 |
SUNVEST IS:
"THE PERFECT INVESTOR FOR THE LESS
THAN PERFECT NOTE" |
|
ASSISTANCE TO YOU:
We provide our active correspondent brokers with hands-on ways to try
and make a deal work with a particular note seller. Do you have a
tough deal and need some help? We can be very flexible. We
offer creative transaction structuring and negotiating techniques that
are unsurpassed in the industry. Implementing these concepts creates more
business for you.
PERFORMANCE:
Others may talk of low yield buying rates, but if your file never
closes, what then? We believe in taking a true “common sense”
approach to underwriting files submitted to us. Our underwriters work
hard to approve every file. They explore every avenue with difficult
deals and will suggest the proper course of action to achieve approval
status. We try to weigh the file’s positive attributes against
potential negative factors. If a transaction makes sense, we will find
a way to buy it and close it fast.
We look at mortgage acquisitions on all different real
estate property types.
FAST CLOSINGS:
Closing files typically in 10 - 12 business days! We understand your
client’s need to obtain their funds as quickly as possible when they
want liquidity for a debt instrument they may hold.
HOW DO I GET SET UP?
Simply call us or request our pricing submission worksheet
by
clicking here.
Please make copies of the Express
Service Pricing Sheet for your future use.
*
"WE CLOSE WHAT OTHERS
PROMISED...."
[ Top ]
| PROPERTY TYPES: |
1-4 family homes, condominiums, townhouses and
mobile homes with land |
| LOCATIONS: |
Nationwide |
| CREDIT QUALITY: |
Usually credit of B plus or better. However, we
offer a specific program where derogatory credit is NEVER
an issue. We will consider all other credit profiles on an
individual case by case basis. Call for details as we invest in
many files with questionable credit and other peculiar “quirks”. |
| SEASONING: |
No seasoning required. We will fund purchases
simultaneously with the sale of the real property. |
| OCCUPANCY: |
SUNVEST INTERNATIONAL INCORPORATED purchases both
owner and non-owner occupied residential real estate secured
notes. |
TYPICAL INVESTMENT INVESTMENT
TO VALUE RANGE: TO VALUE (ITV) MAXIMUM: |
| |
Investment To Value (ITV) Maximum |
| 1 to 4 family, owner occupied |
75% - 90% +/- |
| Mobile Home plus lot & improvements |
75% - 85% +/- |
| Condo/Townhouse, owner occupied |
75% - 85% +/- |
|
| LAND VALUE: |
Land value must be no greater than 40% of the
total value of the property. Recreational properties such as a
golf course and lake front properties will be considered
individually on a case by case basis. |
| POSITION OF NOTE: |
Will purchase both first and second position
notes and wraparound notes (AID’S). On wraparounds, the
underlying mortgage lien usually must be paid off prior to or at
closing. Occasionally, we will consider keeping that loan in
place and continue to service it. However, there must be
substantial equity within the “wrap”. |
| PURCHASE TERMS: |
Up to 40 years. |
| PREMIUMS: |
SUNVEST INTERNATIONAL INCORPORATED will not pay a
premium regardless of the note rate. We will always purchase at some
discount. |
| CLOSING COSTS: |
Generally, the following closing costs are paid
by the submitting correspondent broker: appraisal, mortgagee /
lenders title policy or update, and recording fees. However, we
will price files both in a GROSS and NET dollar
payout fashion. Our issued approval notice or commitment to you
will reflect this. |
| APPRAISAL COMPANIES: |
SUNVEST INTERNATIONAL INCORPORATED will provide
you with the names of approved appraisal firms.
Non-approved firms will not be honored or accepted. |
| TITLE COMPANIES: |
SUNVEST INTERNATIONAL INCORPORATED will
coordinate title through one of its pre-approved affiliates. We
require pre-approval of the title, attorney, and/or closing
companies. |
| LAND CONTRACTS / CONTRACTS FOR DEED: |
We will purchase land contracts, agreements for
deed, or real estates contracts in any state.
