RESIDENTIAL GUIDELINES

PROPERTY REQUIREMENTS

First mortgage lien only

LTV 

Loans up to 65% of ARV
Loans from $25,000 to $3,000,000
Multifamily properties up to 4 units will be considered

Appraisal of ARV required on all properties (Borrower is responsible for payment)

Mortgagee title policy required at closing

Builder's risk policy naming DJ Mortgage, LLC mortgagee as additional loss payee required at closing

Closing attorney at DJ Mortgage choosing.

BORROWER REQUIREMENTS

Completed borrower application

Middle credit score of greater than 640, lesser credit will be considered on a case by case

Executed contract for purchase and detailed construction budget from contractor

Adequate financial reserves to cover expenses of closing and continued borrowing

Acceptable exit strategy to retire loan

LOAN PROVISIONS

Up to 65% LTV of ARV

6 month term, interest only at 14-17% per annum

Origination fee of 5-10% of loan ($4500 Minimum Fee)

Customary closing costs and fees paid by borrower

Appraisal by DJ Mortgage approved appraiser

Interest due on the first of each month

Extension fees beyond original term may apply