All Forum Posts by: Sean Richway

@Anthony Giannette  Sounds good!  Definitely feel free to reach out with any projects or questions as I would be more than happy to assist.

As of 1/1/2017 we are proud to announce that we are now a direct lender for fix and flips. Commercial and bridge loans will be available starting Q3 of 2017 as for now we are focused on 1-4 unit residential properties. Below is a brief overview and some key points to how we will lend:

-90% of purchase price
-100% of rehab (we prefer rehab be equal to or less than 50% of PP but can go higher)
-10%-12% interest rate
-2-3 Points
-12 month term
-No PPP
-Up to 70% of ARV
-Stated underwrite with no seasoning or sourcing of assets
-We do NOT look at as is value
-Brokers protected on the HUD

We will lend nationwide, except CA NV, SD, ND, and VT, as long as the sponsor has experience and cash for the down payment, closing costs, and monthly interest payments.

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@Robert Padilla  I would be interested in connecting with you as we are financing flips directly in FL. Feel free to send me a PM or email to [email protected] to discuss further.

@Devon Garbus  If you source any buyers that are looking for financing feel free to have them reach out to me. We can offer 90% of purchase and 100% of rehab. We are a direct lender.

@Keyarrow Davis  If you source any buyers that are looking for financing feel free to have them reach out to me.  We can offer 90% of purchase and 100% of rehab.  We are a direct lender.

@Trey Wheeler  If you have any experienced buyers looking for financing, we could offer a loan of $260,900, based on $80K in rehab, on this project (93%LTC) at 10% and 3 points if anyone was interested.

@Zach Welner  If you have any experienced buyers looking for financing, we could offer a loan of $227,500 on this project (90%LTC) at 10% and 3 points if anyone was interested.

Our interest-only bridge loans are a quick and flexible option for developers and investors. We offer fast funding and fast approval for our bridge loans. Our lending parameters include:

Loan Amount: $75,000 – $2,000,000 (small/larger amounts case by case)
Leverage: Up to 90% of purchase price and 100% of rehab
Interest: 10%
Points: 2-3 points
Term: 12 months
LTV: Up to 70% ARV
Recourse: Yes
Pre-Payment: None
Underwrite: Stated underwrite, no seasoning/sourcing of assets
As is Value is not considered or looked at

@Dien Vo  What amount of cash do you have on hand?

@Dien Vo  We are only lending to experienced borrowers at the moment but definitely keep me in mind once you have a few projects under your belt.