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Private (Hard) Money
Private money loan
rates are much higher than government backed loans, but for
many people they are the only option. Lots of people find
that even with the higher rate, it is still beneficial to
buy property in todays bargain basement market. Usually, private
money is only needed for a couple of years while the borrower
cleans up his credit, until he can qualify for a permanent
loan. The higher rate and points can sometimes be offset by
the tax advantages. Check with your tax professional.
Long
Term Money for Buy and Hold
HOW
OUR LOANS WORK: Loans made through our Private
Lending Division are generally structured as interest
only and are 12 to 60 months in term.
INCOME:
You must prove your ability to make the monthly payments
and repay the loan. Traditional income documentation
is preferred; however, we will accept bank statements,
lease agreements and other documentation to prove
sufficient cash flow.
CREDIT:
No minimum FICO scores; credit will be analyzed to
determine likelihood of timely monthly payments. Borrowers
with Bankruptcies, Short Sales, and Foreclosures are
OK.
WHAT
WE LEND ON: Our focus is on single-family residences;
however we will consider all property types.
HOW
MUCH WE LEND: Max loan to value (LTV) is 65% of
fair market value of refi's. 35% down on purchases.
Full appraisal required by an approved appraiser.
No minimum or maximum loan amounts.
CASH
TO CLOSE: Down payment and funds to close must
be yours and come from a bank account in your name.
Seller can pay your closing costs. Gifts will be considered.
RATES:
10%
to 12%, depending on a variety of factors, including
loan amount, property condition, credit and overall
strength of file.
ORIGINATION
POINTS: 4.5%
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Contact
me and ask me ANYTHING about
real estate and/or finance with no obligation. Dan@DanTheLoanMan.com
You can count on me! My word is my bond.
Apply
online in minutes
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APPLY
NOW
(IMPORTANT: Be sure to select Dan Sherbondy as your
Loan Officer
and complete the SHORT application)
Call
me at 702.326.7469 or email dan@dantheloanman.com
Dan
The Loan Man is not just a name. Its a fact!
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