Occasionally these may require conversion to a mortgage and note
type security instrument before closing. Pre-approval prior to
conversion is permitted. Call for particulars. |
| COMMITMENT TIME: |
SUNVEST INTERNATIONAL INCORPORATED can usually
provide preliminary pricing within 24 hours if sufficient
information and details are submitted. |
| ORIGINAL NOTE: |
If applicable, please be certain that the “ORIGINAL
NOTE” is available to be endorsed at the time of closing. |
| BALLOON PRICING: |
Final balloon payment should not exceed 80% of
current market value or sales price (if within one year of
purchase). Other files considered on a case by case basis. |
| PROPERTY VALUES: |
Minimum property value is usually $25,000.00 -
others considered on a case by case basis. Subject property
color photographs are always suggested. |
| MINIMUM / MAXIMUM NOTE PURCHASE: |
$10,000 TO $500,000 |
REQUIRED DOCUMENTATION: PLEASE SEE ACCOMPANYING
CORRESPONDENT BROKER DOCUMENTATION CHECKLIST
ALL PURCHASE PRICING SUBJECT TO OUR ESTABLISHED CREDIT AND
DOCUMENTATION REVIEW & UNDERWRITING
[ Top ]
| PROPERTY TYPES: |
Select retail, multi-family, mixed-use
properties, professional offices, residential/office conversion,
and restaurants, mobile home parks, land, etc. |
| LOCATIONS: |
Nationwide. |
| CREDIT QUALITY: |
Usually credit of B plus or better. We will
consider others on a case by case basis. |
| SEASONING: |
No seasoning required. |
| OCCUPANCY: |
SUNVEST INTERNATIONAL INCORPORATED purchases both
owner user occupied and non-owner occupied investment commercial
real estate secured notes. |
| INVESTMENT TO VALUE (ITV): |
SUNVEST INTERNATIONAL INCORPORATED’S investment
maximum is 70% of the value or the real estate. |
| PURCHASE TERM: |
SUNVEST INTERNATIONAL INCORPORATED will purchase
up to a 360-month term depending on the transaction. Our
preference is to purchase terms of 180 months or less.
We can purchase both the full note or a partial interest in the
note. |
| TITLE COMPANIES / APPRAISAL: |
SUNVEST INTERNATIONAL INCORPORATED will
coordinate title through one of its pre-approved affiliates. We
require pre-approval of any title, attorney, and/or closing
companies. SUNVEST will provide you with the names of approved
appraisal firms. Non-approved firms will not be honored or
accepted. |
| LAND CONTRACTS / CONTRACT FOR DEED: |
We will purchase land contracts, agreements for
deed, or real estate contracts in any state. Occasionally, these
may require conversion to a mortgage and note before closing.
Pre-approval prior to conversion is permitted. Call for
particulars. |
| COMMITMENT TIME: |
SUNVEST INTERNATIONAL INCORPORATED can usually
provide preliminary pricing within 24 hours if sufficient
information and details are submitted. |
| BALLOON PRICING: |
Final balloon payment should not exceed 70% of
current market value or sales price (if within one year of
purchase). |
| PROPERTY VALUES: |
Minimum property value is $30,000.00. |
| MINIMUM / MAXIMUM NOTE PURCHASE: |
$25,000 to $1,000,000 (can purchase larger
Transactions - call for details) |
*
ALL PURCHASE PRICING SUBJECT TO OUR ESTABLISHED
CREDIT,
DOCUMENTATION REVIEW, & UNDERWRITING
*
Click
here for a printable
version of the checklist
745 Solano Ave
Sonoma, CA 95476
Direct (707) 939-9450 Fax (707) 939-8476
“CREATIVE PEOPLE WITH CREATIVE SOLUTIONS”
CORRESPONDENT DOCUMENTATION CHECKLIST
TO EXPEDITE THE PROCESSING OF YOUR CUSTOMERS NOTE SALE WE WILL NEED THE
FOLLOWING:
(to avoid delay please provide legible copies)
1. A copy of the closing statement when property was sold,
showing disbursement of funds
(HUD settlement statement, etc.).
|
 |
2. Copies of the actual note & mortgage security
instruments - Recorded Copies, if available.
|
|
3. Note sellers Loan amortization schedule, if available.
|
|
4. A copy of borrowers hazard (fire) insurance policy,
naming the note holder as a loss payee or mortgagee.
|
|
5. A copy of a commitment for a Lenders title insurance
policy, or the actual Lenders title policy issued at the time of closing
on the sale of the property
|
|
6. If this is a contract for deed or agreement for deed
type of security instrument, we would like to have a copy of the actual
warranty deeds, if available.
|
|
7. Copy of buyers/sellers sales contract, if available.
(Prefer on commercial deals)
|
|
8. Photographs, sales brochure, property brief, previous
survey or anything that is available describing the property (if available
- location map, previous appraisal, property income
and expense, information). NOTE: We Must have color on all
commercial property types.
|
|
9. Financial and Personal information about the Mortgagor(s),
such as their name(s), address(es), social security number(s) and phone
number(s), if available.
|
|
10. Employment information on payors, if available.
(Employers name, address, phone #)
|
|
11. A running record of the payment history in connection
with the purchase money security instrument.
