Lending criteria for hard money mortgages are fairly simple. The loan is based on the value of the subject property either real estate owned or about to be purchased by a borrower.
Santa Rosa, CA, October 04, 2010 — We need Private money loans in California from $100,000, and up to 10,000,000 we love both commercial and residential ( http://www.ourfundsonline.com ) and we are a fast funding outfit that bases our loans entierely on equity. We are California # 1 equity based lender and have just decided to raise our loan to value from 65% to 70% loan to value of the property. In general, hard money mortgages are used for commercial purposes. However, they can also be applied to residential properties. In this instance, the loan is generally referred to by its more genteel name: a non-conforming mortgage.
Lending criteria for hard money mortgages ( http://www.ourfundsonline.com ) are fairly simple. The loan is based on the value of the subject property either real estate owned or about to be purchased by a borrower. If the borrower is buying property, the “value” of the real estate is defined as the actual purchase price of the property. If the borrower needs hard money for a refinance situation, the value is determined by a written real estate appraisal.
If you are looking for a hard money refinance loan, the lender will want to know when you purchased the property and what you paid for it. If you bought a property a month ago for a specific sum, the lender will be disinclined to lend you more than that purchase price. Once you own the property for about a year, especially if you have put some money, sweat equity, or both into the property, ( http://www.ourfundsonline.com ) you can get a new appraisal and get a loan based on the new, improved value of the property. This is called seasoning. Be sure you have seasoned your property for 3 months before going out for a refinance mortgage at a significantly higher value figure than what you paid for it.
Once it has three months seasononing we fund loans to borrowers with unique challenges, and who do not have the time or are unable to seek financing from traditional banking sources. We utilize our own resources to fund loans – when we commit, you may be confident of the timing and outcome we promise and we deliver on our word.
NO Rules! Ourfundsonline.com ( http://www.ourfundsonline.com ) does not underwrite loans for a secondary market. We make the rules and use our experience to make loans happen. Simply put we are the bank our vast group of investors have been working with us for the past 20 years and trust us to evaluate the equity position we are taking on. We are a equity based lender ,we care not about credit scores, previous foreclosure and/or bankruptcy with us all borrowers are the same depending on down payment or the equity position ( http://www.ourfundsonline.com ) we hold as collateral.
* $250,000 – $2,500,000
* Lot Loans
* NO FICO requirements
* Small Commercial
* LTV’s to 75%
* Stated Income
* Interest only
* Multiple Borrowers
* No Prepay Penalties
* Cross Collateral OK
* Self Storage
* Special Uses
* Payments Holdbacks
* Mixed Use
Borrower EQUITY is the primary criteria. We will look at loans on any type of real estate to any type of borrower just as long as there is equity there is a good chance you have yourself a loan !!!!!!
We fund our loans in as little as 4 days with that being said we try and limit the amount of time we have available to just one state — We fund in California ( http://www.ourfundsonline.com ) only at the present time so that you get 100% of our time and energy so that your loan funds without any complications.
What kind of interest rate can I expect from an equity loan?
Most borrowers can typically expect an interest rate of 9% to 15% for their private money loans.
Will my credit score affect my eligibility?
No. This is one of the most important differences between us and banks or mortgage brokers. Your credit score does not affect your elifibility.
What does Loan-to-Value (LTV) mean?
Loan-to-Value is the relationship between the value and the loans against the property.
What types of property are eligible for a private loan?
Single Family Residence, Commercial, Multi-Family, Land, Mixed Use and other real estate properties are all eligible for a hard money loan.
Do I have to pay closing costs?
Yes, however the closing costs can be paid through the loan proceeds.
How long does it take to close on an equity loan?
Closing on a http://www.ourfundsonline.com hard money loan takes between 3 and 5 days after receiving a completed package.
Does my property need to be appraised by your appraiser?
No, but we will conduct an appraisal review on all appraisal reports submitted to us.
Where do we lend?
We currently lend in California only.
How do I get started on a hard-money loan?
Press & Media Contact:
Jeffrey Martino Young
1585 Terrace Way
Santa Rosa, CA 95404