80-100% of purchase price + will collateralize other props with equity

Hi DG family,
Boy have I been busy! But, I wanted to let you know about this company that will lend 80-100% of purchase price (depends on how good the deal is).

They lend all over the US and, although you'll have to come in with some money, they only check credit if you're planning on refinancing. They also require a lot of the things a traditional loan requires like tax returns and bank statements. SO, this isn't for EVERYBODY, but, it will be useful to some people.

This is a good alternative in states like CA where lenders want 'skin in the game'. Other states this may not be as valuable as you can get lenders that will give you 65% ARV and include all fees and rehab + purchase price in the loan; but here in CA, that isn't available (and if you know of a HML that does this here, PLEASE let me know! (I've called every HML I can find) Then there's true private money. CAN'T beat that, and this can't touch that either; BUT it is a nice funding solution.

You an learn more at www.privatemoneybank.com/tammyr. I became an affiliate there several months ago but have recently had someone use it and had a good report. If you use it, I will reimburse a percentage of anything I get (I don't get much, I believe its 1/2 to 1 point.) The rates are from 10-16% and there are points (vary by deal).

ALSO, if you have other properties, you can use the equity you have in them for any cash you don't have to make it a no money down loan. The only caveat to that is that there can be no other liens on the property and they need to be the lienholder on that property as well.

The criteria is as follows:
□ Application
□ Borrower Agreement – signed
□ Valid Photo ID
□ Preliminary Title Report– Tax Assessment, 24 mo. chain of title, Liens, Judgments, Borrower’s Name(s)
A. Lenders title insurance with them as the lender
B. Copies of previous recorded deeds or mortgages
C. Title Including No Liens or Judgments, Ownership as Free & Clear, Amount Owed
□ Financial Statements and/or Proof of Collateral for additional properties being added to transaction:
□ Previous Two months bank statements all pages
□ 2 Yrs Tax returns all schedules both business and personal
□ Two years W-2’s, one month paystubs ( if applicable)
□ IRA/401K/CD’s with current date and balance
□ Loan Summary – short report to include your investment property background experience, discuss any partner agreements in place, and most importantly, the detailed exit plan to let them lender know how you intend to pay on the loan– both monthly and final payoff.
□ Non-Owner Occupied Hazard Insurance Valid on Subject Property (s)
□ Contractor Bid for Rehab (licensed and bonded) agreement including outline of projects and cost estimates along with timeline to complete projects.
□ Property Valuation:
□ APO (Affiliate Price Opinion- $150 charge) OR Submit Panoramic Video of all rooms and walls
□ Comparable Market Analysis (CMA) (no older than 30 days) OR Broker Price Opinion (BPO) (no older than 30 days)
• Have the above include: 3 Recently Sold; 3Listed; 1 Sold, 1 Listed comp within one mile of subject property and the remainder within 5 miles of the subject property.
• All reports should have an opinion of value and a range for the area. If rehab is being done have an “as is” value as well as “after repair value”.
□ Current Interior/Exterior Photos (no older than 30 days)
□ Rent roll for all properties owned & current lease agreements
□ Purchase and Sale contract signed by both parties, including all signed addendums
a. Earnest Money Deposit – copy of check/money order
b. Escrow name and contact information

So, until Dean has his private money setup to go, this is a good alternative (although its not true private money).