- First mortgage lien. Participations and joint ventures will be considered.
- Loans up to 60% of appraised value
- Loans from $50,000 to $3,000,000
- All property types will be considered
- Appraisal required on all properties by approved Paces Funding appraiser (borrower is responsible for payment)
- Mortgagee title policy required at closing
- Builder’s risk and/or hazard policy naming Paces Funding as additional loss payee required at closing
- Closing attorney selected by Paces Funding
- Up to 60% LTV
- 12 month term
- Interest rate minimum 15% per annum
- Origination fee minimum 5% of loan
- Customary closing costs and fees paid by borrower
- Appraisal by Paces Funding approved appraiser
- Interest due on the first of each month
- Extension fees beyond original term may apply
- Completed borrower application
- Historical financial operating statements and projected future pro-forma
- No 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
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