Q. What are the typical terms of loans offered?
A. We look at three primary factors to determine pricing: (1) Collateral, (2) Borrower, and (3) Loan structure. Based on a preliminary review of these items, we can provide a soft quote relatively quickly. In general, our interest rates range from 7-12%.
Q. WHAT ARE YOUR REQUIREMENTS FOR getting a preliminary APPROVAL?
A. In order to review the loan request, we like to see as much information as possible to understand the ins and outs, and pros and cons of each deal. Typically, this would include the borrowers objective for the loan request, details on the collateral (address, estimated value, existing debt), borrower (experience and financial strength), and a use of funds. Once we have this information, we can review with the loan committee to gauge interest.
Q. DO YOU HAVE A BROKER PROGRAM?
A. We absolutely leverage the broker community to source quality deals that we can fund, and of course protect broker fees. As we proceed with your first deal, we’ll be able to setup the broker profile in our systems. If you have more specific questions or deals you’d like to discuss, please let us know!