| 1. |
What is a "hard money" loan? Answer |
| 2. |
What is the ARV? Answer |
| 3. |
What are your minimum qualifications for a loan? Answer |
| 4. |
What type of properties will you lend on? Answer |
| 5. |
How do you decide how much to loan? Answer |
| 6. |
Where do you loan? Answer |
| 7. |
What is your maximum Loan to Value Ratio (LTV)? Answer |
| 8. |
What is the interest rate? Answer |
| 9. |
How long is the loan for? Answer |
| 10. |
How long does it take to close a loan with Fort Brooke? Answer |
| 11. |
Do you require a survey? Answer |
| 12. |
How much will my payments be?
Answer |
| 13. |
Do you allow interest to be deferred to the end of the loan?
Answer |
| 14. |
How do I make my loan payments?
Answer |
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Q
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What is a "hard money" loan? |
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A
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The term “hard money” doesn’t mean this money is difficult to obtain. “Hard money” is a term that has been used to describe a loan made on the raw equity of a particular property. “Hard money” has stricter terms and a clearly defined repayment schedule.
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Q
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What is the ARV? |
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A
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The ARV is an acronym for After Repair Value. This describes the value of a property once the proposed repairs have been completed. Appraisers do a "Subject To" appraisal based on the repair estimate of a property to base the After Repair Value. |
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Q
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What are your minimum qualifications for a loan? |
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A
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Borrower must put down 35% of the price. We provide no Doc loans which means we are looking at the Real Estate only for approval. That said the borrower must not have any currant Judgements, collections, charge-offs, bankruptcies, and foreclosures that would be ahead of our first mortgage. |
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Q
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What type of properties will you lend on? |
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A
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We primarily lend on Commercial and Single Family investment type properties. We do not lend on your primary Residence. |
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Q
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How do you decide how much to loan? |
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A
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We will fund 65% to 70% of your purchase price depending on the loan size and type. |
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Q
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Where do you loan? |
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Currently we lend in most of the State of Florida except for South Florida/Miami area. |
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Q
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What is your maximum Loan to Value Ratio (LTV)? |
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Depending on the quality of the deal we will lend 65% of the "as is value". |
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Q
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What is the interest rate? |
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The annual rate of interest ranges from 12.0% to 15.0% interest only, payable monthly.
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Q
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How long is the loan for? |
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A
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We write the notes for 12 to 24 months with a 12 month extension available at an additional cost. |
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Q
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How long does it take to close a loan with Fort Brooke? |
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A
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Fort Brooke is the fastest closing lender in the industry. It takes our staff an average of one working day to process your loan. However, title searches and Insurance are variables we have little control over, but on average it is taking about three to five days from the day we receive your contract to close the loan.
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Q
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Do you require a survey? |
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A
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Yes, the title company will not fully insure the loan without one. |
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Q
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How much will my payments be?
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A
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To figure your monthly payment simply multiply the interest rate by the total loan amount and divide that number by 12. The payment for a $60,000 loan at a rate of 18% would be $750 (60,000 x 18% divided by 12 = $900).
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Q
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Do you allow interest to be deferred to the end of the loan?
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A
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No. Our programs have interest payable monthly.
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Q
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How do I make my loan payments?
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A
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After the closing of your loan you will receive monthly invoices for the interest payment from our Servicer.
Send payments to the servicer: FCI Lender Services, PO Box 27370, Anaheim, CA 92809-0112.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" /> |
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