Marken offers No Qualifying In House Financing for Real Estate Investors. Financing is available on a variety of Residential Properties, such as Trustee Sale / Foreclosures, Pre-Foreclosures, Bank Short Sales and REO's. Marken will also provide financing for HUD Homes offered to Investors, Fire damaged homes, or other distressed properties to be acquired below market value. At Marken, we have properties for sale to Investors, and we will also finance these properties.
All properties to be funded by Marken Ventures, LLC, require Title Insurance and Property and Hazard Insurance Policies/Binders in place prior to purchase. Marken Ventures, LLC prefers to secure these Policies/Binders, and is able to do so at competitive rates.
Each Property is visually inspected and digital photos are taken, prior to Funding. The Fair Market Value (fixed-up) is estimated, as well as the dollar amount of work required to achieve Fair Market Value.
Once the inspection is done, the proper insurances are in place, a Fair Market Value is established, and the required funding falls within the necessary Loan-to-Value (LTV) parameters, payment for the Property will proceed. Marken Ventures can give a commitment and/or funding usually within a few hours. The Property will be Deeded into the name of Marken Ventures, LLC, and an Option to purchase the Property from Marken Ventures, LLC will be granted, at a price commensurate with LTV parameters.
Marken Ventures, LLC will fund up to seventy per-cent (70%) of the Fair Market Value of a Property. If the purchase price for the property exceeds 70% LTV, a Downpayment will be required in order to bring the LTV to 70%. This Down payment (if necessary), along with reimbursement for Title and Property Insurance is due upon Funding of the Property.
Interest begins accruing at eighteen per-cent (18%) per annum, the day the Property is paid for. Interest Only Monthly Payments are due to Marken Ventures, LLC, on the day of the month which corresponds to the day of the month the Property was Funded (i.e. Funding occurs on February 6th; The first payment is due on March 6th; Next payment is due on April 6th; etc.).
Options are granted for
a period of six months. Renewals are possible, assuming
payments are current, and the Property has been improved.
The renewals will be handled on a case-by-case basis. There
will be a renewal fee.
There is a One Month Minimum Interest Charge on all Options (i.e. Funding occurs on February 6th; The Option is exercised on February 16th; Optionee owes the Option Price plus One Month's Interest on the Option Price).
A Minimum Option Fee of
$750.00 will be charged, which will be added to the Purchase
Price, and is due when the Option is Exercised.
Optionee is responsible for any and all expenses related to the rehabilitation and reselling of a Property, including, but not limited to:
- Costs of any necessary eviction actions
- Any accrued property taxes
- Repairs and improvements to the Property
- Homeowner's association fees and dues
- Fees, commissions, etc. upon resale of the Property
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