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glowinghearth
5 Posts |
 Posted - 11/03/2009 : 07:29:02 AM
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FR Mortgage, Inc
William D Moffatt
171 Glowing Hearth Lane, Vilas, North Carolina, 28692
828-963-2310- (Toll Free) 888-237-2348 Fax 828-963-9532
bmoffatt@frmortgageinc.com
Hello
I am a Direct private Nationwide Hard Money Commercial Mortgage Broker with access to over 2500 lenders. We charge No Upfront fees nor Due Diligence fees. Below is our Loan program. If you have a loan scenario that fits our loan program please email it to me or give me a call.
Property Types: We will consider all properties except for: primary residences, churches, bars, casinos and adult entertainment.
Lending Area: United States
Terms:
1st mortgages. Generally balloon in 1-2 yrs. Rates start at 13%
Interest Only-typically with an Interest Reserve to match the term
Prepayment Penalties: No Prepayment Penalties
Loan To Value:
65% construction/existing structures –Equity Driven
55% Horizontal development—infrastructure
50% Raw land
Loan Sizes: $75,000 -$5,000,000
Credit Score: Minimum 600
Doc type: All loans are No Ratio. We will ask for financials but will not calculate income and ratios.
Fees: We charge No Upfront Fees nor Due Diligence fees. Brokers Protected
Please provide me with the complete details of your project and loan request.
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patrickio
57 Posts |
Posted - 11/03/2009 : 2:22:11 PM
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William,
Is your LTV % based on current value (as is value) or future value (ARV)?
Are loans on a recourse or non-recourse basis?
How many origination points are charged?
Typical closing timeline in days?
Thanks,
Patrick |
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glowinghearth
5 Posts |
Posted - 11/04/2009 : 09:11:18 AM
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quote:
Originally posted by patrickio
William,
Is your LTV % based on current value (as is value) or future value (ARV)?
Depends on the situation, but if we are holding money in escrow for the purposes of the construction work, we do ARV.
Are loans on a recourse or non-recourse basis?
FULL recourse on every loan
How many origination points are charged?
6-10
Typical closing timeline in days? 45 days
Thanks,
Patrick
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