THE LEADER IN NON-BANKABLE, TIME-SENSITIVE BRIDGE LENDING AND STRUCTURED FINANCE NATIONWIDE INSURANCE BACKED LENDING PROGRAM
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- Percival Hodges
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1 NATIONWIDE INSURANCE BACKED LENDING PROGRAM This insurance backed lending program has been rolled out nationwide from $500,000-$25,000,000 and higher case by case. This is a simple interest loan 1.5%, 15 and 30 year term tied to a commercial insurance policy that accumulates cash value 1.5 times the original loan amount at maturity. This is not a bank loan, but an insurance based, business to business financing program for investors and businesses who have difficulty obtaining funding from any of the traditional lending institutions. How to qualify for insurance-based structured finance through insurer? Clients must be organized as a business entity Property must be place into a land trust the client controls Client must be able to service the debt Client or 3rd party investor must provide proof of funds for 25% down payment Who is financing my project? The financing comes directly from the insurance company, not a bank or hard-money lender who is lending according to principles of banking. How is my loan underwritten? The matter is underwritten according to insurance principles, not banking principles. This means that the risks are assessed far more scientifically and precisely than would be done by a bank. Banks can
2 engage in speculation and don t have to have the funds on hand in order to create a loan. They use the down payment commitment in escrow to leverage financing from the Federal Reserve and then back the short-term Fed loan. Insurers MUST have all of the cash actually on hand in order to underwrite this type of financing. Therefore they underwrite much more competently in order to protect their investment. This does NOT make the process more cumbersome, it simply makes the resulting financing more insulated from risk and default propensity, which is good for everyone. Insurance is simply a means of transferring risk, historically banks also have done this in the background with their loans. It s just that the risk-transference part of the process usually is not seen by the buyer or seller. Why is insurance underwriting more beneficial than traditional banking? The result of this underwriting process is that the Note is insured against default before it is created, not afterward as is done in a bank-financed scenario. The borrower benefits from the default risk being in place in myriad ways, the insurance benefits because they know that the Note ultimately will perform regardless of the outcome of the amortization process.
3 THG Capital wants to assure you as a client that you will not face the same struggles that you ve experienced with current banking institutions and hard money lenders. With insurance based lending, traditional qualifications for funding are no longer a requirement. There are no discriminatory disqualifications Bankruptcies and foreclosures are ok No credit/bad credit history, lack of income, etc. Is ok The requirement to participate in this program is to provide a letter of intent to do business and demonstrate the ability to qualify for a Financial Guaranteed Bond. How is this type of financing different than traditional banking or hard money? The investor and insurer service its own financing contracts (we do not call them mortgages; banks do so, we are insurance & reinsurance). No Pooling and Servicing Agreements ( PSAs ) or Real Estate Mortgage Investment Conduits ( REMICs ) are used No securitization or fractionalization of promissory notes will occur. No sale of mortgages ever happens by investor or its insurer. The investor secure its risk by converting client s deposits into bonds and transferring its risk to reinsure the debt.
4 This is a 1.5% simple interest loan where the banks rates are fully amortized. This loan is tied to a commercial insurance policy that accumulates cash value of 1.5 times the amount of original loan amount at maturity and the client reaps the benefits Loan highlights This is not a traditional bank loan but an insurance product 1.5% max interest rate(simple interest loan) Commercial insurance policy with cash value at maturity of 1.5 times the original loan amount The financing comes directly from the insurance company, not a bank or hard-money lender who is lending according to principles of banking. Investor secure risk by converting client s deposits into bonds and transferring it s risk to reinsure debt Investor and insurer service their own financing contracts. We do not call them mortgages, but insurance and reinsurance. Land trust required 15 and 30 year term 1 st trust deeds only Refinance value = county real estate tax bill 2012/ % Client Participation required for refinance.
