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Ulysses Fletcher

Mobile Home Park Hard Money Lender

Sunday, May 20, 2012 - Article by: Ulysses Fletcher - Ulysses Fletcher Mortgage Services - Message

General Guidelines:
Eligible Properties Purchase - Refinance - Cash out - Bank owned, REO properties, Ballooning/Called notes
Minimum Loan Size $1,000,000 - $3,000,000+ - Smaller loans please visit our Micro Balance Matrix
Pricing 9.99% - 12.99% Interest only - 2% - 5% Origination points (paid at closing)
Loan Terms 12 - 36 months from initial investment - 25 year fixed term offered on Micro Balance
Prepayment Penalty Usually None
Personal Guarantees Prefered
Loan-to-Value 65% AS-IS maximum LTV/LTC- As completed LTV is not considered
New Equity (cash) Requirements Typically no new cash for Refinance or cash out - Purchase minimum equal to the LTV allowed -
Third Party Reports Appraisal - Collateral value opinion
Phase 1 environmental report or Insurance
DML Property inspection (case-by-case)
ALTA title and land survey
Preliminary Submission Package For Mobile Home Parks: 1. Well written summary OR our online application - Top of page
2. Representative color photographs OR older appraisal
3. Current, detailed Rent Roll, including the unit mix
4. Historical & YTD operating statements
5. Why the need for Hard Money
6. Sources and uses
7. Resume or Bio

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