All Forum Posts by: Sean Richway
Sean Richway has started 189 posts and replied 1162 times.
Post: New Direct Lending Programs
Sean Richway
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- Chevy Chase, MD
- Posts 1,299
- Votes 136
@Jay Hinrichs Take a look at the website now, should be very pleased :)
Post: New Direct Lending Programs
Sean Richway
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- Chevy Chase, MD
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- Votes 136
@Joseph Stapleton We can lend in NY.
Post: Exclusive Lending Opportunity!
Sean Richway
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- Chevy Chase, MD
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- Votes 136
@Alex Cwiakala Feel free to reach out to me if you are still looking to secure financing.
Post: 2 unit 100% Financing and No Money down
Sean Richway
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- Chevy Chase, MD
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- Votes 136
@Sean Jones Send me more details about this if it is still available.
Post: Contract For Sale in Drexel Hill, PA!!! 165k!!!
Sean Richway
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- Chevy Chase, MD
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- Votes 136
@Shawn Connors If you need financing or any buyers need financing for this property, feel free to reach out to me as we can provide 90% of PP and 100% of rehab for flips in PA.
Post: Rental Property Available
Sean Richway
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- Chevy Chase, MD
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- Votes 136
@Jazz Wilson Can you email me more information on this property to [email protected].
Post: Seller Financing Available - Cash Flow Duplex
Sean Richway
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- Chevy Chase, MD
- Posts 1,299
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@Kevin Moen Is this property still available? If so, send me some details to [email protected].
Post: New Direct Lending Programs
Sean Richway
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- Lender
- Chevy Chase, MD
- Posts 1,299
- Votes 136
@Robin Wilk Yes, we can work with first time investors. Feel free to email me directly at [email protected]
Post: New Direct Lending Programs
Sean Richway
Posted
Lender
Pro Member
- Lender
- Chevy Chase, MD
- Posts 1,299
- Votes 136
We have just finalized our additional loan products we are offering and have included an updated loan product summary. Also, just respond with your email if you want a PDF version of our submission listing to help us screen projects with ease and quickness. Feel free to reach out with any questions and we do have equity options available as well on a case by case basis.
P.S. Our website will be finalized this week and fully operational!
Residential Fix and Flip (Purchase and Refi):
| Guidelines: | Direct | Conduit |
| Minimum LoanAmount | $75,000 | $75,000 |
| Maximum LoanAmount | No maximum | No maximum |
| Maximum LTV | 90% of purchase price 100% of rehab 70% of ARV 85% of the as is value | 90% of purchase price 100% of rehab 75% of ARV 75% of the as is value |
| Purpose | Purchase Refinance | Purchase Refinance |
| Lien Position | First only | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 2 weeks | TermSheet:24-48 hours Closing: 2 weeks |
| Term | 6-18 months | 6-18 months |
| Location | PA, DE, MD, DC, VA, NC, SC, and FL (others on a case by case) | Nationwide outside direct program |
| Interest Rates | 11.00%-12.90% | Starting at 7.99% |
| Rehab Holdback | Only incurs interest as the monies are drawn upon | Incurs interest upon closing |
| Origination Fees | 2.00-4.00 points | 2.00-4.00 points |
| Amortization | Interestonly | Interestonly |
| Recourse | Recourse | Recourse |
| BorrowerEntity | Individual or Entity | Individual or Entity |
| Minimum Credit Score | 500 or higher | 500 or higher |
Commercial Fix and Flip (Purchase and Refi):
| Guidelines: | Direct | Conduit |
| Minimum LoanAmount | $75,000 | $200,000 |
| Maximum LoanAmount | No maximum | No maximum |
| Maximum LTV | 80% of purchase price 100% of rehab 70% of ARV 75% of the as is value | 80% of purchase price 80-90% of rehab 65% of ARV |
| Purpose | Purchase Refinance | Purchase Refinance |
| Lien Position | First only | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 2 weeks | TermSheet:24-48 hours Closing: 2 weeks |
| Term | 6-18 months | 6-18 months |
| Location | PA, DE, MD, DC, VA, NC, SC, and FL (others on a case by case) | Nationwide outside direct program |
| Interest Rates | 11.00%-12.90%a | Starting at 7.99% |
| Rehab Holdback | Only incurs interest as the monies are drawn upon | Incurs interest upon closing |
| Origination Fees | 2.00-4.00 points | 2.00-4.00 points |
| Amortization | Interestonly | Interestonly |
| Recourse | Recourse | Recourse |
| BorrowerEntity | Individual or Entity | Individual or Entity |
| Minimum Credit Score | 500 or higher | 500 or higher |
New Construction (Purchase and Refi):
| Guidelines: | Direct | Conduit |
| Minimum LoanAmount | $150,000 | $200,000 |
| Maximum LoanAmount | $5M (Higher case by case) | $20M (Higher case by case) |
| Maximum LTV | 50% of purchase price 100% of rehab 70% of ARV 50% of the as is value | 80% of purchase price 100% of rehab 65% of ARV 50% of the as is value |
| Purpose | Purchase Refinance | Purchase Refinance |
| Lien Position | First only | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 2 weeks | TermSheet:24-48 hours Closing: 2 weeks |
| Term | 6-18 months | 6-18 months |
