Lanagain Winston Equities provides short term financing on single family and up to four unit non-owner occupied real estate projects. Currently lending in the New Jersey, Maryland, Tulsa, Oklahoma City, and Las Vegas but will look at other areas with great deals.
After the initial paperwork is sent:
- Appraisal(s) will be ordered-If cross colaterizing, an appraisal will be ordered for both. We will order the appraisals from our contacts.
- If rehab is the reason for the loan, an independent rehab estimator will be sent to the property for a second opinion on the cost of the proposed project. An independent rehab estimator will also be sent to verify completion of work every time a draw is requested.
- Exit strategies are verified-a cosigner may be needed if refinancing is one of the exit strategies.
- Loan is funded.
- If loan is for purchase price and rehab, the loan will be in draws with the first draw being
provided for purchase. As work is completed, vendors/contractors are paid.
- As each phase of work is complete, our Builder’s Control will verify the work at a fee of $150 per request, per draw. Vendors will be paid directly from proceeds.
- Shared appreciation is required with refinance above 200k.
- Experienced investors only. At least 15 flips in the last three years.