PROPERTY TYPE

Residential 1 to 4 family non-owner occupied properties.

SIZE

Minimum loan of $50,000.

STANDARD TERM

Typical rehab loan will have a 6 month term.

ADVANCE RATE

Typically up to 85% of the purchase price and 100% of the renovation costs not to exceed 75% After Repair Value (depending on borrower experience and credit history).

RENOVATION DRAWS

Typically 1 to 3 draws subject to inspection by our appraiser/inspector. Renovation expenses not to exceed 150% of the purchase price.

INTEREST RATE

12% per annum on the typical 6 month deal.

POINTS

3 points up front and 2 points on the back-end on a typical 6 month deal. If you do 3 successful deals with us we will take 1 point off the back-end for all your deals going forward.

APPLICATION FEE

None.

PRE-APPROVAL REQUIREMENTS

• For first-time borrowers complete and e-mail the Loan Application Form.  For repeat borrowers, simply e-mail the Current Loan Request Form

• E-mail completed Scope of Work Form.  (You only need to fill in relevant information AND it’s only necessary if we are financing the repairs) 

• 2 years of personal tax returns (required for first-time borrowers only) 

• 3 months personal bank statements (required for first-time borrowers only) 

• E-mail completed Personal Financial Statement Form. (required for first-time borrowers only)

CLOSING DOCUMENTATION 

Click here and download our

Closing Checklist Form

• 1^st lien on property in the form of a mortgage or deed of trust.

• Promissory Note (signed personally). 

• Affidavit (borrower represents that the property is for investment purposes only and that the borrower will not be living at the property).

• “As-Is” and “After Repaired Value” Appraisals (obtained by us and paid for by borrower either COD or via credit card) (cannot close without this).

• Certificate of insurance showing appropriate level of Hazard Insurance pre-paid for 12 months. Lender endorsement MUST read as follows: "Tall Bridge Asset Backed Fund, LP its successors and/or assigns ATIMA as Loss Payee and Mortgagee". Insurance carrier must be Investment Grade - Moody's Baa / S&P BBB or better (cannot close without this).

• Flood Certification. Certification that the subject property as not located in a flood zone. If the property is located in a flood zone then a certificate of insurance showing an appropriate level of Flood Insurance pre-paid for 12 months is required. Lender endorsement MUST read as follows: "Tall Bridge Asset Backed Fund, LP its successors and/or assigns ATIMA as Loss Payee and Mortgagee". Insurance carrier must be Investment Grade - Moody's Baa / S&P BBB or better (cannot close without this).

• Termite Inspection Letter.

• Property Survey.

• Escrow property tax for the term of the loan.

• Title Policy: We pull title (cannot close without this).

• Legal Fees Lender's legal fees paid by borrower.