Property Criteria and Loan Details

Property Criteria and Loan Details

Our Loans Are Based on the after-repaired value (ARV) of the property and include both purchase and renovation funds.

Loan Terms

  • Up to 70% of the After Repaired Value or 90% of Cost (purchase price + renovation budget combined), the lesser of the two
  • 6 months terms
  • 3 months extension (optional)
  • No prepayment penalty*
  • 12% interest only payments (ACH required)
  • 3 points (this can be adjusted at Wildcat Lending, LLC sole discretion)
  • Appraisal fee: Typically $400 (we charge the actual cost of an independent appraiser’s fee)
  • Processing fee: $950
  • Credit report fee: $30
  • Flood certification fee: $15

Borrower Requirements

  • 620 minimum credit score
  • Minimum of 6 months liquid reserves – Checking/Saving/Money/Market/CD, etc
  • No recent foreclosure and/or bankruptcy activity

Additional Requirements

  • Residential (1-4 family) investment properties only
  • First lien only
  • Appraisal and inspections must be ordered by Wildcat Lending, LLC *Pay Online Capability*
  • Borrower must provide a minimum 6 months insurance policy (term of loan required) to be paid in full on or before closing
  • Insurance coverage may not be less than the loan amount and the coverage must include vacancy, vandalism and malicious mischief
  • Wildcat Lending shall be named as the mortgagee
  • Properties should be located in or around the major metropolitan areas of Texas
  • Owner and Mortgagee title policies required
  • Loan requirements may be adjusted by Wildcat Lending, LLC at it’s sole discretion

 

*Yield Maintenance Applies