EZ Equity Loans Guidelines

Effective March 1, 2008

All loans are first position only.  We loan from Homestead to Port Saint Lucie (except commercial).  Rates vary.*  All loans are subject to credit review, inspection, clear, marketable and insurable title.  We are primarily focusing on SFH/MFH with other properties considered on a case by case basis.

Residential

SFH, Duplex, Triplex, 4-plex

q       65% LTV max.

q       Loans under $200,000-any renovation in excess of $10,000 shall be subtracted from the loan amount, subject to strength of borrower and condition of property. 

q       Loans above $200,000-all repairs over $15,000 will be deducted from the loan amount.

5 units and above

q       65% LTV max.

q       Need to see rent rolls.

q       Lender may require Phase One Environmental.

q       Subject to physical inspection & clear title

q       Lender may require survey and/or appraisal.

Other commercial properties/strip centers

q       65% LTV max.

q       Lender may require survey and/or Phase One Environmental and appraisal.

Luxury SFH

q       60% LTV max.

q       Borrower will need to have some money in the deal and may be required to show proof of funds for renovations and/or carrying costs.

Long Term Loans

q       They are available on a limited supply at a lower rate.*

q       1 point to lender.

q       1 year prepayment penalty.

At this time, we are no longer funding any condo loans.