(Owner Occupied) These are loans made to individuals who are acquiring or refinancing a residential property, and occupy or intend to occupy the property, as a primary or secondary residence. These loans are typically referred to as “Mortgage Loans” and are subject to substantial government regulation and oversight. We structure our loans to comply with all applicable regulations.
We now offer Hard Money Homestead Loans, too!
Loans available for acquisition of unimproved land for investment, new construction of a commercial facility for lease, sale, or as an owner occupied facility. We will also provide land loans to “land bank” tracts for future development, to refinance existing loans, and to develop residential lots for sale to approved home builders.
If the request is a refinance of existing debt on unimproved land held for investment, the amount financed must be less than 33% of appraised value and the note must pay on a ten year amortization.
If the request is for the purchase of raw land for investment and resale we will lend up to seventy (70%) percent of the lessor of the purchase price or appraised value. Unimproved land with no planned short term use must amortize on a ten year basis. All other terms and conditions are negotiable.
If the land is purchased for commercial development we will lend up to seventy (70%) percent of the total land plus development cost or the as completed appraised value. The portion of the loan allocated to construction costs will be held back and advanced on invoices for approved completed work. The customary ten (10%) percent retainage will be withheld to final completion.
