PROPERTY REQUIREMENTS
- First mortgage lien. Participations and joint ventures will be considered.
- Loans from $50,000 to $3,000,000
- Loans up to 70% of appraised value
- Appraisal required on all properties by approved Forde Lending Group appraiser (borrower is responsible for payment)
- Mortgagee title policy required at closing
- Builder’s risk and/or hazard policy naming Forde Lending Group as additional loss payee required at closing
- Closing attorney selected by Forde Lending Group
LOAN PROVISIONS
- Up to 70% LTV
- 12 month term
- Interest rate minimum 10% per annum
- Origination fee minimum 3% of loan
- Customary closing costs and fees paid by borrower
- Appraisal by Forde Lending Group approved appraiser
- Interest due on the first of each month
- Extension fees beyond original term may apply
BORROWER REQUIREMENTS
- Completed borrower application
- Historical financial operating statements and projected future pro-forma
- 660 Credit Score Requirement
- Executed contract for purchase and detailed construction budget, if necessary, from contractor required
- Adequate financial reserves to cover expenses of closing and continued borrowing
- Exit strategy to retire loan