All Forum Posts by: Hans Restuccia

Corey,

we offer 50% to 65%- how about you??? You will go higher??

Here are our terms for Florida:

Approximate Terms:

? 12.75 % to 13.50% Interest
? Starting at 4.0 points to us; if a broker you add your points to that; NOT TO EXCEED 8% TOTAL.
? 50% to 65% loan to value;
? 3-Year Term; Interest Only; No Pre-payment penalty!!!
? Doc. Prep Fee, $500.00: Wire Fee: $40.00
? Borrower pays all closing costs.
? Will go out of State for $350,000.00 minimum. (East Coast).
? No Vacant land, Homestead or Primary Residence:
? Out of South Florida- $250,000.00 minimum. (I.e., the rest of the State).

Bridge Loans, Condos, Construction Loans, Foreign Nationals.

Here are our terms for Florida:

Approximate Terms:

? 12.75 % to 13.50% Interest
? Starting at 4.0 points to us; if a broker you add your points to that; NOT TO EXCEED 8% TOTAL.
? 50% to 65% loan to value;
? 3-Year Term; Interest Only; No Pre-payment penalty!!!
? Doc. Prep Fee, $500.00: Wire Fee: $40.00
? Borrower pays all closing costs.
? Will go out of State for $350,000.00 minimum. (East Coast).
? No Vacant land, Homestead or Primary Residence:
? Out of South Florida- $250,000.00 minimum. (I.e., the rest of the State).

Bridge Loans, Condos, Construction Loans, Foreign Nationals.

THIS IS NOT AN AD FOR BUSINESS- you are too far away and the loan size you would want is too small for us outside of South Florida, however, if you like, send me an email and I will send you our lending program and forms- they will represent a model of proper legal disclosure, detail, normal lending criteria for the industry, appropriate costs for the industry, etc., then you can look for the same thing in your area from other lenders so you know you are working with a reputable lender.

you are welcome kind sir!! :-}

then we would change that part to reflect that use.

This is what a HM Lender would require to demonstrate you are an investor and not a primary residence.

Here is some language from the one we are using:

2. The entire proceeds of this loan are to be used for a business purpose and not for personal use and the property will be rented for a period in excess of 12 months. The borrower hereby confirms that this loan is being procured with the sole intent TO PROVIDE INVESTMENT INCOME.

3. The loan proceeds will be used for:

NAME AND ADDRESS OF BUSINESS: (Fill in by hand).
__________________________________________
__________________________________________
__________________________________________

BUSINESS PURPOSE OF LOAN PROCEEDS: (Fill in by hand).
__________________________________________
__________________________________________
__________________________________________

Welcome! Glad to have you!! Let me know if I can be of assistance in any way. (I am new to BP too- smile)

Thank you Joffrey- that was my understanding as well but you hear different things and that is why I wanted to get feedback from those in the profession.