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REFERRAL PROVIDER PROGRAM

TITLE COMPENSATION & BENEFITS:

  • .15 BPS points of loan size on any referred deal that closes
  • 1099 pay out
  • 100% hands-off with client after submission
  • Freeland communicates and processes the entire deal
    • Timely pipeline updates provided
  • Recurring income (if your referring borrowers do multiple deals)
    • Initial signed partner agreement guarantees you will obtain income every time your client works with Freeland, even if you do not refer them to us again and borrower comes directly
  • Added income stream with minimal work

PARTNER REQUIREMENTS

  • To submit a deal for consideration, below information must be provided:
    • Client name, email and phone number
    • Property address and deal details (Purchase price, Rehab budget, ARV)
    • Purchase agreement (if purchase) and details (if refinance)
  • Provide check list of docs to client
    • Completed loan app (provided by Freeland)
    • Completed questionnaire (provided by Freeland)
    • Signed term sheet with deposit (once deal is deemed eligible to move forward)
    • Selected appraiser (if you do not currently work with an appraiser, Freeland will provide)
    • Borrowers’ Schedule of Real Estate Owned (Freeland can assist)
    • Borrowers’ brief description of background & real estate/investment history
    • Signed Purchase Agreement for all purchases
  • Provide estimated terms of the program to the client

MULTI FAMILY BRIDGE LOAN:

  • Multi-Family apartment buildings; 5+ units
  • For purchase and renovation, for refi and cash out, or refi and renovation
  • Rates from 7.99-10 %
  • Interest-only (Dutch interest structure on rehab funds)
  • 12-24 months*
  • Lender Doc Fees: $1,100
  • Financing Due Diligence Package: $2,500 under $1 Million & 25 BPs over $1 Million
  • Standard Title Fees
  • 20-25% Down Payment
  • 100% of rehab cost, up to 70% ARV
  • ARV of $250,000 – $5,000,000
  • MSA requirement of 50,000 population density within 3-mile radius of property
  • Extremely light underwriting (no income or asset verification)
  • Minimum credit score of 600 (650+ preferred)
  • Fast closings (as soon as 10 days)
  • Eligible in all Midwest states in approved MSA areas
*Possible exceptions for longer terms

INCOME PROPERTY LOANS - UNDER $75,000

  • PURCHASE OR REFINANCE
  • LOAN AMOUNTS: $25,000 to $75,000
  • MINIMUM PROPERTY VALUE: $40,000
  • NON-OWNER OCCUPIED
  • UP TO 4-UNIT RESIDENTIAL PROPERTY
  • FIXED RATES
  • FULLY AMORTIZING UP TO 30 YEARS
  • NO SEASONING REQUIRED FOR CASH OUT OR RATE & TERM
  • REQUIRES 650+ CREDIT SCORE & 3500 IN ASSETS
  • RATES START AT 6.875% FOR 15-YEAR TERM, 7.25% FOR 30-YEAR TERM
  • LTV: 65% to 80%
  • DSCR: 1.25
  • Currently available in OH, PA, VA, DE, MD only

INCOME PROPERTY LOANS - OVER $75,000

  • LOAN AMOUNTS: $75,000 to $1,000,000
  • MINIMUM PROPERTY VALUE: $100,000
  • VACANT ACQUISITIONS ALLOWED. REFINANCES MUST BE LEASED.
  • 1-4 UNIT, TOWNHOUSE OR WARRANTABLE CONDO
  • REQUIRES 650+ CREDIT SCORE & 6 MOS. OF RESERVES AT CLOSING (NO INCOME VERIFICATION REQUIRED)
  • RATES START AT 5.375% FOR 30-YEAR TERM, INITIAL IO AVAILABLE
  • LTV: 80%
  • PDTI: 90%
  • Currently available in all US states except AZ, CA, MN, NC, ND, NE, NV, OR, SD, TN, VT

INTERESTED IN APPLYING, OR HAVE ANY QUESTIONS?