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Types of Loans
Acquisition
An acquisition loan is used to acquire property using the loan
proceeds. Can be improved lot(s) to completed and operating property.
Acquisition &
Development
Loans to both acquire and develop real property to an improved state.
Voucher control is normally set up to disperse loan proceeds with
interest only paid on funds distributed. Loan to value is determined
as to the improved value.
Asset Based
Loans for any purpose whereby collateral is put up for security.
Bankruptcy and
Foreclosures
Financing on real property assets until institutional financing is
available or sale of asset.
Bridge
A Bridge Loan is a loan that is used for a short duration of time
until permanent financing is put in place. Bridge loans are a perfect
solution to a timely acquisition or business opportunity because they
allow a purchaser or investor to act quickly. These loans can be used
for acquisition, buy-outs, foreclosures, cash out and construction
purposes.
Types of properties are income producing property, commercial,
apartments, hotel/motel, office buildings, office complexes, golf
courses, and almost all commercial businesses. Residential loans can
be do in selected areas. Short-term programs (6-24 months) are
available.
Construction
Construction Loan is a loan used to construct a building or other
improvements of real property, with the land and improvements as
collateral for the loan. Construction reserve accounts are generally
maintained to disburse the money as the construction progresses. Up to
100% cost of construction available depending on the improved value.
Type of collateral property ranges from home construction to large
commercial projects.
Raw Land
Unimproved real
property. From lot(s) to large acreage. Normally raw land is valued at
a 90-120 day "quick sale" price to determine loan-to-value ratios.
Rehab Loan
A rehab loan is any loan used to acquire an existing home or
commercial property for the purpose of repairing deficiencies and
remodeling. |
