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Texas' Premier Hard Money Lender

 


TERMS AND LOAN PROGRAMS FOR RESIDENTIAL LENDING

 

Loan To Value (LTV) :

FPLP will lend up to 65% LTV (including repair costs) based on each property and its location. 

Rehab:

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.

Option/Term

1 Year

6 Month

1 Month

Interest Rate

18%

16%

14%

Origination

1 point upfront

1 pt each 6 mo.*

2 points*

1 point*

Renewal

None

Available

Available

Minimum ARV $75,000. See FAQ $75,000. See FAQ $75,000. See FAQ
Property Taxes Escrowed Monthly Escrowed Monthly Escrowed Monthly

Payments

Int. only

due monthly

Int. only

due monthly

Int. only

due monthly

Standard FPLP Fees

Legal Review & Processing

$350.00

Legal Document Prep Fee

$200.00

Initial & Subsequent Inspection Fees

$150.00 Initial & Draws

Appraisal Fee

$350.00 (D/FW)

 

$350.00 (Outside D/FW)

* Minimum point fee $600.00

We offer PayPal to make payments over the internet.  You may pay your Interest Payments, Appraisal Orders or Inspection Fees. 

The use of PayPal requires a transaction fee of 3%.  Therefore, a 3% "handling" fee will be added to your payment upon checkout. 


REQUIRED FILE INFORMATION

  • Loan Application and financial information on file with FPLP.

  • A credit report and Public Records Search may be run.   However, each loan is based on the value and marketability of the property. 

REQUIRED PROPERTY INFORMATION

  • Please complete a Loan Request and a Property Repair Details form for each property, which will provide us and the appraiser with information concerning the property, such as:

  • Purchase price

  • Size and construction

  • Rehab amount

  • Bedrooms and baths

  • Map page & Grid

  • HVAC

  • Intended Usage

  • Lot size, etc

 

REQUIRED LENDING ISSUES

  • Each subsequent loan is conditioned upon the prompt payment history of any previous or existing loan(s).

  • We lend on single-family residential real estate in Texas, only.

  • An  “As 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 applicable

 

ITEMS WHICH MAY BE INCLUDED IN THE LOAN:

  Subject to the loan to value requirements, the following items may be included in each loan: 

  • Purchase Price

  • Rehab Funds

  • FPLP points & fees

  • Title Company Charges

  • Insurance – One year pre-paid policy with Vacancy Clause

  SPECIAL CONDITIONS: 

Multiple Assignments or Flip Fees                                 

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. 

 

  Helpful suggestions on dealing  with contractors.

Send mail to dave@fundingpartners.com with questions or comments about this web site.
Copyright © 2009 Funding Partners, LP
Last modified: 12/20/09