United States
Loans Available
(703)825-4351
firstoptionloans@yahoo.com
Welcome to #1 hard money financing source for Virginia, Maryland, and Washington DC single-family residential properties.
We are a private direct lender — perfect for the real estate investor who needs no hassle short term financing for residential acquisition, rehab and closing cost funds.
• Fix and Flips
• Rehabs
• Land and Construction
• Foreclosure Sale
• Pre-Foreclosure
Some features of our lending programs include:
• Up to 100% financing possible depending on the deal
• LTV up to 50%-65% of After Repaired Value
• Approvals are quick — usually within 5 days of submission
• Close fast — usually 7 to 10 days after approval
• Six month or twelve month balloon terms
• No monthly payment on six month loans (partial payment required in MD and DC)
• No employment verification
• No minimum credit score requirement (credit report will be reviewed prior to loan review)
• No income verification (no W-2′s, pay stubs or tax returns)
• No pre-payment penalty
• Very favorable rates and fees
• Great for fix-and-flips, pre-foreclosures, etc
• No owner-occupied loans — investors only!
Our inspector will be conducting progress inspections on your property. These inspections are mandatory, and are checking for the timeliness of the work being done on the home. Progress inspections will occur every 3 to 5 weeks. You must put a lock box on the home with a code we will provide you.
Land and Construction Overview
• LTV up to 50% of land value
• Financing for up to 100% of on-site construction costs
• LTV up to 60-65% of Finished Value
• Six month or twelve month balloon
• No monthly payment on six month loans — interest accrues (partial payment required in MD and DC)
• Monthly payment required for twelve month loans
• 12% annualized simple interest
Fees:
• 6 points for funding fees
• $500 – $1,000 commitment fee (due upon acceptance of our loan offer)
• $375-$500 appraisal fee (withheld from loan proceeds at purchase)
• $475 document preparation fee (withheld from loan proceeds at purchase)
• $250 draw inspection fee (for each draw, withheld from draw)