A lending group for home repairs to people who have bad credit but have tangible home equity. These are customers who must make necessary home improvements within a short period of time or they will lose their home. Our service will only employ licensed, vetted, quality contractors to make the required repairs whose costs will not exceed costs determined by "Xactimate" software and will require pre and post inspections. The loan will be secured by having a completely signed quick claim deed for the customer's home filled out and notarized by a licensed notary as collateral for the loan. The property will be inspected and appraised to establish its true selling value (net worth) to ensure its collateral will be sufficient.
Should the loan go to a 90 day deficient status, the homeowner would be notified that they have a 30 day window to pay or else they lose ownership of their home. At that point the quick claim deed would be registered and the home would be sold.
the funds would be dissolved as follows:
Any balance due to the current mortgage company. Then the finance company would be paid for the loan's balance plus fees incurred, plus all late charges paid and a processing charge of 25% of the home's actual selling price. The balance would be paid to the customer.
The loans will fund at 86% of the original loan amount to the contractor upon completion as a fee for service. The loans will be set in at a minimum of !8.99% a.p.r.
All investors will be paid a minimum of either 8%a.p.r. per year or better.
All investors will have receive monthly statements and a detailed business report quarterly.
Quickbooks is the accounting program that will be used.
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