Residential Guidelines
PROPERTY REQUIREMENTS
First mortgage lien only
Loans up to 70% of ARV
Loans from $20,000 to $3,000,000
Multifamily properties up to 4 units will be considered
Appraisal of ARV required on all properties (borrower is responsible for payment)
Mortgagee title policy required at closing
Builder’s risk policy naming Paces Funding mortgagee as additional loss payee required at closing
Closing attorney selected by Paces Funding
LOAN PROVISIONS
Rates start at 12% per annum, interest only, depending upon collateral and loan structure.
Up to 70% LTV of ARV
Origination fee as low as 3% of loan
- Customary closing costs and fees paid by borrower
- Appraisal by Paces Funding approved appraiser
- Interest due on the first of each month
- Extension fees beyond original term may apply
- Maximum 12 month term
BORROWER REQUIREMENTS
- Completed borrower application
- There is no credit score requirement
- Executed contract for purchase and detailed construction budget from contractor
- Adequate financial reserves to cover expenses of closing and continued borrowing
- Acceptable exit strategy to retire loan
Borrower contributes 10% of cost at closing
RELATED POSTS
4 Trees and Plants Realtors Wish You Would Avoid
Before you put your flip on the market you obviously want to make sure it looks its absolute best, both inside and out. This means interiors that inspire, and curb appeal that commands attention. Although you may have awesome ideas about how to take your yard to the next level, beware
3 More Things to Consider Before Replacing the Garage Door of Your Flip
The garage door of your flip house has seen better days—several dents, dings, and scratches ago. It works well, but replacing it for aesthetics is a must before you go to put it on the market. Consider these three things, though, before you swap it out for a new one.
3 Things to Consider Before Replacing the Garage Door of Your Flip
Most people replace their garage door because they don’t like the way it looks, or because it no longer works, or perhaps because they want to install an automatic door opener. As a house flipper, your reasons may be all of the above. Whatever your reason, consider these three things