Our strongest programs are fix/flip financing, long term 30 yr loans for investment properties, ground-up construction loans, and rehab loans for multi-family, strip retail, and office properties. All of these loans are asset-based, easy/streamlined documentation underwriting, and can close in three weeks or less.
To receive a loan quote, we would need the following items:
- A basic explanation of the project
- The credit score and experience level for the guarantor
- The property address and description (ex; SFR, 2-4 unit, retail)
- The purchase price or current value
- The amount of rehab work you plan to do, including if there’s a change of use and if there’s a 20% or 750 SF increase.
- ARV – After Repair/built value
If you need financing for a stabilized property, please just send us a value and sale price. After going through the numbers, we can give you a quote and an LOI for most projects. To provide an LOI (Letter of intent) for ground-up deals and commercial rehabs, we also need a completed loan application, a rough set of plans, and a budget.
Loan Documentation Needs List for Approval:
- Completed Application Form –
- Copy of Purchase Agreement and receipt for deposit for Purchase Loans.
- Copy of Guarantor’s current Driver’s License. Copy of Passport if guarantor doesn’t have a Drivers License.
- All pages of the recent bank statement showing proof of adequate funds to cover the a. the down payment, b. closing costs, and c. 3 month’s of payment reserves.
- Copies of the following Entity Documents:
- Signed Articles of Incorporation (or) Articles of Organization
- Bylaws (or) Operating Agreement
- EIN (SS-4 Form preferred)
- Corporate Resolution, specifically approving the applicable loan
- Certificate of Good Standing by applicable state.
- Homeowner’s insurance with Replacement Cost Coverage and a Liability Insurance Policy; per exact requirements below:
- Dwelling Coverage for a minimum of the loan amount or 100% Replacement Cost Coverage per the Appraisal.
- Minimum $1,000,000 Liability Insurance Coverage.
- Maximum $5,000 deductible on both the Replacement Cost Coverage and the Liability Policy.
- Policy must reflect our Borrowing Entity as the Insured.
- Minimum One Year Policy Term, paid at closing.
- Homeowners Association and any General Liability Invoices.
- Title and Closing Agent’s contact information (if not using Patch of Land’s preferred vendor).
- Current payoff demand from the existing lender for refinance loans.
Information for Rehab or Ground-up Construction Loans:
- Renovation Budget with the property address, including itemized cost breakdown, the scope of work and timeline for completion.
- Contractor’s license as required by specific state or municipality.
- Contractor’s Insurance Policy showing the subject property address.
- Construction Plans – For New Construction ONLY.
- Mechanic Lien Waivers – Signed by the contractor – For Construction in Progress transactions.
Contact us for more information about our loan programs.