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ELM Financial Services

Your stepping stone to building your real estate dreams.

ELM Financial considers most property type loans including: Mixed-use • Warehouses • Retail • Hotel / Motels • Office Buildings • Day Care Centers • Churches • Hair Salons • Auto Repair and Body Shops • Recreational • Apartment Buildings • Mobile Home Parks • Garage / Storage and much more.
Ask about our foreign nationals programs and our SBA loans.

Contact us today to discuss your business needs; you’ll be glad you did.

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1 to 4 Units

Stated Income Program

Our 1-4 program falls between a conventional loan and a hard money loan.
It is geared as an alternative to hard money for those who do not qualify for a conventional loan, but don’t want to take a hard money loan.

It is not as good as a conventional loan where they ask for 20% down and you would get a better rate and the loan would be for 30 years. But you would have to jump through hoops and provide a lot of documentation to qualify (which you may not have.) Remember this loan is an alternative to hard money. This means you already tried to go conventional but did not qualify and your only option is a hard money loan.

With our 1-4 program the interest rate will always be single digits as opposed to a hard money loan, where the rates start at 10% and the term is usually for 2 years with a balloon payment, and the payment is interest only. With our program you are paying principal and interest as opposed to interest only.

The terms are a loan based on 30 year amortization, (WHICH MEANS IT’S A 30 YEAR LOAN). So you don’t have to go running to find the principal after 2 years.

The loan can be fixed for 3, 5 or 7 seven years after which the loan becomes a variable rate loan for 30 years, depending on the lender.

There is a prepayment penalty which differs depending on the loan program you qualify for, from 3 to 5 years in most cases.

This loan is for rental property or property that you plan to hold for cash flow. It is no good for fix and flip due to the prepayment penalty. We do have a fix and flip program, see elsewhere on web page.

To qualify all you need is decent credit score of 620 or better, prefer 660 but we do have a program with a 620 credit score, and proof of funds to close the deal, which would be 25% down plus closing cost. (25% of sales price).

THIS IS A STATED LOAN, WHICH MEANS YOU DO NOT NEED TAXES, pay stubs or W-2s.

AVAILABLE FOR FOREIGN NATIONALS.

Should you have any questions please don’t hesitate to call
ELM Financial Services
786.619.7477
info@elm.finance

Multi-Family

Stated or Full Documentation

Our multi-family program can be done stated or full Documentation. It all depends on what you need and if you can or cannot provide documents.

Our stated program is simple all you need is credit and a rent-roll to determine debt servicing Ratio (DSR). Minimum ratio is 1.2%. This means the property has to show a positive cash flow of minimum of $1.20 for every dollar borrowed. The rate will be a little higher than if you went full doc. On the other hand if you can go full documentation, 3 years taxes, personal and business. And Year to Date profit and loss and have been in business for at least 2 years you will get a better rate and better terms.

We have blanket loans, so if you have more than one property you can put them in one loan.

Example:
We had a client who wanted to refinance and cash out on 23 properties. He didn’t want 23 separate loans. We put the 23 properties under one loan (blanket loan) and closed the deal. Now he has one loan payment to worry about instead of 23.

We can also cross collateralize a loan if need be. This is done when there is not enough money for a down payment or the client would rather put up property instead of cash as a guarantee.

In any case we will make every effort to customize your loan to fit your plans. We try to tailor your funding to match your pricing needs and investment objectives as best we can.

Highlights of our program:

  • Amortization of 15 and 30 Years.
  • 3, 5, 10 fixed rate terms.
  • No prepay options.
  • No tax return options.

We think outside the box to bring you a solution to your financial needs. We offer a variety of loans which your local bank does not. We specialize in the loans the bank doesn’t want. Usually the banks turn you down because of income documentation (not enough income on the taxes) or length of time in business (less than 2 years in business).

WE ARE TRULY WHO YOU WANT TO TALK TOO WHEN THE BANK SAYS NO!!!

AVAILABLE FOR FOREIGN NATIONALS.

Should you have any questions please don’t hesitate to call
ELM Financial Services
786.619.7477
info@elm.finance

Fix & Flip

Investor Loans

Elm Financial Services is a nationwide lender providing short-term loans to facilitate experienced investors in acquisitions including rehab funds on single family, 1 to 4 unit properties with the purpose of rehabilitation and resale in the retail market place.

We are here to assist with capitalizing on a real estate business opportunities. Our goal is to offer financing to investors for the purchase of non-owner occupied residential properties including single family, condos, townhouses, duplex, and fourplex.

The primary factor that determines your loan qualifications are the value of the property and your prior history of fixing and selling properties.

NON-OWNER OCCUPIED/ INVESTMENT PROPERTIES ONLY.

Residential properties only: Single family residence, Condo's, 1 - 4 Family (duplex, fourplex).

  • Minimum credit score: 620 FICO.
  • No Bankruptcies or foreclosures in the last 3 years.
  • Up to 80% of purchase price.
  • Up to 100% rehab funds not to exceed 75% of ARV. (After Repairs Value).
  • Cash-out refinance option Max up to 75% LTV.
  • Minimum Loan amount $100,000 Max loan amount $2.5million.
  • Terms 6-12 months, No Pre Payment Penalty.

REMEMBER YOU MAKE YOUR MONEY WHEN YOU BUY NOT WHEN YOU SELL.

AVAILABLE FOR FOREIGN NATIONALS.

Should you have any questions please don’t hesitate to call
ELM Financial Services
786.619.7477
info@elm.finance