ADMIRALS BANK HOME IMPROVEMENT LENDING PROGRAM OVERVIEW

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Financing Solutions by Admirals Bank FHA HOME IMPROVEMENT LENDING

Transcript of ADMIRALS BANK HOME IMPROVEMENT LENDING PROGRAM OVERVIEW

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Financing Solutions by Admirals Bank

FHA HOME IMPROVEMENT

LENDING

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FHA Title 1 Home Improvement Loan

• No equity required to qualify

• Free to offer to anyone of your customers, with no obligations

Loan Amounts

• Up to $25,000 secured with fixed rates from 6.95%-11.95%

• Up to $7,500 unsecured with fixed rates from 7.95%-13.95%

Time Frame

• Customer gets pre-approved within minutes

• Customer receives the funds within 11-12 days of original inquiry

PROGRAM OVERVIEW

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Requires a credit mid-score of 650 or higher

Debt-to-Income Ratio must be under 45%

Terms range from 5, 7, 10, 15, 20 years

There are No Pre-Payment Penalties

The interest is Tax Deductible (Secured Loans Only)

The funds get released before the job begins

Funds are only for Home Improvements (No Debt Consolidation)

You deal directly with the same Account Executive on every application

LOAN DETAILS

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Home owner receives the Funds

Customer can receive the funds in as little as 11 business days

Customer chooses (2) checks, (1) check or wire transfer

Homeowners approval process

Customers gets pre-approved within minutesBorrower(s) provide proof of employment and income for an official approval within 24 hours

Offer the homeowner the financing option

Can apply over the phone or online while you’re at the customer’s house.

Customers can also fill out an application and fax or email it to the Account Executive

THE PROCESS

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THE BEST PART

You Sell More Jobs

Customer gets the work done

Everyone Benefits

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Fill out two forms and provide proof of proper licensing and liability Insurance

You get approved to offer financing to your potential customers

Start offering a financing option, and stop losing jobs due to lack of funds

GETTING YOU SIGNED UP

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Copy of your state contractors business l icense

( i f appl icab le)

Copy o f your genera l l iab i l i ty

insurance dec la ra t ion pa ge

DON’T FORGET TO INCLUDE

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John A. Lyon

Admirals Bank

15 Park Row West

Providence, RI 02903

Tel 800-572-7844 Ext.7335 | Dir. 401-248-7335

Fax 888-622-2573

NMLS : 774620

[email protected]

CONTACT INFORMATION