Private Money Loans
| PROPERTY TYPE: | Commercial loans on 1 – 4 Family investor properties, multi-family (5 units+) and commercial, vacant land/lots. |
| LIEN POSITION: | First mortgage only. |
| STANDARD TERM: | 12 months with extension up to 12 months. |
| ADVANCE RATE: | Up to 100% of the purchase and rehab, and up to a maximum LTV of 65% of the After-Repaired-Value of the property. |
| RENOVATION FUNDS: |
Renovation funds are usually advanced in up to four draws. Rehab portion of the loan typically not to exceed 50% of acquisition cost unless otherwise approved. |
| GUARANTEE: | Personal guarantee required |
| QUALIFYING DOCUMENTS : | SNG Questionnaire to be completed |
| LOAN DOCUMENTATION: (For Each Loan) |
Purchase Agreement or payoff statement on refi’sSummary of Rehab Work to be Completed
After-Repair-Value Appraisal (Obtained by SNG) Title Policy (Obtained by SNG) SNG Deal Submission Form Interior Photos of subject property 2 years of Tax Returns (case by case) One month Most Recent Paystubs (case by case) 3 months of Bank Statements (case by case) Oil Tank Test – no underground oil tank |