If available: a payment ledger, or payor canceled checks, or note
seller bank deposit slips, or actual bank statements. Even postmarked
envelopes are O.K.
|
|
12. If the instrument is serviced though a third party
collection agent, please provide their name, address, account number, and
phone number.
|
|
| 13. If a correspondent, a copy of your signed purchase
agreement or option agreement with the note seller. |
|
In addition to the foregoing, if the purchase money mortgage is a junior
(2nd, 3rd) mortgage, the following items should also be in the package:
1. Name and address of any holders of senior mortgages.
|
|
2. Account number or any identification that is used to
retrieve information when needed.
|
|
| 3. Detailed information about the amount, method of
payment, interest rate, and escrow provisions in regard to the senior
mortgages (an exact copy of the mortgage and note if available). |
|
• REMEMBER THIS IS A TEAM EFFORT •
THE SOONER WE HAVE ALL THE DOCUMENTATION TOGETHER,
THE SOONER WE CAN CONCLUDE THE TRANSACTION.
SUNVEST is: “The Perfect Investor for the
Less Than Perfect Note”
WE CLOSE WHAT OTHERS PROMISED . . .
[ Top ]
| LAND COLLATERAL PROPERTY TYPES: |
Improved Land Lots – these are
buildable lots typically less than 5 acres in size that
have all utilities in place
Improved Land Parcels – this type of
parcel would have sewer, water, electric available to its site
,it would be cleared, with perhaps some road frontage, and
zoned for residential and / or commercial use
Unimproved Land or Raw Land – this is a
land parcel that little if any improvements to it and may be
simply raw acreage
|
| LOCATIONS: |
Nationwide
|
| CREDIT QUALITY: |
Usually credit of B plus or better. However, we
like to price files on a case by case basis, taking into
consideration the individual merits and risks of the
transaction, Call for details as we invest in many files with
questionable credit and other peculiar "quirks".
|
| SEASONING: |
No seasoning required. We will fund purchases
simultaneously with the sale of the real property.
|
| SURVEYS: |
If a survey or aerial photograph exists of the
subject land parcel that is always helpful
|
TYPICAL INVESTMENT
TO VALUE RANGE:
INVESTMENT TO VALUE (ITV) MAXIMUM: |
| |
Investment To Value (ITV) Maximum |
| Improved Land Lots |
Up to 75% |
| Improved Land Parcels |
65% - 70% +/- |
| Unimproved Land – Raw Land |
50% - 55% +/- |
|
| LAND USE & VALUE: |
The Land collateral must have inherent value
based upon its intended use, and other similar comparable sales
in the vicinity of the collateral. Speculative Land parcels
slated for future development will be considered on a case by
case basis
|
| POSITION OF NOTE: |
Typically on Land type collateral we will
purchase only first lien position notes and wraparound notes
(AID'S). On wraparounds, the underlying mortgage lien usually
must be paid off prior to or at closing. Occasionally, we will
consider keeping that loan in place and continue to service it.
However, there must be substantial equity within the
"wrap".
|
| PURCHASE TERMS: |
Up to 40 years.
|
| PREMIUMS: |
SUNVEST INTERNATIONAL INCORPORATED will not pay a
premium regardless of the note rate. We will always purchase at
some discount.
|
| CLOSING COSTS: |
Generally, the following closing costs are paid
by the submitting correspondent broker: appraisal, mortgagee /
lenders title policy or update, and recording fees. However, we
will price files both in a GROSS and NET dollar payout fashion.
Our issued approval notice or commitment to you will reflect
this.
|
| APPRAISAL COMPANIES: |
SUNVEST INTERNATIONAL INCORPORATED will provide
you with the names of approved appraisal firms. Non-approved
firms will not be honored or accepted.
|
| TITLE COMPANIES: |
SUNVEST INTERNATIONAL INCORPORATED will
coordinate title through one of its pre-approved affiliates. We
require pre-approval of the title, attorney, and/or closing
companies.
|
| LAND CONTRACTS / CONTRACTS FOR DEED: |
We will purchase land contracts, agreements for
deed, or real estates contracts in any state. Occasionally these
may require conversion to a mortgage and note type security
instrument before closing. Pre-approval prior to conversion is
permitted. Call for particulars.
|
| COMMITMENT TIME: |
SUNVEST INTERNATIONAL INCORPORATED can usually
provide preliminary pricing within 24 hours if sufficient
information and details are submitted.
|
| ORIGINAL NOTE: |
If applicable, please be certain that the
"ORIGINAL NOTE" is available to be endorsed at the
time of closing.
|
| BALLOON PRICING: |
Final balloon payment should not exceed 80% of
current market value or sales price (if within one year of
purchase). Other files considered on a case by case basis.
|
| PROPERTY VALUES: |
Minimum property value is usually $25,000.00 -
others considered on a case by case basis. Subject property
color photographs are always suggested.
|
| MINIMUM / MAXIMUM NOTE PURCHASE: |
$10,000 TO $500,000 |
|
