[Olderguy]

Many of you have come to me with clients that are over leverged. Upon some discovery questions, we find that the merchant have a primary residence with equity we can take money from to pay off multiple MCA positions.

You can get up to 85% CLTV combined loan to value.....add the first mortgage and the second mortgage combined can be 85% of the valuation of the property. These loans take 30 days and do require an appraisal which is paid by the merchant. Usually $850.

A HELOC is a second position loan that comes AFTER a first mortgage. You CAN do a HELOC on investment property too.

For Home Equity Fast Access Loan

Get (the following docs)

1.Last mortgage statement (if owned free and clear then a snapshot of the deed)
2.A recent (less than 7 days old) tri-merge credit report
3.A Zillow.com home value estimate (just a snapshot will do)

To go further (to make sure you are not wasting time):
1.Make sure the client only has one or no liens (no second mortgage)
2.Make sure the client’s name is on the mortgage or deed
3.Make sure the client has at least a 650 credit score across all 3 bureaus
4.Subtract the remaining balance on the mortgage from the Zillow estimate. If it is greater than 150K submit.

If everything does not line up do not submit. If it does line up submit via e-mail to: steveprobiz@gmail.com – put your company name and the client’s name in the subject line and attach all the docs (1-3).

The owner will need a minimum 650 FICO
The success based consulting fee is 10%, which is withdrawal the day after the client gets the HELOC and is able to transfer funds from their personal account to the business account (we pull our fee from business accounts only)

Max line will be $250,000

APR will likely be between 12.9% to 14.9% (only on funds used)

Funds are delivered on a bank credit card (Visa or Mastercard)
2.5% charge to transfer money from the card to the bank account

We need:

Owners DL front and back
The owner's last personal tax return
a copy of the last mortgage statement
a copy of the deed

More information:

Fixed or variable rate: Variable, but fixed available for balance transfers and cash-
outs

• How to withdraw funds: Use the credit card provided, or get cash out to a bank
account (for a 2.5% fee)
• Lender Origination fee: None
• Loan-to-value ratio: Varies
• Time to fund: About 5 - 10 business days
• Max credit lines: Either $250,000 or $100,000 depending upon which state
Home Equity Fast Access combines the features of a traditional HELOC and a credit card,
allowing you to tap into your home equity and withdrawal cash, while simultaneously
taking advantage of lower interest rates than you’d typically find with a credit card.
Pros
• Earn 1% cash back on purchases through the credit card
• The prequalification application doesn’t affect your credit scores
• Fast application process – approvals in as fast as a few hours
• Available in 40 states
• Credit limit of up to $250,000 in most states where its available (100K in the rest)
• Funds available in as fast as 5 business days
Cons
• Need strong credit for lowest rate of 8% (max rate is usually 14%)
• Variable interest rate can be risky if rates are rising
• 2.5% fee on cash-outs and balance transfers
• Cannot currently have more than one mortgage or lien on the home

5 things to know about Home Equity Fast Access

1. Combines features of a HELOC and a credit card
Home Equity Fast Access allows you to access your home equity using a credit card. As
part of the approval process, the company evaluates the amount of equity you have in your
home, as well as other factors such as your personal credit, income, and debt obligations.
By using your home as collateral, it allows the bank to provide competitive rates compared
to many standard credit cards.
2. You can transfer cash or use your Home Equity Fast Access to pay off other debts
In addition to accessing your home equity using a credit card, Home Equity Fast Access
also allows you to transfer cash to your personal bank account and repay it at the same
rate as purchases made with the card. You can also use the line to pay off other debts,
such as personal loans or high-interest-rate credit cards. But keep in mind that a one-time
2.5% cash transfer fee applies. That number can add up if you’re transferring a large
amount.

3. It comes with flexible repayment options
Unlike a home equity loan, Home Equity Fast Access allows you to pay only for the amount
you actually use. Charges made using the credit card attached to the line are subject to a
variable interest rate and require a minimum monthly payment of 1% of your statement
balance, plus interest.
For balance transfers and cash-outs, you can choose fixed monthly installment payments
instead of monthly payments based on a variable rate. This line offers fixed payments with
terms of five or ten years, depending on the amount you’ve borrowed. A one-time 2.5%
transfer fee applies.
4. Easy to get started
You may be able to qualify for Home Equity Fast Access in as little as a few hours. If
approved, you can expect to get your card within 5 to 10 business days and start using it to
make purchases or transfer cash right away.
5. No annual fee
With this line, you won’t pay an account closing fee, applications fee, prepayment penalty
or annual fee. But there is a $30 late fee if you fail to make your minimum monthly
payment on time.
Qualifications to get approved for Home Equity Fast Access
To be eligible for this line, you must ...
• Be a U.S. resident aged 18 or older
• Have a minimum credit score of 650
• Have a combined loan to value ratio of no more than 80%
• Have proof of a steady income
• Have a valid filed personal tax return

[FundNonPrime]

2nds are hot right now, wholesale only right here, no broker daisychain, flat $1695 UW fee
Owner full doc or bank statements to meet ATR to 90CLTV
Non Owner full doc or bank statements to meet ATR to 75CLTV
https://newpointmortgage.com/