5 Purchase value = executed sales contract=no appraisal required Purchase requires 25% down payment. No fico score requirement Full income documentation loan only Borrower must be able to prove they can service debt Loan amount $500,000 to 25,000,000(higher case by case) Transaction timeframe days once formal approval is given Property types Single family residential homes 2-4 unit properties Commercial real estate Large land parcels Construction Development projects
6 Occupancy Residential occupied Residential non-owner Commercial owner user Commercial non-owner Nationwide location type Urban Suburban Rural Prepayment penalties None Max loan to value Refinance up to 100% on assessor s valuation 2012(Client Participation 25% to pay down the loan) Purchase 75% of the purchase contract price
7 Interest rate 1.5% max (Simple Interest Loan) Loan maturity-2 fixed options 15 and 30 year term Payment includes principal + interest + mortgage insurance Origination fee lender and broker 3% paid to lender 2% max paid to and protected by lender Fee agreement to be signed by borrower upfront and submitted with step 1 Fees are non-negotiable Fees can be rolled into the loan amount
8 The steps below will guide you in getting qualified and finding out what options are available to you or your borrower. We will only get started when the proper documentation is submitted. Partial packages will not be able to be given terms. Step 1 Purchase 1) Completed submission form. 2) PFS-(Per borrower) 3) Property profile 4) Proof of Funds-To prove capability of 25% down payment 2 months current bank statement(all pages), or Current brokerage or investment account(all pages) Does not matter where the down payment originates-can be from a 3 rd party 5) Executed sales contract (25% down payment requirement) 6) fee agreement Refinance 1) Completed submission form 2) PFS-(Per borrower) 3) 2012/2013 tax bill for each property. 25% client participation. 4) Proof of Funds-To prove capability of 25% down payment 2 months current bank statement(all pages), or Current brokerage or investment account(all pages) Does not matter where the down payment originates-can be from a 3 rd party 5) fee agreement
9 Once you return these items to us, the lender will let us know if there is interest within 24 hours and provide a pre-approval. This pre-approval is good for 5 Business Days from the date above this correspondence. If we have not received the documentation from an active borrower in the market today we will assume the borrower has rescinded. Our expectations are to receive the documentation and schedule a call with the lender within hours of this . Step 2 Self-Employed-Full Schedules only 1) 3 months bank statement-full statements 2) 2011 and Sole Proprietorship OR 3) 2011 and 's-Corporation OR 4) 2011 and 's-Partnership Wage earner 1) 2 months bank statements-full statements 2) 2011 and 2012 W2 3) 2011 and s-full schedules only 4) 1 month pay check stubs Retired 1) 2 months bank statements-full statements 2) 2011 and pension or award letter 3) 2011 and social security award letter 4) 2011 and DIV Securities
10 Investment property 1) Current lease or current rent roll-rental only 2) 3 years P&L and YTD-rental only Construction - Development 1) Resume of Borrowers 2) Construction Breakdown Case file documents pertaining to the insurance company that will be discussed on a conference call. MUST BE FILLED OUT IN BLUE INK. 1) Sign and date Letter of Intent in word format with an example of how it will need to read. 2) Sign and date Financial Survey to be filled out by client-i will provide a completed sample. 3) Sign and date Qualification form to be filled out by client-i will provide a completed sample. **Please note** All of the documentation listed in steps 1-2 are mandatory so we can discuss the loan in detail via conference call. These documents listed in steps 1-2 will be used as reference in speaking directly to the lender.
11 Step 3 CONFERENCE CALL WITH LENDER TO REVIEW; 1) Financial Survey 2) Qualification Form, Disclosure Questions 3) Help with a Letter of Intent to the Insurer backing this loan 4) Mechanic of the Escrow Deposit, CD Creation, Insurance Policy, Financial Guarantee Bond 5) Setting overall expectations, next steps, terms sheets, and client questions. Step 4 Once signed documents are received and the conference call has been completed we will process the case file and overnight it to the insurance company. Week 1 INVOICE Within 5-7 days the client will either have been denied or approved for a policy using such collateral and showing this person or persons has the ability to debt service the financing. If approved, you will have been sent out the formal approval explaining the underwriting process starting with your Formal Contracts for the financing and detail the legal work that is to be completed and paid for by the client. This is where the client accepts the terms or moves on from the loan.
12 Once signed and paid via invoice, the client can cancel anytime receiving back all of the monies paid out, except for the attorney s billing time worked on the case. Pricing will be highlighted on the invoice with the formal approval. All monies will be paid into an escrow account only for safety reasons from fraud and to be covered by insurance. AT THIS POINT YOU ARE APPROVED PENDING LOAN BEING PUT TOGETHER Week 2 CD CREATION This is where the client puts funds into Wells Fargo CD account, which is a dual signature account with lender. Weeks 3 and 4 CREATION OF BOND The Insurer will notify Wells Fargo Bank that the Financial Guaranteed Bond (FBG) has been created. Wells Fargo Bank will contact all investing parties that the bond has been certified and is a live vehicle! Weeks 5 and 6 FUNDING OF BONDS All investing parties will sign Wells Fargo Bank s contractual agreement to release funds held in the CD in order to fund the Financial Guaranteed Bond. Accessing the Bond BORROWER HAS NO ACCESS TO THE BONDS : Bonds are for the security of the Private Investors ONLY; Bonds are for the protection of Investors against borrowers Default on Promissory note. Client must provide contractual agreements for each acquisition to investor. Projects will be paid on a scheduled financing model.
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