Post on 04-Jul-2015
Financing Solutions by Admirals Bank
FHA HOME IMPROVEMENT
LENDING
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
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
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
THE BEST PART
You Sell More Jobs
Customer gets the work done
Everyone Benefits
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
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
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
jlyon@admiralsbank.com
CONTACT INFORMATION