Ladies and Gentlemen:
Please allow me to remind each of you that we’re an asset based real estate lender and we lend money where we have a title insured first lien. Our program is very simple and here are our basic lending parameters:
- On any purchase money loan (unimproved properties, residential or commercial) we’ll finance the lesser of 70% of the appraisal or 70% of the purchase price. We want our borrower to have 30% cash down;
- When refinancing a property we’ll lend; (i) 70% on an owner-occupied home, (ii) 65% on commercial properties, (iii) 50% on lots in platted and approved subdivisions, and (iv) 33% on unimproved properties;
- We want some type of proof that the borrower has the ability to repay the loan; and
Our prohibited loans are as follows:
- No bars or night clubs;
- No assisted living facilities; and
- No residential lot development loans
We’ll finance new construction but (in this market with declining oil prices) we’re a little more cautious than before.
Our interest rates, points and fees are generally lower than all other asset based lenders. And, no one is faster!
Please call with your next loan you need to place and you’ll be glad you did!
Jim Emerson
Associated Mortgage Investors
An alternative source of financing for over 20 years
710 North Post Oak Road, Ste 208
Houston TX 77024
Direct telephone number: 713.600.9700
Main number: 713.682.4400 & fax 713.682.8810
E-mail: Jim@houston-mortgage.com
Website: www.houston-mortgage.com
RMLO License # 315844
JLE Investors, Inc. ID # 320385
