Financing for real estate investors
Types of Properties:
Non-Owner Occupied Residential
Multifamily, Retail, Office, Industrial
Vacant Buildings, Entitled Land
Loan Amounts: Typically from $70,000 to $400,000
Interest Rates: 9% to 14% interest only.
Origination Fee: Varies depending on the length of the term.
Loan Maturities: 3 to 12 months, no prepayment penalty. Extensions available.
3rd Party Junior Financing: Permitted.
Closing Costs: Standard third party costs such as title and escrow.
Rental Property Financing for holding long term.
Non-Owner Occupied Residential
Multifamily, Retail, Office, Industrial
Vacant Buildings, Entitled Land
Loan Amounts: Typically from $70,000 to $400,000
Interest Rates: 9% to 14% interest only.
Origination Fee: Varies depending on the length of the term.
Loan Maturities: 3 to 12 months, no prepayment penalty. Extensions available.
3rd Party Junior Financing: Permitted.
Closing Costs: Standard third party costs such as title and escrow.
Rental Property Financing for holding long term.
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Choose the Right Private Money Funding Source
It is easy to find plenty of banks on a drive through town, but the same is not true for private money sources. Most people find them through personal references, local directories and internet searches. It is a good idea to read reviews online before deciding which loan shark to use. After contacting the PML, ask for references from clients as well as the funding source names. Look up the name on the internet and at your local municipal offices to determine number and quality of foreclosures the lender has been involved in. Private money funders with higher percentage of foreclosures should be avoided. They may be less lenient when it comes to any slight error in repayment or contract guidelines. You can also look in the Better Business Bureau for complaints or legal action.
Submission Process for Private Loan Applications
The next step in getting a private rehab loan is submission of a complete and honest application to the loan shark of your choice. Reveal everything in order to get the quickest and most appropriate answer from the loan shark. Each lender may have different forms they require and various types of documentation for each financial claim. Fill them out correctly to give a financial snapshot to the potential lenders.
These forms will also provide information about the real estate property you want the loan for: the title search, property tax status and possible collateral. Some possible types of documents required include bank statements, appraisals and value determinations, tax returns, leases and any other property ownership proof. Be sure to furnish the loan shark or private money funding source with every form and document they require to make a determination about your loan...More...
It is easy to find plenty of banks on a drive through town, but the same is not true for private money sources. Most people find them through personal references, local directories and internet searches. It is a good idea to read reviews online before deciding which loan shark to use. After contacting the PML, ask for references from clients as well as the funding source names. Look up the name on the internet and at your local municipal offices to determine number and quality of foreclosures the lender has been involved in. Private money funders with higher percentage of foreclosures should be avoided. They may be less lenient when it comes to any slight error in repayment or contract guidelines. You can also look in the Better Business Bureau for complaints or legal action.
Submission Process for Private Loan Applications
The next step in getting a private rehab loan is submission of a complete and honest application to the loan shark of your choice. Reveal everything in order to get the quickest and most appropriate answer from the loan shark. Each lender may have different forms they require and various types of documentation for each financial claim. Fill them out correctly to give a financial snapshot to the potential lenders.
These forms will also provide information about the real estate property you want the loan for: the title search, property tax status and possible collateral. Some possible types of documents required include bank statements, appraisals and value determinations, tax returns, leases and any other property ownership proof. Be sure to furnish the loan shark or private money funding source with every form and document they require to make a determination about your loan...More...
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