rehab. No more standard 70-75% purchase LTV even when buying properties at a discount. See below for the overview:

-90% of PP or up to 80% of appraised value (whichever is lower)
-Rates start at 7% I/O
-2-4 points
-12 month term
-No PPP
Available in the following states: AZ, CA, CO, CT, FL, GA, IL, MD, MI, MO, NC, NV, NY, OH, OR, PA,SC, TN, TX,VA, WA, and WV

Feel free to reach out with any questions directly on this forum or via email [email protected].

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Rasheema Abduls-Salaam
Real Estate Investor · Hilo, HI · Member since 2015 · 134 posts · 14 votes
10y

Hey Sean when will the program offer lending for Delaware properties? 

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  • Robert Rayford
    Investor · Las Vegas. Jacksonville, Bay Area Ca, Nv, Ca, Fl · Member since 2015 · 511 posts · 220 votes
    10y

    Hello Sean, I have a deal in Florida that needs funding assistance. I will email you with the numbers.

    Robert

    0Reply
  • Dante Pirouz
    Investor · Almont, MI · Member since 2015 · 361 posts · 302 votes
    10y

    @Sean Richway is there a minimum loan amount? Many of the deals I do in my area are between $15K and $30K

    1Reply
  • Rob Moore
    Las Vegas, NV · Member since 2014 · 15 posts · 1 vote
    10y

    Hi Sean,

    Please forward your contact information and any documentation you have on this loan program.

    Rob Moore

    [email protected]

    702.330.5586

    0Reply
  • Behrooz K.
    Spring Valley, NY · Member since 2016 · 55 posts · 21 votes
    10y

    @Sean Richway working with different subcontractors for different parts of the rehab project means payment becoming due at different times, i.e. some upfront, some in a month, some in two months, etc. Is it possible to get rehab payments when it's due instead of all upfront to save on interest costs? 

    1Reply
  • Turquoise Brown-Utley
    Renter · Chicagoland NW Suburbs · Member since 2016 · 111 posts · 19 votes
    10y

    @Sean Richway I sent you an email on something I am looking at

    0Reply
  • Brian M.
    Wholesaler · Phoenix, AZ · Member since 2015 · 61 posts · 43 votes
    10y

    Sean, 

    Will you assume first position on a property that has an outstanding loan? I've got a property I've been holding for 8 months, paid my investor faithfully but am looking for a better term as my exit strategy has changed. I've got $75 of my own cash in a finished property and my investor has $320k. Property has ARV of $455.

    1Reply
  • Sean RichwayBusiness Member
    OP
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    10y

    @Robert Rayford  I am not sure if you sent me the email but here is my email address, [email protected].

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  • Sean RichwayBusiness Member
    OP
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    10y

    @Dante Pirouz  The min loan amount is $75K.  We can include 100% of rehab with this program as well so that might help to get to the $75K min.  Keep in mind though that the rehab cannot exceed the purchase price.  So typically an ideal project would be $40K PP and $40K rehab.  This turns out to be a $76K loan amount.

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  • Sean RichwayBusiness Member
    OP
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    10y

    @Rob Moore  Sending you an email now from [email protected].

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  • Sean RichwayBusiness Member
    OP
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    10y

    @Behrooz K.  We typically charge interest on the rehab hold-back from day 1 as an incentive to make sure the project is completed asap to ensure the proper time line on the property having ample amount of time to sell before the loan becomes due.  Typically our rates are very aggressive so the carrying costs typically do not eat into a lot of the profit.

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  • Sean RichwayBusiness Member
    OP
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    10y

    @Turquoise Brown-Utley  I believe I responded to this.  Let me know if I missed it :)

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  • Sean RichwayBusiness Member
    OP
    Lender · Chevy Chase, MD · Member since 2015 · 1k+ posts · 136 votes
    10y

    @Brian M.  I could definitely consider this.  I am sending you over an email to complete our submission form so that I can price the deal out for you.  The email will be coming from [email protected].

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  • Turquoise Brown-Utley
    Renter · Chicagoland NW Suburbs · Member since 2016 · 111 posts · 19 votes
    10y

    @Sean Richway I appreciate your response to us as we get our deals lined up...

    0Reply
  • Turquoise Brown-Utley
    Renter · Chicagoland NW Suburbs · Member since 2016 · 111 posts · 19 votes
    10y

    @Sean Richway I will send you scenario this is something else I came across

    0Reply
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