Bridge
What does this error code on the score tab mean “Bast on ARV and cost, the rehab cost is too high”
You are failing the ROI requirement of the loan. ARV must exceed the CB + HB
What is the first rule of fight club? (hint: it's also the second rule)
Don't talk about fight club
Loans <= 150k are subject to what % LTV
75%
Last Names: Phelps, Jordan, Jackson
Michael
What is the minimum ARV we need in order to not restructure this loan? Assuming the borrower qualifies for max 90/75. Purchase price is $185k and HB is $34k
$267,333
What does it mean when there is a restricted payoff on a loan? (Marked by a Red “$” in the RR in ops)
Borrower participated in the Kiavi equity access program
What does "Hakuna Matata" mean?
No worries
Can a borrower cash out refi with less than 90 day seasoning of the property? If so what are the rules around it?
Prop must be free and clear, Max loan amount is limited to the lesser of appraised value or CB + improvements
Last Names: Lloyd Wright, Thomas, Sinatra
Frank
Calculate the min reserves needed to submit an exception (assume 85% LTC):
Purchase price 250k
HB is 85k
Interest rate 10.25%
$57,246.87
What is the LTC % that we can offer on this bridge loan? Assuming 760 FICO and low risk:
Purchase price is 280k
HB is 125k
ARV is 400k
Trick question, you cannot proceed with deal, failing ROI. 280k + 125k is 405K.
How many movies are there in the mission impossible franchise
8
A fully executed lease is required on all tenant occupied properties. A valid lease must have what?
Fully executed and must have an original term of at least 6 months.
Last Names: Norman, Maddux, Olsen
Greg
What is the LTC% that we can offer on this Delayed refi bridge loan? (borrower qualifies for 90/75)
Purchase price is 510k
HB is 205k
ARV is 865k
87%
Define “legal non-conforming” and what do we need when the property is determined to be zoned as such
Property is currently of legal use but doesn't conform to current neighborhood zoning/characteristics. Need rebuild/burn letter
These 3 Jim Carrey movies all released in 1994 catapulted him to stardom (you must name all 3)
The mask
Ace Ventura Pet Detective
Dumb and Dumber
Cash out to borrower is limited to the lesser of what?
2% of the new refi amount or 2k
A type of apple, and a mountain in Asia
Fuji
What is the DSCR on this loan for cash out refi? Principal and interest payment is $1,042.65
Taxes annually are $1,295
Insurance annually is $1,465
Leased rent is $1,800
Market rent is $2,400
1.41
Rent divided by total monthly PITI
Kiavi can finance manufactured homes provided it meets these requirements
Classified on title as “Real Property” and is permanently affixed to the foundation
Name at least 5 of the 7 actors who have portrayed James Bond in film
Sean Connery
David Niven
George Lazenby
Roger Moore
Timothy Dalton
Pierce Brosnan
Daniel Craig
Manufactured properties are capped at what leverage?
65%
A cat, golf course, and URL
Links
What is the cost basis on this loan?
Original Purchase price of 250k
Assignment contract provided with assignment fee of 25k
Addendum with seller concession of 10k
We consider the 2% off the original PP. In the example above we would allow 5K in seller concessions ( based off 250K). So in the end we would have to take 5K off the overall 275K giving us a total of 270K