Longhorn III Investments

Phone: 214-420-7311

Address: 17950 Preston Road, Suite 210 Dallas, TX 75252

Website: http://www.longhorninvestments.com

States They Lend In: Texas, Indiana, Missouri

 

 

Hard Money loans are based on the After Repaired Value (ARV) of the property and include funds for both purchase and rehab.

 

Property Criteria

 

• First Liens Only
• Our loans are made on the After-Repaired Value (ARV)
• Appraisals must be ordered through Longhorn III Investments, LLC, and performed by our appraisers. No exceptions.
• Properties should be located in or around suburban and/or major metropolitan areas: Dallas, Fort Worth, Houston, Austin, San Antonio, St. Louis, Kansas City, Indianapolis, etc…
• A mortgagee’s title policy is required.
• An insurance policy is required on all loans for the term of the loan.
• Longhorn III Investments, LLC reserves the right to adjust down payment requirements as deemed necessary.

 

Loan Details

 

• Up to 70% of the After Repaired Value (excluding points & fees)
• 6 month term
• 3 month optional extension (for one point)
• 14.0% interest only payments
• 3 to 6 points origination (Depends on location)
• Appraisal Fee: $350 – $450 (Dependent upon location and independent appraiser’s fee)
• Inspection Fee: $100/ inspection
• Loan Documents: $475
• Loan Administrator Fee: $500 – $1,000
• Credit Report Fee: $25.00

 

Terms

 

• Minimum Credit Score of 650
• Minimum of $10,000 or more in a Checking, Savings, IRA and/or 401(k) account
• No Recent Foreclosures on Credit Report
• No Bankruptcy (discharged or dismissed in the last 24 months)
• A one time extension of three months may be granted at the sole discretion of Longhorn III Investments, LLC on a case by case basis. This will be based on loan portfolio status, payment history, and inspection. Extension terms are a minimum of 1 point fee for extension. The repair costs will be released in the form of draws as the work is completed. All draws are subject to Longhorn’s inspector inspecting the property.

 

Appraisals / Inspections

 

• All appraisals will be based on After-Repaired Value (ARV)
• Appraisals and inspections will ONLY be ordered by Longhorn III Investments, LLC

 

Borrower MUST provide a minimum 6-month insurance policy to be paid in full at closing. Borrower’s insurance agent should provide the declaration page and invoice to Title company at least 24 hours prior to closing.

 

• Insurance premiums are to be paid in full at closing. NO EXCEPTIONS.
• Coverage must be shown on declaration page must include vacancy, vandalism and malicious mischief.
• If a borrower has blanket policy, the insurance agent must provide declaration page showing the addition of the new property and showing proof of in-force blanket policy.
• The amount of insurance coverage may not be less than the full amount of the loan.
• The lender will be named as an additional insured.