Loan Info

We Fund Houses Loan Program is based on the After Repaired Value of the property. Our loans include funds for repairs.

Loan Details

  • Up to 70% LTV (excluding points & fees)
  • 14.0% interest only payments
  • Up to 4 points origination
  • 6 month term
  • 3 month option to extend

Terms

  • Minimum Credit Score of 650
  • No Foreclosures on Credit Report
  • No Bankruptcy (discharged or dismissed in the last 24 months)
  • A one time extension of three months may be granted at the sole discretion of Longhorn III Investments, LLC on a case by case basis. This will be based on loan portfolio status, payment history, and inspection. Extension terms are a 1 point fee for extension, and the interest rate may immediately convert to 18%.
  • The repair costs will be released in the form of draws as the work is completed. The draw schedule will be agreed upon and included in the loan documentation. All draws are subject to Longhorn’s licensed inspector inspecting the property.

Property Criteria

  • First Liens Only
  • Our loans are made on the After-Repaired Value (ARV)
  • No loans on houses with After-Repaired Value of more than $220,000
  • Appraisals must be ordered through Longhorn III Investments, LLC, and performed by our appraisers. No exceptions.
  • A mortgagee’s title policy is required.
  • An insurance policy is required on all loans for the term of the loan.
  • Longhorn III Investments, LLC reserves the right to adjust down payment requirements as deemed necessary.

Appraisals/Inspections

  • All appraisals will be based on After-Repaired Value (ARV)
  • Appraisals and inspections will be ordered by Longhorn III Investments, LLC ONLY
  • Appraisal and inspection fees must be paid in full at time of application.

Insurance Requirements

Borrower MUST provide a minimum 6-month insurance policy to be paid in full at closing. Borrower’s insurance agent should provide the declaration page and invoice to Title company at least 24 hours prior to closing.

  • Insurance premiums are to be paid in full at closing. NO EXCEPTIONS.
  • Coverage shown on declaration page must include vacancy, vandalism and malicious mischief
  • Coverage must be for a minimum of 6 months, paid in full at closing. NO EXCEPTIONS.
  • If a borrower has blanket policy, the insurance agent must provide declaration page showing the addition of the new property and showing proof of in-force blanket policy.
  • The amount of insurance coverage may not be less than the full amount of the loan.
  • The lender will be named as an additional insured.

Order your insurance early! Delay in providing insurance coverage can delay the closing of your loan!

Loan Fees

Appraisal Fee: $350 – 425 (Dependent Upon Independent Appraiser’s Fee)
Inspection Fee: $75 per inspection $150 per inspection (if final or only inspection of property)
Loan Documents: $475
Loan Administrator Fee: $400
Loan Processing Fee: $300
Underwriting Fee: $300
Credit Report Fee: $21.95

Application Checklist

Only 4 Steps to Funding

Step 1: Complete all sections of our Loan Application, sign, and fax to us at (469) 893-1266

 

Click Here to Begin Online Process

or if you’d rather

Click Here to Print out Application

 

Step 2: Fax a copy of the following to us at (469) 893-1266:

  • Fully executed Contract including all addenda and assignments
  • Copy of your 3 most recent months bank statements
  • Copy of your 2 most recent pay stubs

Step 3: Fax the following information to us at (469) 893-1266
(Required for first loan only)

  • Copy of Social Security Card
  • Copy of Valid Driver’s License
  • For Business Entities Only:
    • Certificate of Formation
    • Letter of good standing from the Texas Secretary of State

Step 4: Submit payment for Appraisal/Inspection via credit card (this is the last section of the online application)

After Final Loan Approval
You will receive an email outlining the details of your loan, along with a follow up call to confirm the terms. At that time you will need to do the following:

  • Order your insurance immediately so closing is not delayed
  • Coordinate and schedule your closing appointment with your title company, we do not schedule closings.
  • We will submit the closing documents to the title company.

So we can keep you up to date you will receive email confirmations from Longhorn III Investments, LLC as each step of the loan process is complete.

Click Here to Begin Process