LOAN PRODUCTS AND TERMS

FORECLOSURE PURCHASE LENDING PROGRAM

• Prime’s Foreclosure Purchase Loan (FPL) will provide approved foreclosure investors up to 70% of the market value or purchase price of a qualified foreclosure property prior to receiving title from the county. This can reduce the investor’s equity to as little as 30%, increasing buying power by more than 3X!
• After receipt of a certificate of title, the FPL can be converted directly into a rehab or 30-year loan on competitive terms. No need to shop for other financing sources!
• No additional origination points are charged to FPL investors who transition to a Prime rehab loan. 
• FPLs and rehab loans will be available to experienced investors who pre-qualify based on experience and track record in addition to other qualifications typical of fix and flip and bridge loan products.
• The FPL program is being piloted in Florida – more states to come.

How We Do It

Prime’s management has deep expertise managing thousands of non-performing mortgages and REO throughout the nation over the past decade. This wealth of experience has enabled Prime to resolve the title and valuation risks of foreclosure lending, offering financing that other lenders simply can’t provide.

Prime’s purchase, rehab and long-term loans provide all the short-term and long-term financing you will ever need in order to buy, fix and flip or rent REO and foreclosure investment properties.

30-Year Rental Loans

• Term: 30 years fully amortized
• Loan Amount: From $75k to $2M
• Amortization options: Hybrid ARMS 5/1, 7/1, 10/1, 5-year and 10-year interest only
• Interest Rate: Starting at 4%
• Advance Rate: Up to 80% LTV
• Origination Fee: 1% to 3%
• Payable monthly in arrears
• Minimum FICO 600
• Prepayments: declining points from years 1-5
• DSCR: 1.1x