KG Funding - Rehab Loans

PROPERTY TYPE:

Residential 1 - 4 Family, investor properties, condo conversions and small apartment buildings considered on a case by case basis.

LIEN POSITION:

First mortgage only.

STANDARD TERM:

6 months with monthly extensions up to 13 months.

ADVANCE RATE:

85% to 100% financing of the total project cost, plus interest, points and closing costs can be financed to reduce funds required at closing. Will loan up to 70% of the After-Repaired-Value.

RENOVATION
FUNDS:

Renovation funds are usually advanced in one to three draws, and wired directly to your account. Rehab portion of the loan typically not to exceed 150% of acquisition cost unless otherwise approved.

INTEREST:

No payments for up to six months. Borrower may finance interest in loan proceeds at closing.

POINTS:

Points can be rolled into loan balance at closing and may be partially rebated upon early payoff. Points may vary if borrower qualifies for one of Lender's "Line of Credit" programs.

CLOSING COSTS :

Up to $1200 of closing costs (i.e. title insurance, recording fees, etc.) can be financed as part of the loan proceeds.

GUARANTEE:

Personal guarantee required.

QUALIFYING DOCUMENTS :

Completed Lender Rehab Loan Application including:

(i) Two years of Tax Returns (both personal and business)

(ii) Three months of Bank Statements (both personal and business)

(iii) Current statements supporting liquid assets

(iv) Credit report (obtained by Lender)

LOAN DOCUMENTATION:
(For Each Loan)

Purchase Agreement

Summary of Rehab Work to be completed

Builders Risk Insurance (will not close deal without insurance)

After-Repair-Value Appraisal (Obtained by Lender)

Title Policy (Obtained by Lender)

QUICK FUNDING:

Once a borrower has been approved, funding of individual transactions is typically within two weeks. No need to reapply for subsequent transactions.

Set up your capital in advance! Get a Conditional Approval within 24 hours of submitting your application. The application fee is $395. A 1% deposit (minus the $395) of the credit limit is required. Limit increases can be requested at any time. Renew the line each year.

Lender provides “Proof of Funds” letters to all approved borrowers.

Rehab funds are advanced in draws, wired directly to your account. The typical project is completed in 1-4 draws.

States available

Financing options

Advance % of total 85% 90% 95% 100%

Rehab % 100% 100% 100% 100%

Points 4 5 6 7

Rate 14.99% 14.99% 14.99% 14.99%

LTV 70% 70% 65% 60%

Credit 640 640 675 700

To begin your application, send an email with the following:

Please provide complete information

ask (at) kgfunding (dot) com

Name, Full Address, Phone, and Email

*Credit Scores

Do you have any rehab experience? If yes, # of years and # of properties in past year

Do you have a deal right now? If yes, what is the closing deadline?

Property Info Note: Property can not be Owner-Occupied.

Indicate whether current or planned deal. Provide the following for each current deal.

Property Location: Please include State(s).

Type of Property: Single Family/2-4 Family/5-Plus/Condo Conversion/Other

Purchase Price

Rehab Cost (if any):

After-Repair Value

Dates & Deadlines

Financial Details

*Cash & Liquid Assets: (Stocks, Bank Accounts, CD’s, Mutual Funds)

Own your own Home? How much available equity?

Do they currently have a HELOC? Line Amount? How much Available?

Own additional properties? How Many? Equity Available?

Revolving or Credit Card debt? If Yes, how much?

Employment Status (full, self, etc.) and Annual Income

Any additional comments

*Asterisked field items on form MUST be completed for pre-approval.

Email KG Funding. Call KG Funding.

Return to www.kgfunding.com/rehabbers.html

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