In making loan decisions, we review credit reports even though credit scores do not often have a major impact on loan approval. In evaluating a transaction, we must determine that you will have the ability to repay the loan in a timely manner. Bankruptcies and previous defaults are not an automatic bar to loan approval, but are things we review and consider in loan rate and term.
We are also strict in our repayment terms. We are taking a risk in lending funds to borrowers and we demand that borrowers fulfill their end of the bargain by making payments on time and in the proper amount. We do not waive late fees and will follow our loan documents to the letter. Because of this, it is important that the borrower make an honest assessment of their situation and the transaction they are considering.
Types of Loans Available
We are willing to consider various options for financing. We are able to provide conventional and interest only loans. With interest only loans, we often will provide extensions at the conclusion of the loan term.
We often require that our loans have first position with regards to the collateral, however, if multiple properties are involved, we will consider taking second position. This depends on the value of the properties in question as well as the loan balance currently outstanding.