Residential Loan Program Guidelines
WADOT Capital Inc. is primarily a Loan To Value (LTV) driven lender. Maximum LTV is typically 65%, but on cash down purchases, the LTV may be increased to 70%. Additional collateral may be used under certain circumstances to offset LTV requirements.
Property Types
Single family residential preferred, all property types considered
Lending Areas
Washington, Oregon and Idaho – urban areas preferred, but no location within lending area is excluded
Pricing / Terms
- Term - Typically 1 to 2 years, interest only payments
- Rate - Typically 10.5% to 12.9%
- Fee - Fee is based on contract term
- 4% for 2 years
- 3.5% for 1 year
- 3% for 6 months
- Other fees charged by WADOT through closing (NO UPFRONT FEES) - $275 document review fee, $475 underwriting fee, $150 - $300 inspection fee, $24 UCC filing fee, and $50 tax service fee per parcel.
- Borrower responsible for all broker and/or 3rd party fees/costs
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Borrower types
- Individual
- Trust
- LLC
- Corporation
- Estate
- Partnership
Property Condition
Any condition
Loan Purpose
Any Investment or Business Purpose Loan. No personal use and/or owner occupied purchases
Guidelines
- Credit – no requirements
- Income – no requirements, borrower must have a realistic plan for repayment
- Prepayment Penalty – NONE
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