Hard Money Loans

 
 

Process

  • Get Accepted Offer to Purchase

  • Fill out Application on www.GoodFaithFund.com (Borrower Portal tab)

  • Upload Needed Documents in Borrower Portal

  • Close Loan at Title Company

  • Rehab Home & then Sell (Flip) or Refinance (Buy & Hold) to payoff Good Faith Funding

  • Repeat Process

Highlights

  • 65% MAX loan to After Repair Value (ARV)- You NET the 65%

  • No Monthly Payments Required

  • 6 Month Balloon Term

  • 12% (compounded daily) Rate- if paid back in the first 6 months

  • 3 Point Origination Fee- financed “on top” of the 65% LTARV base loan

  • NO Prepayment Penalty

  • Possible to finance both Purchase Price AND Rehab costs Documents

  • No Condos, Mobile/ Manufacture homes, Mixed Use or Commercial

 
 

Documents Needed Prior to Funding

  • Signed and Accepted Offer to Purchase.

  • Articles of Organization & Operating Agreement if purchasing in an LLC (Need Signed Docs all Pages and Schedules).

  • Copy of Driver’s License for all borrowers.

  • CMA (Comparative Market Analysis) based on Rehab to determine ARV (CMA CANNOT be completed by anyone involved in the transaction).

  • Itemized Scope of Work including costs, timeframes, & estimated completion date.

  • 2 Months Bank Statements (personal and LLC)/ Other Asset Statements.

  • Long Term Financing Preapproval Letter for Refinance (Needed for Flips as well).

  • Signed W9