ILS has several loan programs tailored to the real
estate investor. Please click on the links below to go directly to
that loan program or scroll down the page.
RESIDENTIAL
REHAB LOAN
The “RESIDENTIAL REHAB” LOAN is an asset-based loan
which is primarily used by investors who purchase distressed property
that need repair or need fast cash to buy an investment property.
Once approved as a borrower, all you do is submit a
copy of the purchase contract along with our Loan Request Form,
our Repair Detail Form, and the Property Analysis Fee.
When we receive a complete Loan Request packet, the Property Analysis will be performed and the loan metrics
will be analyzed. After loan approval, and receipt of title commitment
and evidence of insurance, we can usually get documents to
the title company within 72 hours so you can close the deal. The
terms and fees associated with our loan program are listed below. All
fees with the exception of the Property Analysis Fee can be financed into the
loan as long as LTV requirements are met. Therefore, if you buy
properties right, you can buy all your investment properties with
nothing down except the Property Analysis Fee.
| Type Of Property: |
All One To Four
Family Residential Properties |
| Type Of Loan:
|
For purchase of
existing property (no Home Equity Loans, New Construction Loans,
or Refinance Loans) |
| Market: |
Select metropolitan
cities across the United
States |
| Loan Amount: |
$20,000 to
$1,000,000+ |
| Term: |
Six months |
| Rate: |
16 7/8% Annual
Interest* |
| Approval: |
Application Fee:
$100 (One-time fee to get
approved to do loans with ILS) |
| Fees: |
Property Analysis
Fee: Varies by Market
Loan Commitment Fee: 3% (can be rolled into loan if
ARV allows)*
Loan Processing Fee: $195 (can be rolled into loan if ARV
allows)* |
| Payments: |
Interest Only |
| Prepay Penalty: |
None |
| LTV: |
Up to 70% of After
Repaired Value* |
| Repairs Funds: |
Yes but the funds
are held in reserve and released in draw payments as work is
completed and inspected (There is an Inspection Fee for each draw) |
| Extension:
|
Yes, but for only
three additional months with a Loan Extension Fee (all repairs
must be completed and inspected for any extension to
be approved) |
WHOLESALE
QUICKTURN LOAN
The WHOLESALE “QUICKTURN” LOAN is an asset-based
loan which is primarily used by investors who have contracted to purchase and sell a
property but, for whatever reason, need to close on the property or
have contracted a property that will be quickly refinanced into a long-term
loan.
Once approved as a borrower, all you do is submit a
copy of the purchase contract, our Loan Request Form, the
Property Analysis Fee, and either a sales contract or refinance
approval letter from your mortgage company. When we receive a complete
Loan Request Packet, the Property Analysis will be
performed and the loan metrics will be analyzed. After loan approval,
and receipt of Title Commitment and Evidence of Insurance, we can usually get documents to the title company within 72 hours
so you can close the deal. The terms and fees associated with our loan
program are listed below. All fees with the exception of the Analysis
Fee can be financed into the loan as long as LTV requirements are met.
| Type Of Property: |
All One To Four
Family Residential Properties |
| Type Of Loan:
|
For purchase of
existing property (no Home Equity Loans, New Construction Loans,
or Refinance Loans) |
| Market: |
Select metropolitan
cities across the United
States |
| Loan Amount: |
$20,000 to
$1,000,000+ |
| Term: |
60 days |
| Rate: |
14 7/8% Annual
Interest* |
| Approval: |
Application Fee:
$100 (One-time fee to get
approved to do loans with ILS) |
| Fees: |
Property Analysis
Fee: Varies by Market
Loan Commitment Fee: 1% (can be rolled into loan if ARV allows)*
Loan Processing Fee: $195 (can be rolled into loan if ARV
allows)* |
| Payments: |
Interest Only |
| Prepay Penalty: |
None |
| LTV: |
Up to 65% of After
Repaired Value* |
| Repairs Funds: |
No |
| Extension:
|
No, but can be
rolled into our six-month Residential Rehab Loan Program
(however Repair Funds will not be available) for a Loan
Commitment Fee of 1 7/8% (which can be rolled into the new
loan), a Loan Conversion Fee of $125, an Attorney Fee of $150,
and a new 16 7/8% Annual Interest Rate for the four remaining
months |
Please feel free to call us
713-440-9000 or use our convenient contact form.