| Location | PA, DE, MD, DC, VA, NC, SC, and FL (others on a case by case) | Nationwide outside direct program |
| Interest Rates | 11.00%-12.90% | Starting at 7.99% |
| Rehab Holdback | Only incurs interest as the monies are drawn upon | Incurs interest upon closing |
| Origination Fees | 2.00-4.00 points | 2.00-4.00 points |
| Amortization | Interestonly | Interestonly |
| Recourse | Recourse | Recourse |
| BorrowerEntity | Individual or Entity | Individual or Entity |
| Minimum Credit Score | 500 or higher | 500 or higher |
Bridge (Purchase and Refi):
| Guidelines: | Conduit |
| Minimum LoanAmount | $1,000,000 (lower on case by case) |
| Maximum LoanAmount | No maximum |
| Maximum LTV | 85% of purchase price 100% of capx reserves for improvements 85% of appraised value |
| Purpose | Purchase Refinance |
| Lien Position | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 3 weeks |
| Term | 12-60 months (w/ option to convert automatically to perm) |
| Location | Nationwide |
| Interest Rates | Starting at 4.99% |
| Rehab Holdback | Incurs interest upon closing |
| Origination Fees | Starting at 1 point |
| Amortization | Interestonly |
| Recourse | Recourse |
| BorrowerEntity | Individual or Entity |
| Minimum Credit Score | 500 or higher |
Stated Income (Purchase and Refi):
| Guidelines: | Conduit |
| Minimum LoanAmount | $30,000 |
| Maximum LoanAmount | $5,000,000 |
| Maximum LTV | 75% of purchase price 75% of appraised value |
| Purpose | Purchase Refinance |
| Lien Position | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 3 weeks |
| Term | 30 year term |
| Fixed Rate Term | Up to 30 year fixed rates |
| Location | Nationwide |
| Interest Rates | Starting at 6.85% |
| Origination Fees | Starting at 1 point |
| Recourse | Recourse |
| BorrowerEntity | Individual or Entity |
| Minimum Credit Score | No min credit score |
1-4 Unit Permanent Non-Bank Product (Purchase and Refi):
| Guidelines: | Conduit |
| Minimum LoanAmount | $75,000 |
| Maximum LoanAmount | $1,000,000 |
| Maximum LTV | 75% of purchase price 75% of appraised value |
| Purpose | Purchase Refinance |
| Lien Position | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 3 weeks |
| Term | 30 year term |
| Fixed Rate Term | 30 year fixed rate |
| Location | Nationwide |
| Interest Rates | Starting at 5.99% |
| Origination Fees | Starting at 1 point |
| Recourse | Recourse |
| BorrowerEntity | Individual or Entity |
| Minimum Credit Score | 620 min credit score |
Commercial Permanent (Purchase and Refi):
| Guidelines: | Conduit |
| Minimum LoanAmount | $750,000 |
| Maximum LoanAmount | $50,000,000 |
| Maximum LTV | 80% of purchase price 80% of appraised value |
| Purpose | Purchase Refinance |
| Lien Position | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 30-45 days |
| Term | 5, 7, 10, 15, 18, 20, 25, and 30 year term |
| Fixed Rate Term | 5, 7, 10, 15, 18, 20, 25, and 30 year fixed rate |
| Location | Nationwide |
| Interest Rates | Starting at 3.10% |
| Origination Fees | Starting at 0.25 points |
| Recourse | Recourse |
| BorrowerEntity | Individual or Entity |
| Minimum Credit Score | 650 min credit score |
Portfolio (Purchase and Refi):
| Guidelines: | Conduit |
| Minimum LoanAmount | $500,000 |
| Maximum LoanAmount | $100,000,000 |
| Maximum LTV | 75% of purchase price 75% of appraised value |
| Purpose | Purchase Refinance |
| Lien Position | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 4 weeks |
| Term | 5 or 10 year term |
| Fixed Rate Term | 5 or 10 year fixed rate (I/O option available) |
| Location | Nationwide |
| Interest Rates | Starting at 4.99% |
| Origination Fees | Starting at 1 point |
| Recourse | Recourse |
| BorrowerEntity | Individual or Entity |
| Minimum Credit Score | 620 min credit score |
Line of Credit (Purchase and Refi):
| Guidelines: | Conduit |
| Minimum LoanAmount | $50,000 |
| Maximum LoanAmount | $3,000,000 |
| Maximum Line Amount | $7,500,000 |
| Maximum LTV | 90% of purchase price 90% of rehab 75% of after repair value |
| Purpose | Purchase Refinance |
| Lien Position | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 2-3 weeks |
| Term | 6-12 month terms |
| Location | Nationwide |
| Interest Rates | Starting at 10.00% |
| Rehab Holdback | Incurs interest upon closing |
| Origination Fees | Starting at 2 points |
| Amortization | Interestonly |
| Recourse | Recourse |
| BorrowerEntity | Individual or Entity |
| Minimum Credit Score | 620 or higher |
Home Builders (Purchase and Refi):
| Guidelines: | Conduit |
| Minimum LoanAmount | $5,000,000 |
| Maximum LoanAmount | $50,000,000 |
| Maximum Lots | 100 lots or lower |
| Maximum LTV | 85% of purchase price 85% of rehab 75% of after repair value |
| Purpose | Purchase Refinance |
| Lien Position | First only |
| Timing (estimated) | TermSheet:24-48 hours Closing: 2-3 weeks |
| Term | 12-36 month terms |
| Location | Nationwide |
| Interest Rates | Tiered pricing structure depending on advance rate and other factors |
| Rehab Holdback | Incurs interest upon closing |
| Origination Fees | Tiered pricing structure depending on advance rate and other factors |
| Amortization | Interestonly |
| Recourse | Recourse |
| BorrowerEntity | Individual or Entity |
| Minimum Credit Score | 620 or higher |
Post: Ran out of Rehab Money-Pick up Where I left off
Sean Richway
Posted
Lender
Pro Member
- Lender
- Chevy Chase, MD
- Posts 1,299
- Votes 136
@Melsi Bifsha If you have any buyers that need financing feel free to refer them over to me. We can offer 90% of purchase and 100% of rehab.