Program Examples from Financing Portfolio
Rousseff Financing is associated with a National Broker and provides financing nationwide representing over 110+ specialty lenders offering literally thousands of commercial real estate loan programs and loan variations with billions of dollars to immediately deploy. We specialize in non-bank type loans $100k or greater. Our broker is a full-service brokerage coordinating and packaging loan files, placement as well as title insurance, property insurance, realtor, lawyers and more. They act as your “quarterback” and will do everything in their power to get loans closed as quickly and smoothly as possible for our clients. The product sheet is meant to be a guide or a tool only. Pre-approvals issued in 24-48 hours or less.
Example 1: Up to 100% Rehab Financing!
Example 1: Fico: 600+ for 25% down of ‘as is value’ and max 70% LTV of ARV. 650+ for 100% financing rehab program. Borrower cannot have a recent BK or a foreclosure.
Asset Verification: Last 2 months of bank statements and last year of tax return.
Liquidity Requirement: Borrower must show solid reserves on hand for the 100% financing product, there is no exact reserve requirement for the 3 other programs they offer.
Construction draws: Released to borrower upon successful work completion, requires on-site inspection, $150 avg. draw fee.
Special: Borrower must close in a business entity. Lender does background checks on all borrowers. Lender is currently not working with foreign nationals, but would discuss on a case-by-case basis. For the 100% Rehab program, the lender does an up-front draw at close! Again, borrower must have liquidity to qualify for that program! The 100% Rehab program may require that the borrower reserves 6 months of interest only payments, depending on financial strength.
Extra: Lender must be 1st position and will not allow a 2nd position lender behind them! All borrowers must personally guarantee the loan. If there are two members in an LLC, one may be underwritten as the primary borrower, but both members will still need to sign the personal guarantee
Example 2: Nationwide Small Balance Bridge/Rehab Program
Loan Amount: $50K – 2.5 million
-On a refinance rehab deal, this lender will offer the same terms as a purchase transaction, as long as the property was bought in 90 days or less.
-LTV: On bridge loans the lender typically will finance 65% of the purchase price. Borrower must come with the remaining down money plus be liquid for other 3rd party closing costs.
-Term: Typically 12 Months
-Lending Territory: Nationwide besides MN, OR, SD & UT.
-No pre-payment penalty
-Collateral: Non-Owner Occupied Real Estate Only for 1-4 unit investment properties. Collateralized property must be in the same state.
-$995 legal fee paid when commitment is issued.
Example 3: Rehab Loan Program w/ Advance Draw!
Fico: 600+ (mid score)
Property Types: Only 1-4 unit investment properties! This includes Single Family Homes, 2-units, 3-units, 4-units, condos (with HOA approval) and town homes. Condo Conversions Welcomed.
Lender Points: 2-3. Lender also has a $999 closing fee. $199 is taken upfront when LOI is issued to run credit and background check. Doc and legal review fee= $125. Tax service & onboarding fee= $89.00.
Lending Territory: Nationwide except (except AZ, DE, ID, ND, NV, OR, SD, UT, VT is $1M-2M only).
Draw Fee: $200 a draw.
Closing Time Frame: 14 days!
Borrower Experience: Flip experience is based on sold properties in past 36 months that turned a profit. Current rentals properties can also count towards a borrowers experience but the lender will only consider cash-flowing rentals that they acquired over 12 months ago.
Extra: This lender can finance wholesale fees! Borrower can do 10 deals at once with this lender!
Example 4: 65-70% ARV Ground Up Construction Program
Loan Amount: $75,000 – No Max
Term: 1-3 years
Borrowers Fico: Borrower must have acceptable personal and business credit. If credit is very low; lender needs an explanation as to why.
Interest Rate: 11.5% typically
Property Types: Only 1-4 unit investment properties. No condominiums. Properties in rural areas, large acreage and properties with roads, which are not fully improved, may be considered with restrictive terms.
Max ARV: This lender lends on the ARV (after repair value) of the property. If the home being built will be worth $400,000, 70% of that is a $280,000 loan amount.
Lot Purchase:. Can be financed on a case-by-case scenario
Lender Points: 5 points
Lending Territory: Nationwide besides AK and HI.
Experience Requirement: Borrower must be a full time builder. Builder must have built and sold at least 5 homes. Builder must be the borrower. Home must be in the size and dollar range of builder’s history. Builder must have required licenses; if any.
Other: Borrower can choose their own appraiser; must be a state certified appraiser! Lender does not require title insurance for ground up construction although on rehab loans they do. Construction must start immediately after closing
Rehab Loans: This same lender also does rehab loans. They will lend up to 70% of the ARV on rehab loans. Rehab loans require title insurance. Borrower can still pick their own appraiser for the rehab loans as well.
Example 5: 1 - 12 Months Seasoning- Rental Property Loan Program
Fico: 620+ (Mid fico score must be 680+ if property is owned less than 12 months). Lender allows credit partner to PG the loan for the borrower, but if the borrower defaults the credit sponsor is now responsible for the debt. Credit partner needs to be a previous verifiable partner on deals (not just a relative or friend)
Loan Terms: 30 year amortization. 3-year-fixed (interest only option and balloons after 3 years), 5, 10 year or full 30-year fixed option. All 30-year-Amortizations.
Loan Size: $150K and up on blanket loans. $100,000 loan amount preferred for single asset loans but lender can sometimes go lower.
Property Value: There is no minimum property value, but total loan amount between all properties must be $150,000 on a blanket transaction. Min loan amount for 1 property on 1 loan is 50k
Seasoning: 1-12 months. Property must be fully rehabbed and rented out. No seasoning if 680+ credit and 1.5 min DSCR!
Use of Funds: Purchase, Refinance, Cash-Out Refinance
Closing Time Frame: 45-60 days
Lender Points: 1 – 2.50% depending on leverage borrower wants. Lender also has a $990 closing fee!
Example 6: Low Interest Rate- Rental Loan Program!
Fico: 660+. Mid Fico score must be over 660. Borrower must be free of BKs for at least 4 years and have no foreclosures, short sales, or deed in lieu for the past 3 years.
Property Value: Property must be worth at least $75k (each property). Lender does offer blanket loans but they need 2+ properties in order to blanket! On blanket loans the total loan amount must be 50k or greater, property value must be 60k or greater on each property. Properties must be in same state in order to blanket.
Seasoning: 6 months
Closing Time Frame: 30-45 days
Reserves: Loans over $1M requires borrower to have at least 10% of loan amount in reserves. Loans under $1M require 6 months of PITI payments in reserve as well as adequate funds to pay the first 3 months PITI upfront. First 3 months of PITI are collected upfront at closing and go towards the first 3 months of mortgage payments. The borrower will not make mortgage payments for the first 3 months.
Lender Points: 2 lender points + 500 processing fee. Lender has a minimum originated fee of $3,500.
Experience: Borrower needs to own their own home.