Process for investors

Application

I will send you a short application to fill out via docusign. I will include the term sheet to give you an idea of the costs. Here are some of those expenses.

Loan Terms: 

- Interest rate is 11.4%, 11.66% APR

- 30 year amortization or interest only. 

- $25/m servicing fee. 

- You can pay off early without penalty. 

- Loan amount is 70% of the current BPO. If you want to make repairs, can base it off the after repair value. Funds for the repairs will be held until completion of those repairs. Can release funds as progress is completed towards the repairs. 

Fees: 

- 2% origination fee

- $150 BPO

- $30-$50 credit report

- $250 doc prep (estimate)

- $60 doc recording (estimate)

- $275 escrow fee

- Title policy (if you don’t have one)

- Survey(if you don’t have one). These are the major costs, but there may be some other minor costs through the title company.

ID

As soon as possible

- Provide 2 forms of ID (one with picture).   

Business Docs

If the borrower will be under a business, send me your articles of formation, EIN doc, company agreement.

Contract

If purchase (not refi) – Email me a copy of the executed purchase contract. 

BPO

I will do a BPO in lieu of an appraisal. Will need access to the house for about 30 minutes or less. This will need to be paid in advance.

Insurance 

I will need proof of insurance before closing. 

A. Policy needs to be a dwelling policy with min coverage in the amount of the loan.  

B. I don’t require you to have liability or personal property so that is up to you.  

C. Tell the insurance company that Open Door Loan Servicing, located at 457 Laurence Dr. #521 Heath, Tx 75032, Phone No. (972) 836-9965 is "mortgagee". This is my loan servicer. 

D. Email me (sagegroveinvestments@gmail.com) proof of insurance before we close.