Loan Criteria

 

Loan:JEM Initial BorrowerJEM Experienced BorrowerJEM Professional Borrower
Lien:1st Lien1st Lien1st Lien
Requirement:Borrower has completed and PAID OFF 3 or less project loans.Borrower has completed and PAID OFF 4-6 project loans. Borrower has completed and PAID OFF 7 or more project loans.
Loan Amounts:$40,000 to $200,000$40,000 to $200,000$40,000 to $200,000
Term:6 months
(extensions available)
6 months
(extensions available)
6 months
(extensions available)
Rate:As low as 14.0%As low as 13.5%As low as 13.0%
Interest Reserve:3 months interest held in reserve (additional reserve may be required).3 months interest held in reserve (additional reserve may be required).3 months interest held in reserve (additional reserve may be required).
Points:As low as 4.5As low as 4.0As low as 4.0
Borrower Down Requirement:As low as 10%
of loan amount.
As low as 10%
of loan amount.
As low as 10%
of loan amount.
Rehab Funds:Funds held in fund control and released as the rehab work is verfied.Funds held in fund control and released as the rehab work is verfied.Funds held in fund control and released as the rehab work is verfied.
Loan Value:
(Determined on a
case by case basis.)
Up to 60% ARVUp to 65% ARVUp to 70% ARV
Rehab Costs:Up to $65,000
in rehab cost
Up to $80,000
in rehab cost
Up to $95,000
in rehab cost
Time-frame to Close Loan:Upon receipt
of required documents, loan can close within 5-10 business days.
Upon receipt
of required documents, loan can close within 5-10 business days.
Upon receipt
of required documents, loan can close within 5-10 business days.

Note #1: All loan programs are subject to change without notice.
Note #2: Exit fees may be applied at closing.

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