The loan is for one year, interest only, payable monthly (ACH is available). The loan can be prepaid at any time without penalty. At our discretion, the loan can be extended for two six month periods. We will lend 80-90% of purchase, renovation and construction costs.
Each property must be appraised by one of our approved appraisers. We work very closely with these appraisers and they understand the goals of the investor and the quick turnaround time we require to complete our underwriting. Our investor is responsible for the appraisal fee.
Our attorney will travel to the closing. The investor will be responsible for all closing costs (title charges, lenders attorney fees, points, etc). We will provide the investor with a funding sheet at least 24 hours prior to closing to show funds available at closing. The investor will execute the loan documents at closing.