 We
are DIRECT lenders, which means I come see you and the property and we
make a deal together. I make the decision to lend to you and my partners and I
lend you – OUR MONEY. No loan committees, no lengthy approval process, no
out of town lender relationship. You and I work TOGETHER to achieve your goals.
We can be ready to close in a couple of days!
We lend EXCLUSIVELY to FORMALIZED BUSINESS
ENTITIES – corporations, limited liability companies, and trusts.
We also require a personal guarantee. The personal guarantor may NOT be an inhabitant
of the collateral property during the term of the loan. |
 |
Introducing your personal
lending representative
- Brian Stark |
|
We lend, at this time, only in Cuyahoga,
Lake and Geauga counties.
IF YOUR LOAN REQUEST IS FOR ANOTHER COUNTY
– please let me know – I will happily try to refer you to another
qualified lender. |
| We can fund, for purchase and/or rehab,
a deal where the combination of purchase price plus rehab dollars needed is UP
TO 65% L-T-V, based on realistic after repaired value. |
THE PROJECT MUST BE ABLE TO BE PURCHASED
AND REHABBED FOR 65% OF A-R-V, regardless of how much we are funding. |
 We
do houses, small multi unit and mixed use buildings. ANY property over
3 units MUST be at least partially inhabited when we close the loan.
We do not lend on or in:
- Industrial property of any kind, especially gas stations or dry cleaners
- Houses next door to or directly behind a factory or industrial site
- Condemned or condemnable properties
- Houses with no driveway
- Houses with no yard
- 2 bedroom houses
- Houses with any obvious environmental problem, including lead paint hazards
cited by the City.
| While we regularly lend in the City
of Cleveland and East Cleveland, we rarely will lend in especially dangerous,
high drug crime neighborhoods. |
Regardless of area, the SMALLEST bedroom
cannot be smaller than 100 square feet, and all of the others in a dwelling unit
must be larger than 100 square feet; NO basement bedrooms. |
 Every
dwelling unit must have a living AND dining room. |
We charge 18.75% annual interest plus 10 points
on a 6-month term.. Interest only payments are to be made on the first
day of each of the 6 months; there is a 5-day grace period and your payment will
still be considered “on time” if paid by the fifth day. Late fees
will accrue as of the sixth day of the month. At the end of 6 months, the balance
of the loan is to be paid in full. |
| I am the loan officer and a part owner. Once I have
a simple application filled out and I see the house, if I feel the deal is appropriate,
we can close as soon as the title company is ready - often in a couple of days. |
Borrower must supply 5 - 10% of the purchase funds
(case by case basis), but a minimum of $2,500.00 regardless. We do not fund 100% |
 We
do not fund cash out purchases.
You must provide proof of income and proof of the ability to make the monthly payments,
plus enough to at least begin the initial phase of your rehab from provable savings or funds on hand. This amount
varies with the size of the property and project.
We don't lend to recently convicted felons or borrowers
whose credit demonstrates complete disregard for payment obligations to other
creditors in recent transactions, or those currently in a bankruptcy or divorce.
Any questions? When can we see the property?
|
