What is a Private Money Lender? Castle Commercial Mortgage Co. is a Private Money Lender. Some also call us a Hard Money Lender. Basically, we use Private Funds to make short-term real estate/real property loans. These loans can be quicker to get and more flexible than conventional lenders/banks.If you were to deal directly with a bank or other type of financial institution, that institution may have a set requirement for a particular credit score or credit profile that you may be required to have. However, with most commercial loans that are brokered, the credit is not one of the first considerations in qualifying you for a commercial loan. The first consideration is the property type. The second is the income of the property.
What are the application fees? Tax Ease structures our loan program to keep out-of-pocket expenses to a minimum. An affordable loan processing deposit covers expenses related to the processing of your loan application and the closing of your loan, and is due with your completed application. This fee is $250 for residential loans, and $1,000 for commercial loans. This covers our costs of property inspection, credit check, title review, property inspection and other expenses.Tax Ease loans are available for any type of real estate for which property taxes are levied. This includes residential, commercial, investment properties, and land, developed or undeveloped.
Do you also offer specialty property loans? Yes. CFG has dedicated itself to be a one-stop commercial finance center, which includes offering specialty property loans for franchised gas stations, c-stores, automotive service centers and restaurants. Yes. The property may qualify for bridge financing with a term of 2-3 years. Once the property is stabilized, we would then look at a long term traditional loan.If for some reason you cannot be qualified for the VA Loan Program due to lack of entitlement, loan amount requirement, etc., we do offer other loan programs that may fit your needs.
For which kinds of property can I get loans (mobile homes,commercial,etc.)? You can get loans on mobile homes, commercial properties - mixed use (residential/commercial), farms, grocery stores, repair shops, rental properties (commercial rental properties with any number of units, residential rental property with no more than 6 units), etc.Tax Ease structures our loan program to keep out-of-pocket expenses to a minimum. An affordable loan processing deposit covers expenses related to the processing of your loan application and the closing of your loan, and is due with your completed application. This fee is $250 for residential loans, and $1,000 for commercial loans.
Will I be required to buy Environmental Insurance? Environmental Insurance is, unfortunately, a requirement for most commercial loans. However, the insurance cost should be minimal if your property is not known for environmental hazards. For example, an office complex would have a much lower premium for environmental insurance than a gas station.You can get loans on mobile homes, commercial properties - mixed use (residential/commercial), farms, grocery stores, repair shops, rental properties (commercial rental properties with any number of units, residential rental property with no more than 6 units), etc.Generally, the LCM Fund is financing residential property at less than 80% loan-to-value and commercial property at less than 65%.
What is a ""Life Settlement? Answer: A life settlement provides life insurance policy holders with an option when premiums are too costly or policy's are no longer needed. It's for policy holders who are facing a serious illness at any age or who are age 70 and above with any type of health. A life settlement is an awesome financial tool because instead of selling a life policy to an insurance company for pennies of the dollar, or letting a policy lapse, 1st Choice Funding's financial solution provides much more.Castle Commercial Mortgage Co. is a Private Money Lender. Some also call us a Hard Money Lender.
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