Got a tough
multi-million dollar deal? Consistently hearing "No" to
your deal because it doesn't fit the conventional box? Need a short
term loan? Are traditional lenders taking forever to close? Consider an IWC Hard Money Loan.
IWC POINTS TO CONSIDER (TERMS)
- First lien position, non-owner occupied, no exceptions.
- Loan amount is based on 75% of the proposed sales price
or 85% of the AS-IS value, whichever is less. Offer should
be calculated as: Offer = .75 * ARV - Rehab Costs
- Closing costs, discount points, and purchase price can
be financed.
- Renovation funds are paid by the borrower as costs are
incurred.
- Once work is periodically approved, funds proportionate
to work completed are released.
- Regions currently include Maryland, DC, and Virginia (other
regions considered on a case by case basis).
- Borrower's credit rating is not a factor in approval process. No prepayment penalty.
- Borrower to sign an affadavit warranting that subject
property is not a primary or secondary residence.
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