All our loans are priced based primarily on risk evaluation, property condition, and equity. So once we have the details of the property and the Borrower we can determine the pricing.
In the meantime, I can tell you that our private money rates and terms run as follows:
First, and importantly, we only make loans on Non-owner occupied properties. So rental SFD homes, 2-4 units, apartment buildings with 5 units+, small commercial, etc.
Construction, rehab and fix & flip loans are also considered.
If that fits, then we look at the following criteria:
1. LTV is most important. Max 65%. Purchase or refi. Unlimited cash out is acceptable.
2. Income: we can do stated or no doc on the Borrower.
3. Our loan terms are up to 3 years.
4. Payments can be interest only.
5. Credit is flexible. We do not use FICO scores. A recent BK or short sale is usually ok.
6. Rates and fees are a matter of risk evaluation. I.e.: Low LTV (under 55%) has a better rate, among other criteria.
7. Timing: We can let you know right away on a full package. (Appraisal, 1003, pre, credit report). Or we will let you know what we think if just on a scenario basis. Funding time: We’ve closed in as fast as 4 days on a full package. Average start to finish time runs 10-12 business days.
It comes down to this…if the loan makes sense to us, we’ll fund it, as quickly and as easily as possible.
Thanks for checking in with us.