Fees are based upon the details of the transaction.
Loan programs 6 month to 2 years
As little as 15% down
Call for todays rates
Monthly payments: Interest only, paid monthly in advance (payments due by the 5th of the month), first payment for first thirty (30) days due at loan funding.
Fees: $1000 minimum, 2-4 points MAY be charged depending upon the type and size of the loan, term, and other risk factors.
Lender Option Default Reserve: Interest for the first thirty (30) day period is paid at prorated to the end of the month and paid at loan closing. In addition to the first month’s interest, 1st Choice Lending MAY require borrowers to pay a “Default Interest Reserve” at loan funding in an amount equal to up to three (3) months interest payments. This reserve will be held or applied to borrower obligations at the sole and absolute discretion of 1st Choice Lending. In the event Borrower complies with all terms and conditions of the loan the reserve will be credited to Borrower at loan payoff.
Transactional Funding we typically charge 2.0 – 2.5% of the loan amount on the first closing of the flip plus a $495 processing fee.
*We have a $2250 minimum funding fee plus $495 processing fee regardless of the size of your loan. This is typically only applicable if your loan amount is less than $99,000.