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We will provide funding of 60-65% of the “Estimated Repaired Value” (After
Repaired Value, ARV) of the property. Loans are approved normally within 3 business days
after receipt of the appraisal and the funds are normally available within 10 to 14 days with the following terms and conditions:
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ZDE must have 1st Lien Position on all Loans.
Seller Carry-Backs, Contractor Liens or 2nd Mortgages
are not allowed.
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Length of Loan up to 4 months, longer terms are negotiable.
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6 to 10 points based upon the length, size and risk involved.
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1 3/4% Interest per month on
total loan amount.
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 Contact Us Today To Secure A Hard Money Loan!
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Submit via Fax, the Borrower's Application (see "Start the
Process") along with a copy of your Current Driver's
License, a Current Gas or Electric Bill and a Current Telephone Bill.
In addition provide a brief business plan outlining your
objectives
and strategies. |
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Fax the signed and accepted
real estate purchase contract, a detailed list of
proposed repairs including materials and labor costs and a
copy of any independent contractor or sub-contractor
estimates and /or agreements.
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When we have received the
above information, OUR Licensed and Certified Appraiser
will contact you to set up the date and time of the appraisal.
It is your responsibility to pay him the day he arrives
with cash or credit card. |
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You are also responsible
for the cost of a Property Inspection Report, if we feel that
an inspection is required or if it is required by the City or
Village. When we have received all of the
information listed above, OUR Licensed and Certified Home
Inspector will contact you to set up the time and date.
It is your responsibility to pay him the day he arrives
with cash or credit card.
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Hazard Insurance: All
properties must be insured at time of closing. ZDE has made
arrangements with an insurance company to insure the
property for 6
months against
fire, vandalism, wind, storm, lightening, etc. for the
full amount of the loan. Please note that
"theft" is not covered on vacant property policies.
(Example: If you have the windows sitting inside the house
and they are stolen, they will not be covered, if they are
installed and are broken, they will be covered.) We will set
up the insurance policy with our agent and an invoice will
be sent to the title company to be inserted on the HUD 1 and
paid out directly to the insurance company at closing as
part of your closing costs.
We also require
a
6 month
insurance premium to be held in an escrow account for future
insurance needs. ZDE
reserves the
right to use these funds to purchase additional insurance
when the current 6 month policy expires, if necessary.
A
full or partial
refund will be made upon the sale or refinance of
the
property. This
escrow will appear on the
HUD 1
and will be
considered part of your closing costs.
If the work is being
done by a contractor, he must provide a copy of their
General Liability Insurance and Proof of Workmen's Comp.
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All closing costs, document
preparation fees, insurance, insurance escrow, courier fees and wire transfer fees
associated with the loan are your responsibility and cannot be
rolled into the loan.
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When we receive the
appraisal from our appraiser we will contact you with the
amount we can loan on the property and the amount of funds we
will escrow for the rehab |
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ZDE
Investments, Inc. requires the Title Company to open a
Rehab Escrow Account at the time of closing to
hold the funds for 4 to 5 draws. You must contact ZDE to
request an inspection to receive a rehab
draw. Do not contact the inspector/appraiser yourself. The
Inspector will contact you to set up the date and time and
then you pay him $100.00 when he arrives with cash, credit
card or money order.
It
is also your
responsibility to contact the title company for the
necessary forms (General Contractor's Statement, Owner's
Statement, Partial and Final Waivers, etc.) to receive your
draw from the title company. We suggest you make this
contact immediately after closing so that
there is no time
lost in getting the forms, filling them out and submitting
them to the title company when you are ready for your first
draw. Please call the escrow manager at the title company to
find out what your requirements are and who will be handling
your escrow account. These forms must be filled out to the
title company's specifications. ZDE does not get involved
with filling out the forms, you must work directly with the
title company to complete the necessary information.
After you have submitted the paperwork to the title company
and ZDE has received a satisfactory report from our
inspection, then and only then will ZDE send an approval to
have the funds released.
The final draw of the rehab funds will not
be paid out until our inspector reports that all
phases of the rehab are completed.
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WE MAKE THE FUNDING PROCESS PAINLESS! |
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773-525-8121 |
