1004H 'new product lender is offering'

[Digger88]

A lender that does fix and flips sent me an order on a new product they are offering where the purchaser on low risk investment homes submit extensive photos and budget. They don't require a sketch and MLS pics are ok. Full fee though, has anyone heard of this before why not just order an interior? I told them I can do a 3 day turn no problem, but they want it this way

 

[Vermonter]

Is this the 1004 Hybrid or something they made up?

Found this- https://help.alamode.com/docs/2009

 

[Digger88]

It's a hybrid product on the 1004H form I've just not heard of this hybrid scenario before. Seems a little sketch but if it isn't I could do these all day

 

[sputnam]

It's a hybrid product on the 1004H form I've just not heard of this hybrid scenario before. Seems a little sketch but if it isn't I could do these all day

Haven't heard of this one specifically. There's nothing in the information you provided that would be a problem... USPAP wise. Use a checklist to make sure your appraisal report or restricted appraisal report is compliant and take the money.

 

[Tom D]

A lender that does fix and flips sent me an order on a new product they are offering where the purchaser on low risk investment homes submit extensive photos and budget. They don't require a sketch and MLS pics are ok. Full fee though, has anyone heard of this before why not just order an interior? I told them I can do a 3 day turn no problem, but they want it this way

These fix/flip lenders typically are not doing residential loans. Fix and flip loans is commercial financing. Then can ask for a napkin. I have found one new lender that doesn't need an appraisal, only a good fica score.
Better for me in my new resurrected fix/flip past life.

 

[DTB]

These fix/flip lenders typically are not doing residential loans. Fix and flip loans is commercial financing. Then can ask for a napkin. I have found one new lender that doesn't need an appraisal, only a good fica score.
Better for me in my new resurrected fix/flip past life.

Care to share that resource? Thanks

 

[Tom D]

I'm just finishing up my 2 fix and flip's. And i help others to also. I have talked to every fix and flip lender in the area. For a normal owner occupied civilian, FHA 203K program, and there used to be more one stop loan to fix, then convert to a normal mort. They call these programs, hard money.
Fix and flip only loan is typically a 6th month term. And they have a due on clause, where you if don't get out in time, they can take it without a foreclosure.
Is that what you were asking.