Local Investor/Rehab Finance Option(s)

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Our Full Doc Options for the Kansas City (KS & MO) Market

Rehab Loan Term/Maturity-Typically 9 months.

Interest Rate-Typically prime plus 5.0%.

Commitment Fee-Typically 4.0% to 6.0% of Loan Amount. Fee rolled into total loan amount.

Documentation Fee-A Documentation Fee of $300.00 will be charged for each project. Fee rolled into total loan amount.

Origination Fee-An origination fee of $1,000.00 or 1% (which ever is Greater) will be charged by Lucent Lending. Fee rolled into total loan amount.

Repayment-Monthly interest-only payments. Principal due atmaturity. There is NO prepayment penalty.

Personal Guarantees-Personal Guarantees of Borrower and spouse arerequired.

Borrower-The borrower may be an individual, LLC, C-Corp., S-Corp., partnership or trust. Personal guarantees for all owners will be required.

Additional Collateral-Credit enhancements in the form of second or third mortgages on other properties are required.Title Insurance, Builder's Risk Insurance and Survey are required.

Click HERE to Request your Application packet!

Experience-Experience completing renovation projects and/or related experience preferred, but not required.

Credit History-A minimum middle credit score of 640 for either spouse or partner.

Cash Flow-Borrowers must provide evidence that they have sufficient excess cash flow to service monthly interestpayments.

Draws-Typically 1 to 4 draws will be scheduled for improvements. Each draw will require an inspectionat a cost of $50.00 to $110.00 each, depending our market.

Use of Proceeds-Shall be exclusively used to acquire and makeimprovements to subject property. Subject propertymust be 1-4 family, non-owner occupied residentialproperty.

Sales Comparables-4 sales comparables that are similar to the subject property in terms of size, future condition, bedrooms, bathrooms, amenities, etc. will be required. Comparables must be within a maximum of .5 mile of the subject property and less than 6 months old, unless otherwise approved.