Residential Guidelines2020-05-27T17:35:45-04:00

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 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

  • 3 Kitchen Improvements Buyers Are Looking for Right Now.

3 Kitchen Improvements Buyers Are Looking for Right Now

April 13th, 2021|

If you’re an investor, you know that kitchens are make-or-break spaces – so what are buyers looking for right now? We consulted with a handful of local REALTORS® to find out what buyers want from the homes they’re snapping up in thriving markets. 3 Kitchen Improvements Buyers Are Looking for

  • Thinking of Adding a Sunroom to Your Flip 3 Things You Should Know

Thinking of Adding a Sunroom to Your Flip? 3 Things You Should Know

March 27th, 2021|

Sunrooms are bonus spaces that can appeal to potential buyers and help raise the value of your flip. These glass-enclosed living areas, which are typically attached behind homes, can be used for relaxation and entertainment and can connect your homebuyer to the outdoors while protecting them from the elements. Your

QUICK & EASY APPLICATION!

Get a quick response and funding when you apply online!

Apply HERE!
Go to Top