Terms & Loan Programs

Texas' Premier Hard Money Lender

TERMS AND LOAN PROGRAMS FOR RESIDENTIAL LENDING

Loan To Value (LTV) :	FPLP will lend up to 65-70% LTV (including repair costs) based on each property and its location.
Rehab:	FPLP will lend construction dollars within the defined parameters of its LTV and loan agreement. FPLP will attempt to make each transaction as simple as possible utilizing reasonable prudent business practices understanding the necessity for fund availability. Inspections will be required on each draw. Project completion is a pre-condition to the next draw.

Option/Term	1 Year	6 Month	1 Month
Interest Rate	18%	16%	14%
Origination	1 point upfront 1 pt each 6 mo.*	2 points*	1 point*
Renewal	None	Available	Available
Minimum ARV	$75,000. See FAQ	$75,000. See FAQ	$75,000. See FAQ
Property Taxes	Escrowed Monthly	Escrowed Monthly	Escrowed Monthly
Payments	Int. only due monthly	Int. only due monthly	Int. only due monthly

Standard FPLP Fees
Legal Review & Processing	$350.00
Legal Document Prep Fee	$200.00
Initial & Subsequent Inspection Fees	$150.00 Initial & Draws
Appraisal Fee	$300.00 (D/FW)
	$350.00 (Outside D/FW)
* Minimum point fee	$600.00

REQUIRED FILE INFORMATION

Loan Application and financial information on file with FPLP.
A credit report and Public Records Search may be run. However, each loan is based on the value and marketability of the property.

REQUIRED PROPERTY INFORMATION

Please complete a Loan Request and a Property Repair Details form for each property, which will provide us and the appraiser with information concerning the property, such as:

Purchase price	Size and construction
Rehab amount	Bedrooms and baths
Map page & Grid	HVAC
Intended Usage	Lot size, etc

REQUIRED LENDING ISSUES

Each subsequent loan is conditioned upon the prompt payment history of any previous or existing loan(s).
We lend on single-family residential real estate in Texas, only.
An “As Improved” appraisal by an FPLP approved appraiser will be required prior to closing and funding.
- FPLP MUST order the appraisal. DO NOT order the appraisal.
A loan agreement will be executed prior to or at closing for each transaction, which will set forth the loan amount, construction draws, amounts and times if applicable

ITEMS WHICH MAY BE INCLUDED IN THE LOAN:

Subject to the loan to value requirements, the following items may be included in each loan:

Purchase Price
Rehab Funds
FPLP points & fees
Title Company Charges
Insurance – One year pre-paid policy with Vacancy Clause

SPECIAL CONDITIONS:

Multiple Assignments or Flip Fees

FPLP will examine each transaction which has assignment fees to protect the integrity of the lending process. In a situation where multiple assignment, flip, or contract fees occur, or the appearance of possible impropriety, FPLP may request a deferral on said fees.

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