Clay Sparkman
I am pleased and excited today to launch one of the most comprehensive and competitive commercial programs that we have ever been in a position to offer.
The basic parameters of this program are as follows:
- The program covers multifamily, mobile home parks, industrial, office, retail, developed land, raw land, and construction
- Coverage of the Western United States, with a particular focus on Washington and Oregon
- Individual loans of $500,000 to $5 million (though solid loans up to $10MM will be considered)
- The focus is on first position loans. However, subordinate loans will be considered on a case-by-case basis
- Interest rate: 7-10%
- Loan fees: 4-6% of loan amount
- No other fees
- No prepayment penalties or minimum interest requirements
- Maximum advance ratios: 70% LTV for income properties, 60% loan-to-cost for land & construction
- Term: generally 1-3 years.
- Recourse: personal guarantees are generally required, but may be waived on a deal-by-deal basis
- Generally able to close within 2-4 weeks of receiving a loan request
Now can you see why I’m excited? We are ready to go. So now it’s up to you. Make sure to tag this information and consider it as loans come across your desk. If you have anything today that looks like it might fit, get a summary to me and let’s see what we can do for you.
– 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, go here.
Tags: California, Commercial loans, construction loans, hard money borrowing, hard money brokering, hard money loans, Idaho, Oregon, private money borrowing, private money brokering, private money loans, Quick flip loans, real estate rental, rehab loans, REO funding, Short sales, subordinate loans, Washington
