Requirements of the property:
- Non-owner occupied New Hampshire properties only
- First mortgages only
- Single family or multi-family residential properties
- flips or rentals
- minor or major rehabs
Characteristics of the loan:
- Minimum loan amount $50K.
- The maximum loan-to-value ratio (LTV) for our loans is 65% of the ARV (after repaired value).
- Up to 65% of the lower of purchase price or appraised value can be disbursed at closing.
- The remaining portion of the loan amount can be disbursed in up to 3 construction draws after each increment of rehab funds are expended.
- Typical loan term is 1 year with no prepayment penalty after the first 3 months of interest has been paid.
- Loan payments are typically interest-only with a balloon payment at the end of the loan term.
- Interest rate is typically 12% for loans under $500K, 10% for loans above $500K.
- Typically 2 points loan origination fee paid at closing from the proceeds of the loan.
- We can usually close within 2 weeks, often even faster.
- Non-payment or late payment: Payments not made according to the loan terms may result in your loss of the property through foreclosure.
- We will not make a loan unless we estimate that you can cover your expenses and make a decent profit on the deal. We want you to be happy with the results.
- These loans are non-renewable. The outstanding balance of your loan will be due and payable at the end of the loan term.