Signed by the Borrower after closing — Fast Flip Fund (the "Lender")
The Borrower confirms that the loan has closed, that the funds are being used solely for business and investment purposes, and that the property is and will remain a non-owner-occupied investment property. Neither the Borrower nor anyone related to the Borrower will occupy the property.
The Borrower will: keep the property fully insured; pay all property taxes on time; pay all utilities; keep the property secured and maintained; complete the rehabilitation diligently; and keep the property free of any new liens. If the Lender pays any of these on the Borrower's behalf, the amount is added to the loan plus a $200 fee per payment.
The Borrower will allow the Lender and the Lender's inspector reasonable access to the property to monitor progress, as a second set of eyes and to protect the investment.
Interest is 2% of the loan amount per month. Any additional funds require a new application and separate approval. Repayment terms are as stated in the loan agreement and the note.
The Lender may demand full repayment at any time at its discretion, including if it believes the Borrower is delaying the project or taking steps that make the deal unprofitable. If the Borrower fails to repay when due or demanded, the Lender may foreclose on the property and pursue all other remedies under Michigan law.
The Borrower's personal guarantee remains in full effect. The Borrower is personally responsible for the loan, and liability extends beyond the value of the property.
The Lender may sell, transfer, or assign this loan and agreement to another party at any time; all terms continue to apply.
This is a loan made for business and commercial purposes to a business entity (LLC). It is not a consumer loan and is not for personal, family, or household use. Certain consumer-protection laws that apply to consumer mortgages do not apply to this business-purpose loan.
The Borrower previously authorized the Lender to obtain consumer credit reports in connection with this loan, consistent with the Fair Credit Reporting Act. The Borrower may request information about reports used in the credit decision.
The Lender does not discriminate on any basis prohibited by the Equal Credit Opportunity Act or fair-lending laws.
The Lender's services, mentorship, inspections, and appraisals are intended to help, but the Lender does not guarantee that any project will be profitable or successful.
The Borrower acknowledges receiving copies of the signed loan agreement, the note, the mortgage, the personal guarantee, and these disclosures.
[Placeholder — your attorney must confirm and add any other disclosures required by federal and Michigan law for this transaction, including any applicable notices and recording requirements.]
This agreement is governed by the laws of the State of Michigan.
This page is a draft for information only and is not legal advice or an offer to lend. Fast Flip Fund is not a law firm. This agreement and its disclosures must be reviewed and finalized by a licensed Michigan attorney, and signed, notarized, and recorded as required, before use. ← Back to Fast Flip Fund