Loan Program
Commerical loans secured by single family residences or small apartment units:
No credit application: Just need address of property
Minimum loan amount Richmond area=none
Minimum loan amount outside of Richmond=$50,000
Loan to value: up to 80%-100% of purchase cost(Richmond area)+ a portion of repair costs
Loan to value: 80%-100% of purchase cost ( Tidewater area)+ a portion of repair costs (based on borrower)
Annual interest rate=14%apr, interest only payments, monthly
Length of loan= 8 months-extensions available
Points paid on back end of loan at payoff: 3.5% to 5% of loan amount
NO UPFRONT CLOSING POINTS or FEES
Documentation needed for single family loans:
1. Address of property
2. Purchase price
3. Exit stategy
email: mikekrumbein@yahoo.com follow with a phone call to verify receipt of email
804-240-9314 begin_of_the_skype_highlighting 804-240-9314 end_of_the_skype_highlighting
