Loan Guidelines
Auction Bridge Loan Guidelines:
- Residential single family/duplex houses
- Property located in markets Fairpaly Funding serves
- Pre-qualified borrower (emphasis is on ability to pay)
- 20% down payment prior to going to auction
- Max loan to cost (LTC) at auction—80%
Loan Terms:
- 9 month term
- 4-6 points
- 12-14% interest
- Interest only loans
- Discount for early payment
Documentation:
- Completed credit application
- Last two years tax returns
- Tri-merge credit check
- Pay stub/financial statements
Loan Restrictions:
- No land
- No rehab
- No trailer houses