Commercial Guidelines

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 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

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 Paces Funding 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
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

Can You Use a Hard Money Loan to Buy a House?

YSNM Support2022-09-11T07:39:29-04:00September 18th, 2022|

If you're looking at your mortgage options and wondering whether you can use a hard money loan to buy a house, you need to know that it's possible - but it's only advisable in certain situations. Here's what you need to know. Can You Use a Hard Money Loan to

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YSNM Support2021-12-21T07:01:30-05:00December 22nd, 2021|

Many real estate investors branch into commercial real estate – and often, they’re looking for distressed commercial properties. But if that was a path you were interested in taking, how would you find the right places to buy? Check out this guide, which offers five ways to find distressed commercial

Does the Next House You Sell Need a “Zoom Room”?

YSNM Support2020-11-20T22:05:58-05:00November 22nd, 2020|

Working from home has changed a lot about the real estate market – most notably, what buyers are looking for in new homes. That’s where the “Zoom room” comes in. Does the Next House You Sell Need a Zoom Room? You may have already seen the phrase Zoom room in

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