Other Real Estate Loans
Commercial Loans
Are you in the market to purchase a commercial income property? Refinance your commercial loan? Draw available equity from an income-producing commercial property anywhere in the USA?
We provide up to 90% commercial financing nationwide for:
- Apartment Buildings (low rates for multi-family properties!)
- Office and Medical Buildings
- Warehousing and Storage Facilities
- Single and Multi-Unit Retail
- Industrial & Automotive
- Mixed-Use & Unique Properties
- Hotels and Motels
- Resorts, Golf Courses, and Athletic Clubs
- Mobile Home Parks
We specialize in smaller commercial loans (up to $5 million) and also provide SBA (Small Business Administration) loans for transactions secured by commercial real estate.
Commercial loans for acquisition, refinance, bridge, mezzanine, and commercial construction projects.
For commercial property loans in California,
call me direct at 1-800-644-8829. |
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California residential lot and land loans
Residential Lot Loans (no cash-out)
Financing for the purchase or rate/term refinancing of California residential-zoned lots for future construction of an owner-occupied, primary residence. See our land loan restrictions.
Residential Lot Purchase
(intended for future primary residence)
* 30-year partially amortizing term due in 3 years (balloon).
* Down payments starting at 25% for purchases
* Minimum loan amount: $75,000. Max loan amount: $600,000
* 1st Trust Deed lien position only -- no subordinate financing
* Fully improved and semi-improved lots only -- no "raw" parcels
*
Full income documentation required (no stated income)
* Minimum 680 qualifying credit score
* Maximum 10 acres (up to 20 acres allowed if common for the area)
* No prepayment penalty
* CALIFORNIA property only
*
Conditions, terms, and restrictions apply
* We do not offer land purchase loans for development of residential tracts.
Residential Lot Refinance
NO CASH OUT. Rate & term only, must be intended for primary residence
* 30-year partially amortizing term due in 3 years (balloon).
* Minimum loan amount: $75,000. Max loan amount: $500,000
* Fully improved and semi-improved only -- no "raw" parcels
* Full income documentation required (no stated income)
* Minimum 680 qualifying credit score
* No prepayment penalty
* CALIFORNIA property only
* Conditions, terms, and restrictions apply
* We do not offer land purchase loans for development of residential tracts.
Agricultural Land Purchase / Rate-Term Loans
Financing of California land zoned for agricultural use (AG).
* Minimum Loan Amount: $150,000. Maximum Loan: $300,000
* Maximum 40 acres, must be rural property
* Must have public road access and electricity to the property line
* No cash-out -- purchase and rate/term refinance only
* Must intend to build primary residence at some point in the future
* Fixed Rate and ARM loans from 1 - 25 years, fully amortizing
* Full income documentation only (no stated income)
* Minimum 620 qualifying credit score
* No prepayment penalty
* CALIFORNIA property only
* Minimum 90 day escrow / closing required
* 3 - 5 points plus closing costs
* Other conditions, terms, and restrictions apply
Commercial Lot Loans
Commercial lot and land loans are limited to a maximum 50% LTV and must be located in a metropolitan or urban area. Bank loan requires good credit and documented income, otherwise hard money terms apply.
Minimum California commercial lot / land loan = $100,000. No cash out on commercial lots. Purchase and rate/term financing only.
Restrictions on lot and land loans:
a) No broker co-ops -- full referral only
b) No loans on non-entitled or partially entitled land to developers
c) No "cash-out" transactions on any land type
For residential lot loans in California,
call me direct at 1-800-644-8829. |
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Construction Loans
Remodel Loans
FHA 203k Repair / Rehab Loans
Notes: "stated income" construction loans are no longer available. You must qualify with traditional income documentation and meet the lender's debt-income ratio requirements.
Residential construction loans include "One-Time-Close Construction" loans, "Construction-to-Perm" loans, and FHA 203k loans for owner-occupied 1-4 units. For California residential
construction loans, we offer a few options:
Residential Ground-Up Construction Loans for borrowers using an outside contractor to build a primary, second, vacation home or investment property in California. Sorry -- no unlicensed "owner-builder" loans. Licensed builders with an operating general construction company with good credit and income can still qualify.
"One Time Close" Construction Loan
For those who have approved plans and a contract with a builder but have not yet purchased a lot, a One-Time-Close construction loan allows you to combine the lot, construction, and permanent financing into one financing package -- saving you thousands of dollars in costs over otherwise separate loans. The down payment required will vary depending on the loan amount, county the property is located in, and your personal credit qualifications.
"Construction-To-Perm" Loan
If you already own your lot and have approved plans and a contract with your builder you'll need a construction-perm loan in most cases. A construction-to-perm loan is a combination of two loans -- one for the construction of the home followed by permanent financing when the construction is completed. The equity you have in the lot counts towards the minimum cash requirement you need in the total project cost. This amount varies by loan amount, county the property is located in, and your personal qualifications. You'll need a minimum 20% or more equity in the total project cost to qualify. The interest rate during construction is often based on the Fed Prime Rate plus or minus a fixed margin percentage, with interest-only terms during construction. Sorry -- no unlicensed "owner-builder" loans at this time. Licensed builders with an operating general construction company with good credit and income can still qualify.
Private Money Jumbo Construction Loan
We still offer hard money jumbo construction
loans over $1 million, provided there is a minimum 30% documented cash equity vested in the project based on total cost. Loan caps at 55% to 65% of finished value. Decent credit and a viable exit strategy required. Rates from 11.25% and minimum 4 points cost.
FHA "203k" Purchase and Rehab / Repair Loan
The FHA 203k loan program allows buyers to purchase or refinance a home and include the costs to rehab or repair the property in one loan. The FHA 203k loan program is ONLY available on owner-occupied 1-4 unit properties - it is not for investment property.
The FHA 203k loan program allows buyers of homes in need of repair or major rehabiltation to purchase a 1-4 unit residential property, including bank REOs, foreclosures, and short sales. Existing homeowners can also use the FHA 203k loan program to remodel and make improvements to an existing owner-occupied residence.
Eligible improvements include anything that becomes a permanent part of the property and adds value or is a health or safety issue. Luxury items such as pools, hot tubs, tennis courts, gazebos, BBQ pits, saunas, or additions to support commercial use are not allowed under the FHA 203k loan program.
The maximum FHA 203k loan amount is limited to FHA loan limits by county. 203k loans are based on the lesser of:
a) the sales price or "as is" appraised value PLUS repair/rehab costs MINUS any applicable sales concessions
OR
b) 110% of "as completed" value.
Interest rates and down payment follows FHA pricing, and the program is available to first-time home buyers. You may use a contractor for the work (recommended on major rehabs) or do the work yourself. A minimum 90 day escrow / close is required for the 203k loan.
Call for more information about the FHA 203k loan program today.
For construction loans in California,
call me direct at 1-800-644-8829. |
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