First mortgage lien. Participations and joint ventures will be considered.

Loans from $50,000 to $3,000,000

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 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

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