Fill out the application Today's Date, 180 months, 360 months
You will receive a letter of intent within 7 to 10 days
Complete appraisal and conditions
We will issue a funding addendum or an Investment Management Agreement (IMA).
Wire your cash contribution to be held in escrow
Close in 90 days
Once all the above documents are submitted and accepted you will get a Bond Loan Program Approval Letter (upon request) along with a Funding Addendum giving instructions for wire transfer to Wells Fargo Bank. This Addendum needs to be signed and notarized. Wells Fargo Bank as well as most banks will notarize free of charge.
Last step is to get requested project money deposited in designated account to begin your project. (The process takes 90 days from start to finish)
Underwriting Fee: THE CLIENT MUST TYPICALLY HAVE LIQUID (10%), CASH AGAINST TOTAL PROJECT COST TO PAY IN (STAGES FOR THE CAPITAL RAISED OVER THE PERIOD OF TIME IT TAKES FOR THAT CAPITAL RAISED).
Terms: Up to 30 year Amortization once project is “Cash Flowing”, Interest Only during Construction.
Collateral: All acquired assets either existing or created by the funding.
Interest Rate: For projects, approximately 2% to 6.5% per annual interest only (May Vary by Market Conditions).
Third Party Reports: Client is responsible for “Client Expense” for any and all underwriting fees, reports, appraisals and any other type of third party complication reports needed to close the project, prior to closing.
Please note the following:
*Closing cost is a tax write-off.
*Broker fees are also a write-off; tell your clients keep all statements and receipts we provide to them.
Bond funding fee is also a tax write-off
*Wire of funds for funding goes directly to Wells Fargo Bank to a Trust Account managed by an attorney specifically for the purposes of the management of the Bond. This is not a Wells Fargo product. The Funding Addendum will provide all the necessary information for you and your client.
*You can use your own title company as well as you own commercial appraiser as long as they are MIA approved.