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
HGTV Flipping Star Christina Anstead’s Design Do’s
HGTV design doyenne Christina Anstead, star of the network’s hit shows “Christina on the Coast” and “Flip or Flop,” knows more than a thing or two about high-end interior design. Realtor.com recently highlighted some of the flipping pro’s expert design concepts. We break them down for you here. In the
5 Timeless Kitchen Looks That Won’t Go Out of Style
As the saying goes: Trends come and go, style is forever. Consider these five kitchen styles that will have mass appeal with potential buyers, and stand the test of time. White Cabinets White will never be considered a cabinet color of the moment. A crisp, fresh white kitchen is always
Go-To Home Upgrades From Flipping Expert Tarek El Moussa
Southern California flipping pro Tarek El Moussa performs flip upgrades that fetch a pretty penny for his properties. In his HGTV show, “Flipping 101 with Tarek El Moussa,” the property pundit shows amateur flippers the ropes and the house upgrades that really pay off. A recent article by Realtor.com highlights