-
Should I
consider a
hard money
loan?
Only if you
have one or
more of the
following
problems:
-
Currently
have
poor
credit
or have
a poor
credit
history
such as
late
payments,
judgments,
defaults
or
bankruptcies,
or
-
Own
property
which
would
otherwise
not
qualify
for a
loan
from a
conventional
lender
such as
bare
land,
non-conforming
rental,
commercial
or
industrial
property,
or
-
May have
good
credit
but need
money
quickly
for such
purposes
as an
immediate
investment
opportunity,
a
tax-deferred
exchange
requirement
or other
situations
which
are
time-critical.
This type of
loan may be the
only way to
obtain the
needed cash from
the equity you
have accumulated
in your
property.
-
What are the
qualifications
to obtain a
hard money
loan?
You must
have at
least 25% or
more equity
in the
property
after the
close of
your loan,
i.e. the
market value
of your
property
less the
loan we
grant you
must be at
least 25% at
the time of
the loan
closing.
This equity
requirement
varies
depending
upon the
type of
property you
will use to
secure your
loan.
-
What loan
amount can I
borrow?
Our loans
range can
from
$250,000 to
$3,500,000
-
How is the
loan
secured?
All loans
arranged by
Certified
Capital
Corporation
are secured
by a Note
and Deed of
Trust on
your real
property.
-
What do I
need to
close my
loan
quickly?
-
A
completed
and
signed
loan
application.
-
Copies
of your
last two
years
tax
returns.
-
The
current
balances
of your
existing
loans.
-
The
amount
of any
prepayment
penalty
that may
be
charged
by your
existing
lender.
-
How quickly
will my loan
close?
Upon
receipt,
review and
final
approval of
items in
listed in
question 5
above, your
loan can
close within
5 business
days.
-
Will I have
a prepayment
penalty for
early payoff
of my loan?
Yes, you
will need to
pay a
minimum of
six months
interest,
i.e. if you
pay-off the
loan in
month four
you will owe
two more
months
interest.
-
Why use
First
Commercial?
When
comparing
our points
and interest
with other
lenders who
provide hard
money loans,
our fees and
rates are
lower than
almost all
other
lenders and
our loans do
not have as
severe of a
prepayment
penalty.
These
combined
factors
could mean
the saving
of many
thousands
over the
term of your
loan.
Tod Chadwick,
1st COMMERCIAL
Direct: 530
676-9926
Fax: 530
419-4451
www.firstcomml.com
820 Jurgens Road
Rescue, CA 95672
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