Evolve Mortgage Program
Many settlement recipients have their credit devastated by bills incurred due to an untimely accident. Often, this unfortunate situation makes obtaining financing through traditional lenders a very challenging proposition. As a result, a vast majority of settlement recipients determine that paying cash for their new home or other major purchases is the only alternative. Evolve Bank & Trust is committed to providing innovative financing solutions to settlement recipients that make home ownership possible and, more importantly, facilitate credit restoration. You can buy a home and rebuild your credit with Evolve's Home Purchase Program.
For certain settlements, paying cash for the home may seem like the only option available. Paying cash for the home provides immediate equity but accessing the equity in your home for future financial needs may be difficult, if not impossible, for those with credit issues. Evolve has developed a solution that allows you to leverage your proceeds to obtain the home of your dreams and for those with credit problems to rebuild their credit as quickly as possible.
The Evolve Home Purchase Program is an asset-based loan established for your benefit. Our Home Purchase Custody Account was specifically designed for this program and is funded with settlement proceeds which serve as collateral for the loan. You will receive a loan from Evolve for your purchase of the house and Evolve will make the scheduled loan payments. Evolve will report the payment activity to the credit bureaus in order to facilitate credit restoration.
Highlights
- Enjoy significan credit rehabilitation
- A Home Purchase Custody Account is established and funded with settlement proceeds
- Loan collateralized by assets held in the Home Purchase Custody Account
- Evolve Bank and Trust makes scheduled loan payments eliminating the need to write monthly checks
- Loan amounts up to $1,000,000 (minimum loan $100,000)
- FDIC coverage of $5,000,000 on your Home Purchase Custody Account
- Loan term is 3 years
- Interest rate of Wall Street Journal (WSJ) Prime Rate +3.00% (Fixed Rate for 3 years)
- No minimum credit score requirements
Simple Process
- Determine price range of new home
- Submit one page application to Evolve
- Evolve will provide you with a commitment letter
- Return a signed copy of the commitment letter to Evolve along with the required funds
- Evolve will prepare all the necessary paperwork
- Settlement Recipient will borrow funds from Evolve and your Home Purchase Custody Account will be the collateral
- Evolve will make scheduled loan payments
For more information or to get started, please contact a Structured Settlement Consultant.