home improvement lending
Post on 04-Aug-2015
143 Views
Preview:
TRANSCRIPT
Financing Solutions by Admirals Bank
FHA HOME IMPROVEMENTLENDING
FHA Title 1 Home Improvement Loan• No equity required to qualify• Free to offer to your customers
Loan Amounts• Up to $25,000 secured with fixed rates from 6.95%-
11.95%• Up to $7,500 unsecured with fixed rates from
7.95%-13.95%Time Frame• Customer gets pre-approved within minutes• Customer receives the funds within 11-12 days of
original inquiry
PROGRAM OVERVIEW
Requires a credit mid-score of 650 or higher
Debt-to-Income Ratio of 45% or under
Available Terms: 5, 7, 10, 15 and 20 years
No Pre-Payment Penalties
Tax Deductible Interest (Secured Loans Only)
Funds are disbursed before work begins
Funds are only for Home Improvements (No Debt Consolidation)
LOAN DETAILS
FHA Title-1 Home Improvement Loans - Secured Rate Matrix
**Maximum Loan $25,000.00**
Qualifications• Individual Applicants: Middle credit score of 650 or higher• Joint Applicants: Primary Borrower middle credit score of 650 or
higher• Debt –to-Income Ratio of 45% or lower (adjusted gross back-end)• Bankruptcies Discharged 2 years or moreDocuments Needed for Approval• Signed and dated Information Disclosure
Authorization (I.D.A.)• Past 2 years of W-2’s (each borrower)• Most recent pay stub (each borrower)• Recent mortgage statement• Signed letter of explanation for any derogatory credit• Proof of any open collections paid (if applicable)• Estimates describing work to be done and dollar
amount required*All decisions including rates and approvals are at the sole discretion of Admirals Bank. Rates are subject to change without notice.
***Effective: October 28, 2011
TERM Qualifying FICO Score
725+ 700-724 660-699 650-659
60 Months 6.95% 7.95% 8.95% 9.95%
84 Months 6.95% 7.95% 8.95% 9.95%
120 Months 6.95% 8.95% 9.95% 10.95%
180 Months 7.95% 8.95% 9.95% 11.95%
240 Months 7.95% 8.95% 9.95% 11.95%
TERM Qualifying FICO Score
725+ 700-724 660-699 650-659
60 Months 7.95% 9.95% 11.95% 12.95%
84 Months 8.95% 10.95% 11.95% 12.95%
120 Months 8.95% 11.95% 11.95% 13.95%
FHA Title-1 Home Improvement Loans - Unsecured Rate Matrix
**Maximum Loan $7,500.00**
Qualifications• Individual Applicants: Middle credit score of 650 or higher• Joint Applicants: Primary Borrower middle credit score of 650 or
higher• Debt –to-Income Ratio of 45% or lower (adjusted gross back-end)• Bankruptcies Discharged 2 years or moreDocuments Needed for Approval• Signed and dated Information Disclosure
Authorization (I.D.A.)• Past 2 years of W-2’s (each borrower)• Most recent pay stub (each borrower)• Recent mortgage statement• Signed letter of explanation for any derogatory credit• Proof of any open collections paid (if applicable)• Estimates describing work to be done and dollar
amount required*All decisions including rates and approvals are at the sole discretion of Admirals Bank. Rates are subject to change without notice.
***Effective: October 28, 2011
Homeowner receives the Funds
Customer can receive the funds in 11-12 business days
Customer chooses (2) checks, (1) check or wire transfer
Homeowner approvalCustomer is pre-qualified within
minutes
Borrower(s) provide proof of employment and income for an
official approval
Offer the homeowner the financing optionApply over the phone or online while
you’re at the customer’s houseComplete an application and fax or email it to your Account Executive
THE PROCESS
Fill out two forms and provide proof of proper licensing and liability insurance
Get approved to offer financing to your customers
Start offering a financing option, stop losing jobs due to lack of funds and grow your business
GETTING YOU SIGNED UP
Admirals Bank Contractor Referral Program Survey To enroll in the Admirals Bank Contractor Referral Program, please take a few minutes to complete the short survey below. In
addition we will need a copy of your Contractor’s license (if your state requires one; if not, please provide a copy of your business license) and certificate of liability insurance. If you have any questions regarding this survey or the Admirals Bank Contractor
Referral Program, please call us at 1-800-715-8472. Contact Name ______________________________________________________________________________________ Company Name ___________________________________________ Date _______________________________ Street Address ______________________________________________________________________________________ City / State ___________________________________________ Zip _________________________________ Phone ___________________________________________ Fax ________________________________ E-mail Address ______________________________________________________________________________________
For IMMEDIATE response, please provide your email address What type of home improvements do you offer? _________________________________________________________________ How long have you been in business? _________________________________________________________________ How many labor crews do you employ? _________________________________________________________________ How many jobs do you average per month? _________________________________________________________________ What is your average cash price per job? _________________________________________________________________ Do you offer free estimates? (please circle)
YES NO
How many sales representatives do you have? _________________________________________________________________ What type of financing do you offer? (please circle)
IN-HOUSE OUT-SOURCED NONE
Sales/Finance Manager ______________________________________________________________________________________
FAX YOUR COMPLETED CONTRACTOR SURVEY & COMPANY PROFILE TO Attn: Brian Silver 888-622-2573
Contractor Referral Company Profile Company Name: ____________________________________________________________________________________
Street Address: _____________________________________________________________________________________
City, State, Zip: _____________________________________________________________________________________
Name of Company Principals:
1. ________________________________________________________________________________________
2. ________________________________________________________________________________________
3. ________________________________________________________________________________________
4. ________________________________________________________________________________________
Company Phone Numbers:
1. ________________________________________________________________________________________
2. ________________________________________________________________________________________
3. ________________________________________________________________________________________
Company Fax Numbers:
1. ________________________________________________________________________________________
2. ________________________________________________________________________________________
3. ________________________________________________________________________________________
Company Email and Web Address:
___________________________________________________________________________________________
___________________________________________________________________________________________
Name of Primary Company contact(s):
___________________________________________________________________________________________
___________________________________________________________________________________________
*NOTE: If you would like to opt-out of receiving fax or email communications from the Admirals Bank Contractor Assistance Team, please specify “NO CONTACT” next to your fax number and/or email address.
Richard Brooks
Admirals Bank
15 Park Row West
Providence, RI 02903
Tel 800-572-7844 Ext.7355 | Dir. 401-248-7355
Fax 888-622-2573
NMLS : 5087
rbrooks@admiralsbank.com
CONTACT INFORMATION
top related