Updated over 7 years ago on .
No Risk Private Money Lender!
Probably the number one complaint of private money lenders is the upfront app fees, specifically, the fact that they are non-refundable and if you don't get approved you lose the money. Tens of thousands of people have lost app fees on deals that they did not get approved for. And we at Commercial Capital have heard the horror stories. So often we get deals and the borrowers tell me of the money they lost trying to get approved. Like anything, when there is a lot of pain in an area, there is an opportunity. So we are BREAKING THE MOLD and offering REFUNDABLE APP FEES on our In-house Private money loans.
I am the underwriter for the fund. I will underwrite your deal and if I like it we will get terms out with a REFUNDABLE app fee, usually within 48 hours. Once signed, I will put it in front of our credit committee. If they approve it, your loan is committed, you get final loan approval subject to only an appraisal and clear title to close. If you sign the approval to move forward the money will then become non-refundable and will go towards expenses to close. If the committee denies it, or you change your mind and don't want to move forward, you get the money back. Simple as that. And we accept recent bank ordered appraisals, so THIS IS REALLY THE ONLY NO-RISK OPTION IN COMMERCIAL PRIVATE MONEY LENDING. The parameters of our private money fund:
Loan Amounts: $200,000-$2,500,000
Credit score: no hard and fast guidelines
LTV: 60% preferred but can go up to 80% on the right deals.
Property Type: ANY commercial property type-marinas, golf courses, even land.
Rates: 8-13% depending on the deal strength
Points: 4-5 points
Give me a CALL TODAY at 512-650-8630 or 512-354-4949
Initial approval within 72 hours, closings can happen in as quick as a week(with existing appraisal) but usually, we are 3 weeks to close. Generally speaking, we are a collateral based lender who wants to know the story. We don't like to foreclose so we really care about the exit strategy-how you will pay us off. If we can believe the exit strategy, and get the collateral position right, we can pretty much do the deal. AND WITH REFUNDABLE APP FEES, YOU AND/OR YOUR CLIENTS HAVE NOTHING TO LOSE RUNNING YOUR DEAL BY US. Give me a call if you need capital fast or if you cannot get approved anywhere else! Call Karen at 512-650-8630 today!Karen Schimpf
(512)-650-8630
karenschimpf at gmail.com
Give me a CALL TODAY at 512-650-8630 or 512-354-4949