Residential Guidelines2021-09-28T11:51:59-04:00

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 10% 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 at least 10% of cost at closing

RELATED POSTS

  • 3 Surprising Kitchen Remodeling Trends So Far This Year

3 Surprising Kitchen Remodeling Trends So Far This Year

May 6th, 2022|

A survey this year of more than 2,300 U.S. homeowners revealed their current preferences in kitchen design. The study, conducted by Houzz—an online portal for professional advice on home interior design and construction, reported changes in tastes that might surprise you, and impact your approach to kitchen design in future

  • The Pros and Cons of a Partial Roof Replacement

The Pros and Cons of a Partial Roof Replacement

February 16th, 2022|

Let's face it: A flip that lacks cosmetic appeal isn't likely to get much attention from homebuyers. Although making sure that your property has visual interest is a must, issues that affect the functionality of your flip are equally as important and must receive thorough attention, and not be given

QUICK & EASY APPLICATION!

Get a quick response and funding when you apply online!

Apply HERE!
Go to Top