Stevens Realty offers Private Money Loans to investors and home owners that have not been able to get a loan from banks.
Below are our requirements am looking for:
1) LTV better than 65%
2) Only real estate
3) can be a flipper or buy / hold
Term: 6 months to 5 years
Interest rate: 10% to 14% depending application
Amortization years: 20 years or less
Fees: 3 points at closing, $150 property assessment fee, loan document fee $150, title search $200, closing fee $350 and lenders title insurance.
Loan Renewal Fee: 1 point
Grace period for late payment – 5 days
Late fee: $50
Application Fee: $50. Upfront and non refundable.
Interest reserve may be necessary based on income of borrower.
If you are interested please contact Elliot at 9315265188