Reference Number

HM 061103

Loan Type:

May be used for construction costs, real estate acquisition, and related loans.

Term:

1 to 3 years.

LTV:

Up to 50% of the as is value by independent third party. MAI appraisal up to 70% of approved infrastructure development costs. Up to 80% of approved vertical development costs.

Interest Rate:

Starts at 12%. Interest is paid monthly on the amount drawn based on the disbursement schedule. Allowances are made for prepayments of interest during the construction period.

Loan Purpose:

Construction costs, real estate acquisition, and related loans.

Max. Loan:

$1,000,000 and up.

Credit:

NA

Doc Type:

Borrower’s financial statements and tax returns for 2 years. Sources and use of proceeds statements.

Experience:

Owner or developer with track record.

Area:

United States and in select countries abroad.

Collateral:

First mortgage on land and existing structures.  Borrowers must personally guarantee all notes. On larger loans completion construction bond by G.C. and or letter of credit from investment grade institution.

Underwriting:

Approvals within 24 hours and a commitment within 48 hours.

Prepayment penalty:

Loans may be prepaid at any time after lockout period with no prepayment penalties.