FPLP will lend up to 65% LTV (including repair costs) based on eachproperty and its location.
FPLP will lend construction dollars within the defined
parameters of its LTV and loan agreement.
FPLP will attempt to make each transaction as simple as possible utilizing
reasonable prudent business practices understanding the necessity for fund
availability. Inspections will be required on each draw.Project completion is a pre-condition to the next draw.
loan is conditioned upon the prompt payment history of any previous or
We lend on single-family residential real estate in
Improved” appraisal by an FPLP approved appraiser will be required prior to closing and funding.
FPLP MUST order the appraisal.
DO NOT order the appraisal.
A loan agreement
will be executed prior to or at closing for each transaction, which will
set forth the loan amount, construction draws, amounts and times if
WHICH MAY BE INCLUDED IN THE LOAN:
Subject to the loan
to value requirements, the following items may be included in each loan:
FPLP points & fees
Title Company Charges
Insurance – One year pre-paid policy
with Vacancy Clause
Assignments or Flip
FPLP will examine each transaction which has assignment fees to protect
the integrity of the lending process.In
a situation where multiple assignment, flip, or contract fees occur, or the
appearance of possible impropriety, FPLP may request a deferral on said fees.