Address: 1419 FM 1960 East Houston, TX 77073
States They Lend in: Texas
We loan money for the purchase and escrow additional funds for repairs. We have originated more than 1,500 loans for real estate investors in the Houston area totaling over $100,000,000.00.
We originate loans for investors for the purpose of rehabbing, reselling or holding investment property. We approve loans to investors of all experience levels from first time investors to the seasoned professional. In 2010, we introduced our Construction Mentoring program for investors that would like to avoid those costly rookie mistakes. This program allows our investors to take advantage of our construction and rehab experience and get their properties ready for retail sale or refinance quickly and efficiently.
Our intent is to make investment loans for individual investors simple and quick. All of our underwriting decisions are made in-house, therefore, they are made quickly. Closing normally takes about two weeks, but we can close faster in some instances. We evaluate your deals free of charge and let you know our thoughts as to value, cost of repairs, and potential loan amount.
We are interested in lending money for all “common sense” loans secured primarily by single family residences. Other income producing properties and small commercial deals will also be considered.
Investor Rehab Loans
Basic Loan Program and Lending Parameters
Jet Lending, LLC (JET) provides short term, interest only loans for Real Estate investors to purchase primarily Single Family Residences or other income producing properties. Conventional long-term mortgages are available through our sister-company, Buyers Loan Source, LLC.
JET will loan primarily on Single Family residences in Texas, but all types of income producing properties will be considered.
Most loans will be 6 months in length of term, extensions will be available, possibly up to 24 months. All loans will be interest only. Origination fees will be 3.0-5.0 %. There are no pre-payment penalties. The loan amount is a maximum of 70% loan to value (70% LTV). A mortgagee’s title policy must be purchased at closing. JET loans are 1st lien notes only.
Appraisal and Inspection
JET’s appointed appraiser / inspector will inspect the property to determine marketable condition, AS-IS Value, and the After Repaired Value. The appraisal/ inspection process will also document what repairs are needed to bring the property to a good, marketable condition.
A portion of the loan amount, equal to the estimated cost to bring the property to a good and marketable condition, is held back by the lender as a “rehab reserve”. Rehab reserve funds are released to the borrower in draw payments as the work is completed and inspected.
The balance of the loan amount is applied at closing toward the purchase price and other acquisition related costs as follows:
- If the balance is more than your purchase price and other acquisition costs, the borrower may be allowed to have JET hold the excess (up to 5 % of ARV) to make future interest payments for you, or to reduce the loan amount.
- If the balance is less than your purchase price and other acquisition costs, you will need to bring funds to closing for the difference.
Interest Rate – 13.90 – 16.95 %
Origination – 3.0 – 5.0 %
Appraisal – Approximately $400.00 up front
Processing – $400.00
Draw Inspection – $170.00
Wire & Courier fee – $90.00
Documents prep fee – $300.00 – $420.00
Administration fee – $250.00
Flood Cert & Credit – $40.00
Temp to Perm Loans
AVOID OR MINIMIZE 20% DOWN PAYMENT
7.5% BLENDED RATE FOR 1ST YEAR
4.5%* to 6.5%* FIXED RATE AFTER
- We will lend up to 75% LTV (Loan to Value)*
- No Down payment Required as long as the purchase price, repair costs,
and closing costs do not exceed 70% of appraisal value.
- 3% Total Origination fee for BOTH Closings**
- $2,300 Total Admin Fees for BOTH Closings**
- Appraisals, survey and title fees additional.
- 15 and 30 year Loans available.
We DON’T Do
- Loan committees.
- Owner occupied home loans.
- Red Tape
Close the loan in your name with the Bank or seller and
close with your buyer on the same day.2% Fee with a $1,500 minimum
- 300.00 Doc Prep Fee.
- Fee will be reduced to 1%* if Jet Investor Lending does the Hard Money Loan for your buyer.
- In most cases no appraisal, survey or any other fees.
We DON’T Do
- Loan Committees.
- Red Tape
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