Residential – Private Portfolio Loans
Covenant Financial Groups Private Portfolio Lender understands the value of “Closing Now” and transitioning to the next level. Since private money loans are short term in nature, most borrowers don’t want to endure a 30 day+ and seemingly intrusive underwriting process for a loan they plan on retiring within a year. For the borrower who wants to instantly access capital for any reason, our lender can be the fastest and simplest solution.
PROGRAM DETAILS
ALL TYPES OF BORROWERS
- Individuals, Corporations, LLC’s, Trusts, Foreign Nationals
- Combine multiple borrowers in a single transaction
ALL TYPES OF RESIDENTIAL PROPERTY
- 1-4 units, 5+ acres, mix-use, vacation homes (non-owner occupied)
- Cross-collateralize other property for maximum loan amounts
- Subordinate liens O.K.
PORTFOLIO LENDER
- Lender doesn’t rely on credit lines or secondary market approvals
- Creative approaches to non-bank lending
- Lender services loans in-house
- The borrower goes back to you for the refinance
SIMPLE APPLICATION PROCESS
Loan Amounts: Up to $2,000,000
Loan to Value: 65% is typical, exception to 70%
Interest Rates: 8.99% – 10.99%
Prepay Penalty: None
FICO Score Min: 600
Loan Term: 1 – 3 years
Lien Position: First
Fees: 3 to 6 points (Total Points)
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