Hard Money Loan Contract by gbe17670

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Hard Money Loan Contract document sample

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									                                   Direct Federal Mortgage Inc
August - September 2010 - Niche Sheet - Loan Products
        We Loan in All 50 States – Most Real Estate Considered – Case By Case on Every Loan
                 Higher LTV’s considered with really strong compensating factors

                                 Residential - Hard Money

       Residential to 50% LTV (case by case by state)
       Only Non-Owner Occupied & Investment Properties for most cases
       Owner-Occupied (R/T to 50% LTV) & (Purchase to 60% LTV Only)
       Non-Owner & Owner Occupied Loan Minimum $200k or $400k Value Nationwide
       Foreign National NOO Only to 40% LTV no CLTV considered
       Metropolitan Areas Only / Low FICO, BK, NOD OK
       Purchases are 60% LTV of Purchase Contract Price NOT Market Value
       New Purchase Cash-Out Min. 12 Months Seasoned Payments – No Interest Reserve
       NO RURAL Properties On Any Loans At Any LTV%

                     Residential & Commercial Rehab Hard Money
       Residential & Commercial 50% LTV Purchase Contract Price / Loan Min. $200k
       Buyer to put down 50% of Purchase Contract Price of $400k Minimum Value
       Buyer to pay closing costs outside of the loan
       We will cover 100% of Rehab Costs up to 50% of Loan Amount
       REO Blankets at 50% Purchase Contract Price / Loan Min. $500k – Nationwide
       Rehab Purchase/Refinance loan minimum is $200k, which means $400k Value
       Investment Properties Only – Property needs $100k equity cushion today
       Minimum Mid FICO is 660+ / Metropolitan Areas Only
       Refinance Rehab no seasoning required Rate & Term / Complete Packages Only
       Rehab Cash-Out Min. 12 Months of Seasoned Payments – No Interest Reserves
       Rehab Value is Purchase Price + Improvements NOT Market Value of Equity Properties

                 Raw Land / Residential & Commercial Construction
       Land Max 20% LTV (case by case per state) NO RURAL Properties!!!!!!!
       Metropolitan Areas Only / No Rural Land / Loan Minimum $200k Nationwide
       Construction must be 95% completed (case by case) – Need COO within 30 days
       AS-IS Value Only – NO After Completion Value Loans
       NO Development from Phase 0 or Phase 1 – Almost Completed Only
       Complete Packages Only / Construction Loans $200k Minimum

                                 Commercial - Hard Money
       Commercial Rates from 9.25% up to $10mm with 3 years in business
       All properties considered except: Anything Automotive / Up to 50% LTV
       Metropolitan Areas Only / Complete Packages Only / Loan Minimum $200k
       Higher LTV’s considered w ith compensating factors

                                 International Hard Money
         Loan Minimum $5,000,000 – All non-owner properties considered – 40% CLTV




                  Contact: Abel, Ken, Kristen or Reggie (714) 421-4404
                  kristenk@directfederalmortgage.com abele@directfederalmortgage.com
                            Direct Federal Mortgage Inc
August - September 2010 - Niche Sheet - Loan Products


     Minimum Doc Set For Letter of Intent
  Loan Summary – including loan detail, debt servicing, and exit
  Recent Credit Report
  Recent Appraisal or Pictures
  1003 or Fannie Mae 3.2 File, or Personal Financial Statement
  If a Purchase, then an Executed Purchase Agreement



     To Fund: Loan Must Pass Two Tests
  The borrower must show the ability to debt service for the loan term
  The borrower must show the ability to exit this short term loan



     EZ Submission Process to get started:

     http://www.directfederalmortgage.com/eLoanSubmission.html



                                Web Site:
                      www.directfederalmortgage.com



      Document will be requested per loan type:
    Residential - Hard Money
    Purchase & Refinance – Residential & Commercial Rehab
    Land Development / Residential & Commercial Construction
    Hard Money - Commercial Loans
    International Hard Money




            Contact: Abel, Ken, Kristen or Reggie (714) 421-4404
            kristenk@directfederalmortgage.com abele@directfederalmortgage.com

								
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