Real Estate How-To

100% JV Rehab Financing! No lender Points! No Monthly Interest Only Payments! Fico: No min fico score! Lender does not care about tax liens, bk’s, short sales, foreclosures, lawsuits from the past or current. They do run a background check…

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100% JV Rehab Financing! No lender Points! No Monthly Interest Only Payments!
Fico: No min fico score! Lender does not care about tax liens, bk’s, short sales, foreclosures, lawsuits from the past or current. They do run a background check for fraud and are concerned about that but not credit issues.
Loan Terms: 9 months or less.
Loan Size: $75,000- 1M
Max LTV/ARV: Lender provides 100% financing of the purchase price and rehab costs as long as the total loan does not exceed 70% of the ARV. Rehab can be more than the purchase price in certain circumstances. Lender does not like rehab budgets over $125,000 or projects that are adding square footage.
Interest Rate: 9.00%, but no interest only payments need to be made through term projection
LOC Fee: 0.75% points and the lender covers this as well.
Property Types: 1-4 unit investment properties! This includes Single Family Homes, 2-units, 3-units, 4-units, condos and town homes.
Pre-Payment Penalty: None!

Use of Funds: This program is really set up for Purchase & Rehab deals. The lender can do Refinance and Rehab deals on a case-by-case basis. Refinance + Rehab deals are harder to do b/c it strains on the ARV and profit more. Exit strategy on the deal has to be to sell.
Lender Points: Lender has no points and closing costs are only $805! Lender also pays for insurance for loan term.
Lending Territory: NJ, PA, Delaware, DC, MD, Virginia, SC, NC, IL, TX, NY (case by case), FL. Would consider deals in Missouri.
Closing Time Frame: 3-4 weeks for first closing, 2nd closing will be 2-3 weeks.
Experience Requirement: Borrowers are not required to have previous experience! All levels of experience can be taken into consideration (Ex. Borrower is a licensed contractor). Lender wants to know how many deals borrower has done in past, average size of the rehab and do they live close to the deal so they can manage the rehab. Borrower will be in charge of managing the rehab. Lender does not require GC to be licensed unless the state does.
Liquidity Requirement: Borrower must prove they can start the renovations with their own funds. They will be reimbursed for rehab in draws.
Construction draws: Released to borrower upon successful work completion, requires on-site inspection, $125 draw fee. Borrower can do as many draws as they want. After relationship is successful the lender may consider upfront draws.
Appraisals: Are done though an AMC. Lender asks for an As-is Value and ARV, but the ARV value is much more important than the as-is to them.
JV Agreement: The lender is able to fund the majority of the deal 100% b/c they will actually be the entity taking title to the property via a name change addendum to the purchase and sales contract. Lender has a Certificate of Authority with borrower, which allows them to enter into purchase and sales contracts in a specific state and gives duel signing authority so either can sign at closing. Borrower is still linked to the property and the deal by a local operating agreement and a profit share on the deal is negotiated from day one.
Extra: Can work with Foreign Nationals

Please be advised that:
M&K FUNDING,LLC is a nationwide commercial mortgage/brokerage company. We work with over 100 lenders nationwide. If this program is not in your state and you have a current deal, please inquire b/c we offer other similar programs that may be located in your state!

TO APPLY FOR A LOAN. PLEASE GO TO WWW.MKFUNDINGLOANS.NET AND CLICK ON “APPLY FOR A LOAN”. ONCE A THOROUGHLY COMPLETED SHORT FORM APPLICATION IS RECEIVED. A LOAN.OFFICER WILL BE IN TOUCH WITHIN 24HRS.

OR
NEED TO SELL FAST
GET A OFFER IN 24HRS.
FAST CASH
www.mkfundingloans.net

IF YOU HAVE FURTHER QUESTIONS ABOUT THIS PROGRAM PLEASE CALL US AT (844) 4WE-FLIP OR REPLY WITH YOUR QUESTIONS.
at Larry@mkfundingloans.net

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