In what states do you provide real estate and commercial mortgage lending?
California and Nevada
Do you have pre-payment penalties?
No. We never have pre-payment penalties.
What loan products do you specialize in?
We are not conventional long term lenders. We specialize in short term real estate and commercial mortgage lending; 11 months to 3 years. We like to lend on new construction, rehab properties, single family residential non-owner occupied, commercial, land and improved lots.
Do you do construction take out loans?
No. We just provide the money to build the house and the builder either refinances or sells the property.
Can I hold title in a Corporation, LLC or Trust?
Sure, but you are still going to have to sign personally for the loan.
What are your lending limits maximum or minimum?
Minimum is $50,000 and maximum is $1,500,000… If your deal is great, outstanding, we might negotiate. Please call with your deal.
Are you a direct lender or do you just broker loans to investors?
Good question… we are a direct lender. You are talking to the loan committee when you make your first call.
Do you offer 100% financing?
Never… you must have cash or equity in the deal.
How high do you lend on purchase loans?
We typically loan 50% on land, 60% on commercial, 65% of cost on construction and 65% on SFR.
Do you require appraisals?
No. We will often do our own appraisals or have a BPO done on the property.
What fees can a broker charge?
We like to broker to charge what we charge and no additional junk fees. So if we charge 3% points the broker can charge 3% points.
What if I have poor credit?
Why do you have poor credit; foreclosure or short sale? If this is the reason, still call. We typically don’t like poor credit due to judgments, missed payments on other credit items, unpaid child support, unpaid taxes, etc.
How fast can you close a deal?
It depends on the title company - land, commercial, construction - but usually 7 to 10 days (sometimes quicker). Single Family residents non-occupied take a little longer because of disclosure; typically 14 days.
Do you do bridge loans on primary residence?
What income requirements do you have?
You must have the ability to pay the monthly payments on the loan regardless of your exit strategy.