These loans are for customers that need temporary financing until they can acquire permanent funding. These loans in most cases have a very short term and a high interest rate.<\/p>\n
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Guidelines \/ Requirements <\/span><\/strong><\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Credit score is not a factor<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 LTV 45% – 65% cases by case<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Exit strategy has to be solid \/ concrete<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Will lend on the following<\/p>\n A)\u00a0\u00a0\u00a0\u00a0\u00a0 Real estate ( All types )<\/p>\n B)\u00a0\u00a0\u00a0\u00a0\u00a0 Land<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Cash flow is a cases by case scenario<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Loan amount – $500k – $1 billion<\/p>\n <\/p>\n Terms<\/span><\/strong><\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1 \u2013 5 years (Based on the project) Balloon note at the end of the term<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Interest rate \u2013 10% – 15.99%<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Monthly payments are interest only<\/p>\n –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 No pre-payment penalty ( In most cases )<\/p>\n <\/p>\n