Loan Officer – SIMON RISHTY

SIMON RISHTY

Loan Officer at Express Capital Financing

Tel: 646-585-3330 | Mobile: 646-878-6965
simon@expresscapitalfinancing.com

If you’re looking for help getting a loan, or if you just want some more information about our lending operations, please feel free to call or e-mail me anytime. I’ll be happy to discuss your opportunity and explore the options that work best for you.

Fix & Flip Loan Application
Rental 360 1-4 Unit Application

DOWNLOAD OUR PROCESSING REQUIREMENTS:

PURCHASE OR REFI
PURCHASE & REHAB
REFI & REHAB
RENTAL 360 1-4 Unit

Funding for Fix & Flips, Rental Properties, & Commercial Projects

Whether you’re looking for capital for a Fix & Flip, Rental, or Commercial property, we have a program to meet your needs.

Fix and Flip Loan Program Rental Loan Program Large Balance Bridge Loans Small Balance Bridge Loan
Project Type 1-30 Unit Residences
Condominiums
Townhomes
Multi-Family Apartments
Single Family Residential
Multi-Family (2-4 Units)
Condominiums
Townhomes
Apartments
Single-Use
Office
Light Industrial/Warehouse
Retail
Mixed Use Buildings
Multi Family
Mixed Use
Loan Amount $75,000 to $10MM $75,000 to $2,000,000 $1,000,000 - $40,000,000 $250,000 - 3,000,000
Loan to Value (LTV) Up to 90% Up to 80% Up to 80% Up to 80%
Rent Coverage Ratio Not applicable 1.0x 1.1x 1.0x
Loan Term 12-36 months 3/30 5/30
Fixed 30/30
up to 36 months 12 to 36 Months
Interest Rate From 7.9% From 6.5% From 6.49-9.49% from 7.50-9.99%
Rehab Financing 100% Not Available 100% 100%
Proceed Usage Purchase, Refinance, Renovation, Bridge, Cashout Purchase, Refinance, Cashout Purchase, Refinance, Cashout Cash out refinancing, or purchase
Those Who Qualify US Citizens, Foreign Nationals, Permanent Resident Alien US Citizens, Foreign Nationals, Permanent Resident Alien US Citizens, Foreign Nationals, Permanent Resident Alien Experienced or newbies to real estate
Points 0%-4% 0-2% 2%+ 2%+

New Construction/Condo Conversion Loan

Express Capital Financing offers competitive financing for acquisition, development and construction loans for builders and developers.

WHAT WE OFFER:

  • Up to 80% of Project Cost – land & development
  • 12-24 Month Term – Interest Only
  • Redevelopment, conversion and condo loans also permitted
  • Eligible Property Types: townhouses, condo loans also permitted
  • Loans from $350K to $10M
  • Nationwide Footprint
  • Negotiable release prices on multi-asset projects
  • Fast approvals and funding since we are not a bank
  • Property types are 1-30 units
Download Requirements

Our Borrowing Requirements

Process

We pride ourselves on closing deals quickly, however a quick closing is dependent on the cooperation of the borrower/broker. We can typically close 7 to 10 business days once we receive a full package.

  1. Initial call or email to determine feasibility of the loan
  2. Borrower/broker submit application
  3. Loan Officer issues term sheet
  4. Signed term sheet to start the process
  5. Borrower/Broker submits full document package
  6. Underwriting reviews file after a full package is in hand
  7. Underwriting request clarifying information (if needed)
  8. Borrower submits clarifying information (if needed)
  9. File goes to closing
  10. Done deal!

Borrower Experience

No previous experience required, as we can provide leverage and financing for newbie investors. However, in order to obtain maximum leverage, a borrower has to have purchased a minimum of 3 investment properties in the last 3 years. 3 years experience as a contractor, property manager, or real estate agent may still qualify. Experience of contractor, property manager or real estate qualifies for a higher leverage.

Credit

Express Capital Financing does not have a minimum credit score criteria. However, anyone with a score under 550 will require interest reserves payments.

Immediate Disqualifiers

  • Bankruptcy in the last 4 years / case-by-case
  • Foreclosure in the last 4 years / case-by-case
  • Short sales or deeds in lieu of foreclosure in the last 4 years/case by case
  • Financial crimes or fraud

Our Fee Schedule

Click on each fee for additional information

Appraisal Cost: $299 - $499

DUE: When the LOI is signed and returned

To confirm a fair value of the property as-is. If it’s a rehab project, then we will obtain an after-repair value as well.

Underwriting fee: Up to $1495

DUE: AT CLOSING

To assess the credit worthiness of the borrower and evaluate the risk of the loan. Obtain credit and background check, flood certificate, tax tracking, etc. Can be reduced for repeat borrowers. (minimum 3 deals)

Servicing Fee: $30

DUE: AT CLOSING

We require all borrowers to provide an executed ACH Authorization form and a copy of a voided check for the purpose of payment drafting. A servicing fee in the amount of $30 will be charged on any loans in which automatic payment drafting documents are not provided.

Document Prep and Attorney: $995+ *

DUE: AT CLOSING

We hire outside counsel to represent us at closing, draft documents, compliance, and review of title.

Variable Attorney Fees as needed. *Except NY. Document Preparation Fee is charged at a flat rate of $1,500.
Commercial: Varies by state.

Draw: $200 per draw**

DUE: At time of disbursement

Includes fees for 3rd party inspection and internal management.
**Fee does not include $30 wire fee.

Best price.
Better service.

Bring us your term sheet and we’ll meet or beat the rate, terms and fees.

Lock in today’s best rates and save substantially on fees. In this rising-rate environment, you can still cut costs and get ahead. With our low underwriting costs, you won’t pay a penny more for our superior service and certainty—just show us a term sheet from our competitors and we’ll beat their rates.