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Progressive and
100% Zero Down Investment Property Lending
Qualifying for 100%
Financing:
Becoming a successful Real Estate Investor requires a dependable money
partner/source with unlimited funds. That’s who we are. Qualifying for
ongoing 100% Financing however, does not come easy. It will require
patience, and your commitment to doing the things necessary to insure your
ability to buy unlimited properties “At will”, using our money on an
“Ongoing basis”
We
carefully analyze the income, debt, assets, and investment objectives of
each new prospective “Relationship” client, making recommendations to
perform the changes necessary to insure funding for their first transaction,
while at the same time preparing for their 20th transaction. This type of
planning is where most Real Estate Investors and their lenders fail. What
you do not want to happen, is for you to find a solid Real Estate Investment, and
not have the ability to qualify for financing.
As they say, “Do not put the
cart before the horse”. Too many people become overzealous and tie up
multiple properties, and are left to worry about financing. They find
themselves calling around to find the best financing deals, and eventually
end up begging and pleading for anyone to finance their investments. In the
end, their usually left accepting less than desirable terms, and putting
more money down than expected. Furthermore, they have just acquired 20 new
inquiries on their credit report, hence a much lower credit score then they
initially started with.
Planning is where it all begins.
The
Steps we take with each new client:
1. Income,
Asset, Debt, Investment Objective Analysis:
The very first step is to
understand your investment objectives, as well as your current income,
asset, and credit profile.
2. Credit
Repair and/or Restructuring:
We will help you to identify what good credit and bad credit is, more
importantly how to make your credit bureau look “Perfect” in the eyes of the
decision makers.
3. Score
Enhancement:
These days, everything is credit score driven. We will provide you a
written plan with the steps necessary to achieve and maintain a 750 – 800
score rating. The minimum requirement for our own “Lender” product is
700. Our top tier level requires a 720 score.
4. Debt
Restructuring & Debt Management:
Restructuring and debt management is an important part of the entire
process. This practice immediately increases credit scores, and improves
debt-to-income ratios.
5.
Maintenance:
When it’s all said and done, we will show you what you need to do in order
to maintain your ability to qualify for unlimited 100% financing. We will
also periodically monitor your portfolio, and make recommendations as
needed.
6. Preferred
Clients:
Once you’ve taken all of the steps necessary to become a preferred client,
and have started acquiring properties, we will begin grooming you for a
“Commercial Credit Line”, which will award your the ability to write checks
for future acquisitions. Minimum CLOC is 1mm.
Click
HERE
to learn more about our Credit, Income and Asset
Enhancement
Process
After
TWO-YEARS of solid Personal and Real Estate Investment Management (Minimum
12-15 properties financed through us) you may qualify for our “Commercial
Line of Credit”. This allows you to buy properties at 100% by using a check
book vs. individually financing properties, like you will do initially.
Since you will be using a CLOC, you will have the ability to close on
transactions “At will” and within 1 hour. Minimum line amount is 1MM
100% LENDING MATRIX
Updated 12.6.2006
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Loan Class |
Tier I |
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Minimum Transaction Size |
50,000 |
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Score Requirement |
720 Tier I, 700 Tier II |
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Property Type |
SFR, 2-4 Unit MF, Condo & Town home |
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Max Debt-to-Income Ratio |
50% |
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Reserve Requirement |
6-12 Months Liquid or Qualified. Exact amount based on property |
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Maxim Properties Owned |
No Limitation |
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Structure |
100% 1st Mortgage No Pmi |
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Terms |
2/1,
3/1, 5/1, 7/1 Arm, 30-Yr Fixed |
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Interest Only Payments |
Available |
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Prepay Penalty |
0-3 Yrs (Negotiable) |
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24-Month Property Management Experience |
Not Required |
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Income Documentation |
Full Document Only |
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Closing Cost Concession |
3% |
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Max Concession |
3%, 6% if Structured Properly |
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Turn Around Time |
48-72 Hrs to Underwrite, 24-48 Hrs To clear Conditions and 24-48 Hrs To
Draw Documents |
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State Availability |
Available in all States |
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Progressive does not warranty the accuracy of this
material and may change guidelines without notice on any transaction not
currently registered and/or locked.
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