Sloan...dm prime bridge renovation lending

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Sloan...dm prime bridge renovation lending

  1. 1. Direct Hard Money Lender PRIME BRIDGE Quick Closings REO Purchase Short Sales Renovation Loans Cash Out Loans New Construction Fixer UppersWe are a direct lender Minor – Major RehabNo waiting on outside sources Transactional FundingAll decisions made in house locally Let Angel Oak fund your next investment purchase!Loan Terms- Up to 65% ARV- No Minimum Down Payment- Up To 6 Months - Longer Terms may be available- Minimum Loan Amount $30,000- Maximum Loan Amount $5 MillionHomes allowed in any conditionMade specifically for distressed homesNo limit on scope of workNon-Owner Occupied Homes Sloane MorrisClosing Costs may be financed Phone: 404-392-7572100% Financing Possible Mortgage Consultant Email: sloane.morris@angeloakfunding.com Information is not intended for public use. This is not an advertisement to extend consumer credit. All loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.
  2. 2. Renovation Financing PRIME BRIDGE Before After Sales Price $135,000 Appraised for $310,000 Call: Sloane Morris Recent Funding Phone 404-392-7572First Closing – Initial Acquisition & Renovation• Contract Purchase Price $135,000• Renovation Budget $60,600• Appraised Subject To Repairs Value $285,000• Actual Loan Amount $208,815 • Calculation illustrated • Purchase Price $135,000 Renovation $60,600 Financed Closing Costs $13,215Closing costs includes insurance, taxes, pre-paids and all other closing fees. This scenariothe borrower was not required to pay any money out of pocket creating 100% Financing.Second Closing – Refinance to Permanent 30 Year Fixed Rate MortgageLoan Payoff $209,000 Interest Rate 5.00%Monthly Payment $1,213.22Initial loan is refinanced using the completed homes appraised value. Closing costs forrefinance are rolled into loan, creating no money out of pocket loan. Customer in thisscenario is currently looking to market or executive rental.. Information is not intended for public use. This is not an advertisement to extend consumer credit. All loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.
  3. 3. PRIME BRIDGE What Prime Bridge Offers AOPB provides construction/renovation financing for residential properties, townhomes and condos• Hard Money Bridge Loans• Renovation of any scope for all property types• 2 Time close – • 1st is short term renovation loan provided by Angel Oak • 2nd is refinance to permanent mortgage Angel Oak• All loans are based off of the future repair value of the home• Perfect to purchase and renovate distressed/REO foreclosed homes• Loans for investors looking to buy & hold or renovate & resell!• Quicker than conventional construction loans• More flexible than traditional C/P lending• Possible 100% Financing• Quick closings – 5-10 Days• Not all homes meet conventional lending guidelines• Prime Bridge – Lends based on upon future value and or condition of the home• Financing for construction/renovation – To include the acquisition of the home• Term 4-6 months – dependent upon project review• No minimum Down Payment Required• Loan to Value up to 65% of After-Repaired Value• Minimum Loan Amount $40,000• Closings – Less than 10 days• Direct Lender• In House Underwriting• Local Appraisers• Quick – Straight Forward Financing• Permanent Financing provided by Angel Oak Funding Information is not intended for public use. This is not an advertisement to extend consumer credit. All loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.
  4. 4. Renovation Financing PRIME BRIDGE Before After Sales Price $25,000 Appraised for $153,000 Recent FundingFirst Closing – Initial Acquisition & Renovation• Contract Purchase Price $25,000• Renovation Budget $42,000• Appraised Subject To Repairs Value $130,000• Maximum Loan Amount (64% of Appraisal) $84,500• Actual Loan Amount $75,300 • Calculation illustrated • Purchase Price $42,000 Renovation $25,000 Closing Costs $8,300Closing costs includes insurance, taxes, pre-paids and all other closing fees. This scenariothe borrower was not required to pay any money out of pocket creating 100% Financing.Second Closing – Refinance to Permanent 30 Year Fixed Rate MortgageLoan Payoff $75,300 Interest Rate 5.125%Monthly Payment $410.00Initial loan is refinanced using the completed homes appraised value. Closing costs forrefinance are rolled into loan, creating no money out of pocket loan. Customer in thisscenario rented the home Section 8 for $950.00/month. Information is not intended for public use. This is not an advertisement to extend consumer credit. All loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.
  5. 5. Renovation Financing PRIME BRIDGE Before After Sales Price $25,000 Appraised for $153,000 Recent FundingFirst Closing – Initial Acquisition & Renovation• Contract Purchase Price $25,000• Renovation Budget $42,000• Appraised Subject To Repairs Value $130,000• Maximum Loan Amount (64% of Appraisal) $84,500• Actual Loan Amount $75,300 • Calculation illustrated • Purchase Price $42,000 Renovation $25,000 Closing Costs $8,300Closing costs includes insurance, taxes, pre-paids and all other closing fees. This scenariothe borrower was not required to pay any money out of pocket creating 100% Financing.Second Closing – Refinance to Permanent 30 Year Fixed Rate MortgageLoan Payoff $75,300 Interest Rate 5.125%Monthly Payment $410.00Initial loan is refinanced using the completed homes appraised value. Closing costs forrefinance are rolled into loan, creating no money out of pocket loan. Customer in thisscenario rented the home Section 8 for $950.00/month. Information is not intended for public use. This is not an advertisement to extend consumer credit. All loans are subject to credit and property approval. Programs, rates, terms and conditions are subject to change without notice. Other restrictions apply.

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