I am pleased to announce that we now have a new source of funds nationwide, and for larger loans than what we have typically been able to do. The basic parameters are as follows:
ELIGIBLE LOCATIONS
Anywhere in the United States
ELIGIBLE PROPERTIES
Income producing commercial real estate properties including multifamily, but no construction
TRANSACTION SIZE
$2 million to $15 million
Max LTV
Up to 65% of Lender’s assessed value – will accept cross-collateral to support equity requirements
RATES
12% – 15%
ORIGINATION FEES
3% – 6%
DUE DILIGENCE DEPOSIT
EXIT FEES
Negotiable
LOAN TERM(S)
6 – 36 months, extension options available
CLOSING TIME
2 – 4 weeks is typical
DUE DILIGENCE DEPOSIT:
Upon acceptance of the term sheet, Borrower will be liable for all out-of-pocket third party expenses (including but not limited to environmental, property condition report, ALTA survey and Legal fees), and shall make a deposit of $10,000 to $15,000 to cover such expense. Lender will not require an Appraisal. Any remaining due diligence deposit will be refunded to the Borrower at closing.
If you have a loan that might fir with these parameters, please e-mail me at clay@privatemoneysource.com or submit by entering a brief summary at http://www.privatemoneysource.com/loanproposal.php. Otherwise, if you would like to get a better feel for our company and the types of programs we do, please browse our web site at http://www.privatemoneysource.com.
– Clay (clay@privatemoneysource.com, 503-476-2909)
Clay is Vice President of Fairfield Financial, a primary source for private money since 1964. Fairfield is currently targeting loans in OR, WA, AK, CA, CO, ID, FL, GA, ID, MT, NV, NY, OK and TX. To submit a loan to Fairfield for consideration: http://www.privatemoneysource.com/loanproposal.php
Tags: Commercial loans, hard money borrowing, hard money brokering, hard money loans, private money borrowing, private money brokering, private money loans, real estate rental
