Requirements

Basic Requirements for Advance approval:

Residential up to 4 units:

The property being sold must be either residential single family or multi-family up to four units.

Located in California:

At this time we are only providing advances on properties located within the state of California.

Purchase or refinance agreement in place:

In order for us to provide an advance, you must have a valid listing agreement for a property rehab, a Residential Purchase Agreement (RPA) in place with a buyer, or a forward refinance agreement in place. We will also consider providing an advance for select experienced owners that have a prior successful track record with fix-up and resale properties.

All mortgages current or could be current:

One of our requirements is that all mortgages are either current or could be brought current before or simultaneous with the issue of the advance. (If you have questions or want to discuss your specific situation please feel free to call and speak with one of our advance specialists.)

Desired advance between $10,000 and $50,000:

Our minimum cash advance is $10,000 and our maximum is $50,000.

Sufficient equity to support the advance amount:

The available equity after all mortgages and secured debts or liens must be at least 4 times larger than the desired advance.  For example, if you have $40,000 equity after all debts the maximum advance would be $10,000.

All legal owners must agree upon and sign the advance documents:

Unlike a credit-based personal loan, an advance against equity requires that anyone who is a required signer on the property title must review and sign the advance contracts.