FPLP will lend up to 65% LTV (including repair costs) based on eachproperty 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.
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.
