Our direct lending territory is Virginia and Maryland.
Collateral:
Only first deeds of trust on commercial property will be considered. We may
also lend against first trust residential properties where the money
is solely used for business purposes.
Valuation criteria:
Percent of purchase price, based upon the quick sale value.
Loan-to-value:
Usually loan to purchase price; varies by property and other factors.
Amortization:
Interest-only, monthly.
Loan size:
For our direct loan program, we will consider loans from $100,000 to $500,000 and larger loans as exceptions.
Loan term:
One (1) year term with renewals, if paid as agreed.
Interest rate for our direct loan program:
Year one: 12% + 4 points
Year two and beyond: 16.36% with no points.
Broker points:
Paid at closing.
Broker protected:
Broker fee on term sheet and paid off HUD 1 at closing.
Prepayment:
Loans may usually be repaid at any time without penalty.
Recourse:
Required.
Underwriting costs:
Underwriting costs will be reasonable and will be passed through to our clients.
Time to closing:
Once your loan is approved, the time to closing is five (5) busines days, sometimes faster.Time to closing may be longer if borrower or appraiser
delays.
Some parts of our criteria may vary with the situation.
We understand. Time matters.
Material on this Web site is for informational purposes only and
may change without notice. Information does not contain all of the applicable
terms, conditions, limitations and exclusions of the products and services
listed.
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