Splitero Funding Inc. NMLS #2327455
© 2022 Splitero Inc.
In order to be eligible for a Splitero investment, the subject property must be located in an eligible area and have an appraised value between $150,000 - $5,000,000. Properties that may be eligible for a Splitero investment include:
There is no minimum credit score. At the time of application, we will pull your credit which will result in a hard inquiry. Your credit report will remain valid for 120 days from the date it is pulled.
Once a full application has been submitted, you may receive an approval decision in as little as one day. Once a homeowner is approved, we will then determine the eligibility of the home to ensure it meets Splitero’s minimum investment criteria. In some situations, homeowners receive their Splitero Offer in as little as one day from the application approval date.
Once you are approved, you may receive your funds in as little as fourteen (14) days.
Yes, Splitero invests in non-owner occupied homes.
Properties held in trust are eligible for a Splitero investment. You will need to provide documentation on your trust prior to receiving full application approval.
Splitero offers investments up to $500,000. We will take your credit history and home
equity position into consideration when determining the offer amount. The minimum equity a homeowner must
retain in the home after the investment is 20%.
Click here to pre-qualify for a Splitero investment! It takes less than 2 minutes to see how much you may qualify for.
You may be eligible as long as you pay off your reverse mortgage or shared equity
agreement before or through the closing of your Splitero investment.
Click here to see if the amount you may qualify for will be sufficient to pay off an existing obligation.
As part of your application review, we will determine the value of your home, which
will be known as the Appraised Value. Based on factors related to your home and application, an adjustment
will be applied and discounted from the Appraised Value to determine the Starting Point.
When you are ready to repay Splitero, we will complete another evaluation of your home to determine the Ending Point.
All evaluations of your home will be through a third-party provider such as a licensed appraiser or another valuation product.
You may use our calculator to estimate the repayment amount based on different scenarios.
If you don’t agree with the Appraised Value, you may contact your designated Homeowner Advisor and they will advise you on the available options to have your home value reconsidered.
Fees associated with a Splitero investment are charged upon closing and will be
deducted from your investment proceeds. Please keep this in mind when determining the net amount of money
you would like to receive from Splitero.
Here is a breakdown of estimated costs:
|Origination Fee||1.99-3.99% of the Gross Investment amount, or a minimum of $1,500|
|Payoff Demand Statement||$30|
The above breakdown is the estimated costs charged by Splitero and/or its service providers. It is not an exclusive list of costs and does not include costs incurred from your current lender or by your state or county.
Yes, you may buy back your equity at any time during the 30-year term. Buybacks typically occur via either a refinance or a cash payoff.
Yes, you can repay Splitero through the closing of your home. The sale must be an arm’s length transaction at fair market value.
You can repay Splitero at any time during the 30-year term. There is no prepayment penalty!
Every Splitero investment has a Safety Cap in place to protect homeowners from paying excessive costs in the event of rapid home price appreciation or quick repayments on their investments. Splitero caps your repayment at a maximum annual charge of 13.99%-17.99%.
Your home stays your home! Splitero does not require permission to complete renovations or repairs; however, you must perform basic maintenance of the home.
Yes, you may rent out your home.
In the event your home value drops significantly, your repayment amount to Splitero
may be less than your initial investment.
You may use this calculator to play out different scenarios based on future home values.
Splitero does not require payoff if you choose to refinance your home. However, some lenders may require repayment to Splitero in order to refinance your mortgage. Splitero may be willing to subordinate our lien position in certain circumstances (for example, a rate and term refinance with no cash out) provided you meet our eligibility requirements.
There are no monthly payments associated with the Splitero investment!
There are no restrictions. You may use the funds however you wish!
Prior to funding, Splitero and the homeowner will agree on a percentage of future appreciation above the Starting Point that will be shared.
Every Splitero investment has a Safety Cap in place to protect homeowners from paying excessive costs in the event of rapid home price appreciation or quick repayments on their investments.
You do! Your home remains your home. We will record the Splitero Option Purchase Agreement via a Deed of Trust. You maintain all rights and responsibilities to your home.
Homeowners remain responsible for payment of property taxes, insurance, HOA dues/fees, and property maintenance costs.
No! Because a Splitero investment has no monthly payments we have no income or employment requirements. We will not ask for any documentation about employment or income.
All Splitero agreements are secured to the property and, until the homeowner repurchases the equity or the Option Purchase Agreement is otherwise terminated, the terms will remain in place for future heirs.
Most importantly, a Splitero Home Equity investment is not a loan. In addition, Splitero’s Home Equity Investment features no age requirements, no monthly interest charges, and can be junior to your 1st position mortgage.