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Creative
Loan Program |
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Land & Commercial/Investment Properties: Anything other than owner occupied homes, condos, or mobile homes. (However such properties may be pledged as additional collateral to increase loan amount and/or reduce the interest rate).
Minimum Equity: 5% with seller 2nds and allowed up to 95% combined loan to value: Maximum Loan to Value Ratios (LTV): With good credit and appraisal, a maximum loan of 75% on improved property and 55% on land is possible. Because we allow junior Seller Financing, 95% combined loan to value financing is available. Although we do not loan on equipment, we will accept it as additional collateral to increase the LTV on loans against acceptable properties. Loan Term: Five years but renewable for an additional 5 year term. Amortization: Up to 20 year amortization schedule, interest only for up to 3 years, then up to 17 years amortization schedule. Will allow no payments for up to 6 months, with interest reserve subject to L.T.V. Rates: Beginning at 4.5% over prime with final rate dependent on equity, Borrower credit and networth and type and quality of property. The interest rate will be adjustable based upon changes in the prime rate as of January 1st and July 1st each year. 2nds: Interest is 4% more than 1st, with LTV 5% lower. May be structured as wraps due 10 days before payment on underlying 1st. Must secure agreement with beneficiary of 1st. Tax and Insurance: Reserve escrows may be required Late Payment: 10% penalty after 10 days plus 5% penalty interest after 30 days delinquency. Prepayment Penalty: None. Loan may be prepaid at anytime without penalty. Loan Fees and Points: A fee of $3,500 plus 3.0% of the amount borrowed for loans with a term of one year or less. For each year of the loan term in excess of one year, the fee is increased 1% per year for a maximum of $3,500 plus 7.0% for a 5 year loan term. Loan Renewals: If all payments are made on time, loans may be renewed for one additional term. Flexibility: The above are general guidelines, but we will consider anything that makes sense - - such as lower interest in return for profit sharing. Although we are expensive lenders - - we are cheap partners. But more important is the fact that we will make the loans that the low interest lenders won't! |
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