PORTFOLIO PRODUCTS
Fix and Flip
- PROPERTY TYPES
Homes with 1-4 Units - LOAN AMOUNT
$50,000 - $5,000,000 - MAXIMUM LOAN TO COST
Up to 90% of purchase price
Up to 100% of rehab costs - MAXIMUM LOAN TO ARV
Up to 70% - NO MINIMUM CREDIT SCORE
( IF SCORE UNDER 620 LOE WILL BE NEEDED )
Single Property Rental Terms (DSCR)
- PROPERTY TYPES
Single Family/2-4 Unit/Townhomes/PUD/ Warrantable Condos - LOAN AMOUNT
$75,000 - $3,000,000 - LOAN TYPES
30-Year Fixed Rate Mortgage (Fully Amortizing)
5/6, 7/6, 10/6 Hybrid ARMs (Partial IO or Fully Amortizing)
- MAXIMUM LOAN TO COST
- < 3 months: 80% of Total Cost Basis.
- 3 and 6 months: additional 5% Reduction on Max Eligible LTV
- Purchase/Rate-Term Refinance: 80%
- Cash-out Refinance: 75%
- MINIMUM DEBT SERVICE COVERAGE RATIO
1.10x (Gross Rent/PITIA) - MINIMUM GUARANTOR FICO
Mid-Score of 660
Ground Up
- PROPERTY TYPES
Homes with 1-4 Units - LOAN AMOUNT
$50,000 - $5,000,000 - MAXIMUM LOAN TO COST
Up to 75% of the lower of land value or purchase price/60% if unpermitted, plus 100% of construction - Max 80% of total project costs
LTC - MAXIMUM LOAN TO ARV
70% - NO MINIMUM CREDIT SCORE
( IF SCORE UNDER 620 LOE WILL BE NEEDED )
Multifamily (DSCR)
- PROPERTY TYPES
5-10 Unit Residential Properties - LOAN AMOUNT
$250,000 - $3,000,000 - LOAN TYPES
30-Year Fixed Rate Mortgage, OR 5/6, 7/6, 10/6 hybrid ARMs (Partial IO or Fully Amortizing)
- MAXIMUM LOAN TO COST
- <3 months, 70% of Total Cost Basis
- 3 and 6 months, additional 5% Reduction on Max Eligible LTV
- Purchase/Rate-Term Refinance: 70%
- Cash-out Refinance: 70%
- MINIMUM DEBT SERVICE COVERAGE RATIO 1.20x - 1.40x
- MINIMUM GUARANTOR FICO
Mid-Score of 680
Multifamily Bridge
- PROPERTY TYPES
Residential Buildings with 5+ Units - LOAN AMOUNT
$500,000 - $5,000,000 - LOAN TYPES
Interest Only | Fixed/Adjustable Rate Mortgage Options - MAXIMUM LOAN TO COST
75% of Purchase/As-is Value + 100% of Rehab Costs - Refinance Loans: 65% of As-is Value + 100% of Rehab Costs
- MINIMUM GUARANTOR FICO
- Mid-Score of 680
Rental Portfolios (DSCR)
- PROPERTY TYPES
Single Family/2-4 Unit/Townhomes/PUD/ Warrantable Condos
5-8 Unit Properties allowed up to 15% of Loan Amount - LOAN AMOUNT
$250,000 - $50,000,000 - LOAN TYPES
30-Year term, Fixed Rate Mortgage (Fully Amortizing) 5/6, 7/6, 10/6 Hybrid ARMs (Partial IO or Fully Amortizing)
- MAXIMUM LOAN TO COST
- < 3 months: 80% of Total Cost Basis
- 3 and 6 months: additional 5% haircut on Max Eligible LTV
- MAXIMUM LOAN TO AS-IS VALUE (SUBJECT TO MINIMUM FICO)
- Purchase/Rate-Term Refinance: 80%
- Cash-out Refinance: 75%
- MINIMUM DEBT SERVICE COVERAGE RATIO
For portfolios with <=$2MM AND <=10 properties: 1.10x - For all other portfolios: 1.20x - MINIMUM GUARANTOR FICO
For portfolios with <=$2MM AND <=10 properties: Mid-Score of 660 - For all other portfolios: Mid-Score of 680
STABILIZED BRIDGE LOANS
PURCHASE
- Quick close bridge loan to purchase rental properties that do not need renovations
- Max LTC
Subject to LTV Limits
85% - Max LTV
Subject to LTC Limits
70%
NON SEASONAL REFI
- Rent-ready properties that have been owned for less than 12 months and do not have deferred maintenance
- MAX LTC
Subject to LTV Limits
85% +100% of completed renovations - Max LTV
Subject to LTC Limits
70% - Cash Out Allowed
- No DSCR Option Available
SEASONED REFI
- Rent-ready properties that have been owned for less than 12 months and do not have deferred maintenance
- ·
MAX LTC
Subject to LTV Limits
85% +100% of completed renovations - ·
Max LTV
Subject to LTC Limits
70% - · Cash Out Allowed
- · No DSCR Option Available
PURCHASE
Now is the time to discover your full potential. Discover and develop meaning. Attain your dreams. Live a more fulfilling life.
STABILIZED BRIDGE LOANS
Flexible Capital
As a private lender we can work with unique situations and offer flexable financing and common sense underwriting.
Operations Strategy
People are the number one resource in every organization, so planning a company’s future means taking into account the needs and expectations of the people who make up the company. To gain an understanding of people at your company, we ask engage in a number of strategies to learn your company culture, and when we plan for the future, we keep the present in view.
Terms And Fees
Industry leading turn times with competitive terms, no appraisal options or predetermined down payment requirements.
About Us
Welcome to Paradise Funding, a leading provider of real estate loans for investors and developers in the United States. Our team is dedicated to helping our clients achieve their real estate goals by providing customized financing solutions that are tailored to meet their unique needs.
Paradise Funding, understands that real estate investments can be complex and challenging, which is why we offer a full range of lending services to ensure our clients can access the capital they need to achieve their goals. Our team of experienced professionals has decades of experience in the real estate industry, and we are committed to providing our clients with the knowledge, guidance, and support they need to succeed.
We specialize in providing loans for a wide range of real estate projects, including multi-family housing, commercial properties, industrial facilities, ground up construction and more. Our lending programs are designed to be flexible and responsive, with competitive rates and terms that are tailored to meet the needs of each individual borrower.
At Paradise Funding, we are dedicated to providing exceptional customer service, and we pride ourselves on building strong relationships with our clients. We understand that every real estate project is unique, and we work closely with our clients to ensure they receive the financing solutions that best meet their needs.
We are committed to helping our clients achieve their real estate goals, and we invite you to contact us today to learn more about our lending programs and how we can help you succeed in your real estate ventures. Thank you for choosing Race City Capital as your real estate lending partner.