Funding Program

This program to analyze deals that are submitted by our FR2R real estate investor network. This service is offered as part of FR2R mentoring program that allows investor within our program to analyze and fund deals.

LOAN TERMS

Most loans will be 6 to 8 months in length of term; extensions will be available, possibly up to 25 months. All loans will be interest only. Origination fees will be 3.0-5.0%. There are no pre-payment penalties. The loan amount is a maximum of 70% loan to value (70% LTV). A mortgagee's title policy must be purchased at closing. From Rages 2 Rich's loans are 1st lien notes only, with 10% down pament. Rates, Terms & Fees.

 

Term:

60 Month

Payment Based On:

5 Year Fixed

Rate:

14%

Lender Points:

3.0 - 5.0

Prepay Penalty:

0

 

Other Fees:


• $100.00 Loan Application fee

• $500.00-$600.00 (actual) Attorney Fee to draw lender docs

• $1,000-1500 Lender fee for processing, underwriting and inspection.

• Actual Prepaid interest, escrows (taxes and insurance), etc

• Plus all other 3rd Party fees (Title policy, recording, survey... etc)


 **Lower points structure available with 36 month prepayment penalty

 **All loans require full escrow and personal guarantee by borrower(s)

 **All rates, points and fees subject to change without notice.

Documents Need For Loan Application
All Borrowers:

  • Copies of W-2's for the last two years;

  • Copies of paycheck stubs for the last 30 days (most current);

  • Copies of checking and saving account statements for last three months (all oages);

  • Copies of quarterly or semi-annual statements for checking, savings, IRA's, CD's, money market fund, stock, 401k, profit sharing etc.

  • Copy of sales contract when ratified;

  • Employment history for the last two years (address any gaps of employment);

  • Residency history over the last two years, with name, phone number, address and account number of Land or Mortgage Company,

  • Rental property copies of leases plus mortgage information.

  • Canceled earnest money check when it clears or corresponding bank statement, if applicable;

  • Commissioned or boused income -- if 25% or more of base, must have tax returns;

  • Check for the expense of appraisal & credit report;

  • Refinance Copy of Note, Deed of trust, Settlement Statement, Survey, and Insurance information;

  • Any assets used for down payment, closing cost, and cash reserves must be documented by a paper trail;

  • If paid off mortgage in the last 2 years, needs copies of HUD1;

  • Copy of driver's license for applicant and co-applicant.

  • Copies of your most recent 2 years tax returns

  • Copy of social security card for each applicant and co-applicant

Sign Up For The Funding Program