I’ve known Jerry the founder of this funding source since October 2004. His rates are among the lowest for these types of loans.
Jerry lends on:
Office Buildings, Industrial Buildings, Non-Owner Occupied Homes, Hospitality, Property Under Rehab/Construction, Apartments, Retail Strip and Shopping Centers, Religious Institutions, Mobile Home Parks, Restaurants, and Multiple Parties/Partial Releases.
They determine the loan origination points by location of the property, risk, quality of property, and credit worthiness of the borrower, the amount of the loan, and the term of the loan.
In my experience the rates have been 8.9% to 9.9%, interest only.
They are fair and equitable.
Loan amounts $250,000 to $10 million – California only.
Term is 30 days to one year and can be extended for six to 12 months with additional fees and conditions.
Loan to Value up to 60% for improved property.
Closing Costs: title insurance, appraisal fees, reasonable 3rd party due diligence and expense fees for making on-site visits.
They fund SBA gaps. They resolve problem loans. Many bankers choose them as a bridge lender for California loans.
They do reverse exchanges, probate cash out, multiple property collateral, foreign ownership, divorce asset allocation, partial reconveyance, and other special needs.
For more information write me at joe@joetufo.com or call M-F 7AM to 5PM Pacific.