In a somewhat surprising move, Bank of America is ceasing its wholesale lending business amid the ongoing turmoil in the mortgage industry.
Santa Rosa, CA, October 07, 2010 — Recent moves to stamp out wholesale lending have left very few big players in the space, with Chase and SunTrust believed to the be the most popular options left the wholesale market has now turned over to Hedge Funds and Mortgage Funds .In the state of California the obvious choice for a Private Money Loan is a company out of the San Francisco Bay Area – OurfundsOnline.com A private Money Mortgage Funding Unit http://www.OurfundsOnline.com
“We are now faced with the same kind of situation that we were with TARP, where the banks just sit on the money and they don’t get it in the hands of people that need it, then it’s going to be a colossal failure many banks surveyed said that their company is currently hearing from 20,000 people a month inquiring about financing, about a 25-percent increase from pre-recessionary levels.And only about 2% of those eventually are given a loan.”
Rohit Arora, who co-founded the New York-based website Biz2Credit ( http://www.biz2credit.com ) to help small businesses get financing, said credit is virtually frozen right now and the government’s main lending arm – the Small Business Administration – has virtually stopped since the end of May, when TARP-assisted programs elapsed.
“Most of the mainstream banks are not lending money to small businesses in spite of all the announcements they (government) keep making,” insisted Arora, adding 85 percent of small businesses are making getting a loan a priority right now before interest rates start climbing again. “Community banks and smaller banks have started coming back, but there’s a lot of pressure from regulators that if they’re lending money they need to be more conservative.”so they end up denying any loan with a credit score under 720 and at least 30% down payment.Those are the same numbers Hard Money lenders use to approve their loans.Many business owners have given up on the banks ,they figure why wait 45 days to be denied a loan when they can get a Hard Money loan in 7-10 days keep it for a year or two make the interest only payments and just hope that the lending guidelines change when they come around to refinancing their loans.
When your looking for your next loan we recommend trying Ourfundsonline.com ( http://www.ourfundsonline.com ) they do not underwrite loans for the secondary market.And most importantly they make the rules and use their experience to make loans happen.Simply put they are the bank/lender a vast group of investors who 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.
* Residential
* Construction
* $250,000 – $2,500,000
* Lot Loans
* NO FICO requirements
* Small Commercial
* LTV’s to 75%
* Foreclosures
* Stated Income
* Interest only
* Multiple Borrowers
* No Prepay Penalties
* Cross Collateral OK
* Multifamily
* Office
* Retail
* Self Storage
* Special Uses
* Payments Holdbacks
* Medical
* 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 7 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 13% for their private money loans and the payments are lower because they are interest only.
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 eligibility.
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 7 and 10 days after receiving a completed package.Call their operators today toll free (877) 870-2676 or for faster service the direct office line at (310) 984-0496, they will answer any type of questions you may have and assist you with your loan submissions.
Press & Media Contact:
Jeffrey Martino Young
OurFundsOnline.com
1585 Terrace Way
Santa Rosa, CA 95404
(310) 984-0496
jyoung@essexmortgage.com
http://www.ourfundsonline.com
